Levi

by Jenny Leonard from https://financialpost.com U.S. and EU Set to Reach Temporary Tariff Truce Over Metals Iconic American products affected by EU countertariffs include Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey. Business associations and lawmakers have asked that the U.S. lift the duties, saying they do more harm than good. The Biden administration is set to announce it’s reached a truce in a dispute with the European Union over metal tariffs, sparing iconic products such as U.S. bourbon whiskey from a doubling of EU duties next month, people familiar with the matter said. A resolution could be announced as soon as Monday, said the people, who asked not to be identified because the talks are private. At issue is a high-profile dispute that started in 2018 under former President Donald Trump, in which the U.S. imposed duties on steel and aluminum from Europe, Asia and elsewhere over risks to American national security. The EU has since retaliated and on June 1 was set to double tariffs on a list of American products to 50%. Under the agreement with the Biden administration, the EU will refrain from increasing those tariffs and both sides will engage in a dialog on steel overcapacity, according to the people. The European Union had previously proposed to suspend all duties on each other’s products for six months while negotiations on a long-term solution continue. “We can only reiterate that the EU remains committed to finding a solution with the U.S. to the unduly justified tariffs on steel and aluminium and to working with the U.S. in tackling the root cause of the problem, which is the global steel overcapacity,” a spokesperson for the European Commission said on Saturday. Negotiators on both sides of the Atlantic are working to eventually remove the tariffs […]