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(M2) Gains Still Considered Corrective


(M2)‌‌ Holding On To This Week’s Gains

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Wires and social media carrying comments from European Commission VP Valdis Dombrovskis stating that the European Union does not view the deal reached between the US and EU in late October regarding steel and aluminium tariffs as fully resolved. Comments come as the Foreign Affairs Council meeting continues in Brussels, with USTR Katherine Tai joining the meeting virtually for informal talks.

  • Wires also reporting Dombrovskis as stating that both the US and EU are committed to decarbonising the steel industry.
  • Post-Council presser to take place at 1630CET (link here).
  • The deal sees the 25% US tariff on EU steel and 10% on aluminium remain in place, but with a certain quota of EU metals allowed in the the US duty free. The EU has paused the implementation of retaliatory tariffs on US products such as bourbon whiskey and Harley-Davidson motorcycles due to come into force 1 Dec.
  • Given that the US-EU metals trade debate has rumbled on for many years, the prospect of a full resolution to the issue any time soon seems remote.
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