Today, the White House and the European Commission released a joint statement on the framework for the US-EU Agreement on Reciprocal Trade (White House statement; European Commission statement).
In addition to what was reported last month, the joint statement includes potential efforts to cooperate to protect their respective markets from being flooded with excess supply of steel and aluminum. See excerpt below:
“With respect to steel, aluminum, and their derivative products, the European Union and the United States intend to consider the possibility to cooperate on ring-fencing their respective domestic markets from overcapacity, while ensuring secure supply chains between each other, including through tariff-rate quota solutions.”
