According to CNBC, the US and EU may conclude a truce in the trade war that began during the presidency of Donald Trump. They are ready to start negotiations on the cancelation of some of the mutual tariffs imposed on imports of goods.
Steel exported from the EU was the first good that was subject to US tariffs. Washington and Brussels are ready to resolve the "steel issue" by the end of 2021. If the parties reach a consensus, the US will cancel its tariffs of 25% imposed on European steel and tariffs of 10% on aluminum imported from the EU. Notably, tariffs were introduced in 2018. The EU's response was to appeal to the World Trade Organization (WTO) and obtain the right to impose high tariffs on American goods worth €6.4 billion annually.
Such products as bourbon, peanut butter, and orange juice from the United States were subject to new tariffs. So far, tariffs on the import of goods worth €2.8 billion per year have been implemented. An additional tariff of €3.6 billion may be imposed in June this year.
If Washington and Brussels agree on the mutual abolition of tariffs, then both parties are likely to completely lift them.
