The U.S. has yet to reach a deal with the European Union on steel and aluminum tariffs, and will keep negotiating until a year-end deadline that would trigger a return of tariffs on billions of dollars of in trade, Bloomberg reported Thursday.
A meeting between U.S. Trade Representative Katherine Tai and the EU’s top trade negotiator ended without an agreement, according to the report, which apparently will prevent President Biden and European Commission President Ursula von der Leyen from being able to announce a deal on the Global Arrangement on Sustainable Steel and Aluminum at a meeting in Washington this Friday.
Potentially relevant stocks include US Steel (NYSE:X), Cleveland-Cliffs (NYSE:CLF), Nucor (NUE), Steel Dynamics (NASDAQ:STLD), ArcelorMittal (MT), Alcoa (AA).
The talks have attempted to settle a dispute that started when the Trump administration imposed tariffs on metals imports from Europe, citing risks to national security, to which the EU responded with retaliatory measures.
Failure to reach a deal would mean tariffs on $10B of exports between the U.S. and European Union would automatically come back into force at the start of 2024.