The tariff suspension will remain in force until the end of March 2025

Under an agreement announced on December 19, 2023, the European Union and the United States will extend the suspension of tariffs until March 31, 2025 in the context of a longstanding steel and aluminum dispute.

The dispute dates back to 2018, when the US introduced tariffs on European steel and aluminum and the EU responded by introducing rebalancing tariffs on imports of certain American products —including peanut butter and processed cranberry products— into the EU. In 2022, the parties reached an interim agreement under which the EU suspended its rebalancing tariffs until December 31, 2023, to allow time for negotiations towards a longer-term solution.

Under the deal announced this week, the EU-US trade dispute will be paused until after the 2024 American presidential election.

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