In this Tuesday, Sept. 28, 2021, photo Commerce Secretary Gina Raimondo speaks at The Economic Club of Washington. As President Joe Biden’s de facto tech minister, Raimondo is tasked with ensuring the United States will be the world leader in computer chips. But there is a global shortage, creating a drag on growth and fueling inflation on the cusp of the 2022 elections. Raimondo is working to increase production of chips as well as solar panels and batteries to help the United States thrive. (AP Photo/Alex Brandon)
By Seung Min Kim and Jeff Stein Today at 2:49 p.m. EDT
ROME – The Biden administration has struck a deal with European Union officials to lift some tariffs on steel and aluminum imports, resolving at this year’s Group of 20 summit a bitter trade stand-off that began under president Donald Trump three years ago.
The deal announced Saturday allows “limited volumes” of steel and aluminum products from the EU to enter the United States tariff-free, Commerce Secretary Gina Raimondo said.
Even as supply lines strain, Biden is in no rush to scrap Trump’s steel tariffs
In return, the European Union will drop their retaliatory tariffs on American goods. The EU had been poised on Dec. 1 to boost tariffs to 50 percent on various U.S. products, including Harley-Davidson motorcycles and bourbon from Kentucky.
“This agreement is significant in that it will reduce costs for American manufacturers and consumers,” Raimondo said.
Biden officials have faced a difficult task in deciding how or whether to unwind Trump’s duties on foreign imports, which were panned by many economists as raising prices for American consumers but in many cases were cheered by labor groups powerful among Democrats for shielding industry groups from foreign competition.
