The office of the United States Trade Representative (USTR) has announced an arrangement with the European Union to allow for the resumption of duty-free imports of European steel and aluminum into the United States. A release from the European Commission on the arrangement has also been issued.
According to a USTR fact sheet on the arrangement, the two sides have agreed to the following:
Replacement of Section 232 tariffs with tariff-rate quota (TRQ). The United States will replace the…