EU, US agree to temporarily suspend tariffs in steel dispute

<p>BRUSSELS &mdash; The European Union and the United States have decided to temporarily suspend measures at the heart of a steel tariff dispute that is seen as one of the major trade issues dividing the two sides. </p>
<p>With the decision, “we are walking the talk in our efforts to reboot the transatlantic relationship,” said EU trade chief Valdis Dombrovskis.</p>
<p>The issue goes back to the tariffs that then-President Donald Trump slapped on EU steel and aluminum, which enraged Europeans and other allies by calling their metals a threat to U.S. national security. The Article 232 proceeding both hurts European producers and has raised the cost of steel for American companies. </p>
<p>Europe retaliated by raising tariffs on U.S.-made motorcycles, bourbon, peanut butter and jeans, among other items.</p>
<p>“By suspending our measures, we are creating the space to resolve these issues before the end of the year,” said Dombrovskis. </p>
<p>U.S. President Joe Biden will meet with EU leaders in mid-June to discuss a new relationship after the bloc’s disruptive relationship with Trump. </p>