The United States and the European Union announced their commitment to negotiate the world’s first carbon-based sectoral arrangement on steel and aluminum trade by 2024. The U.S. and the EU also came to an interim arrangement for trade in the steel and aluminum sectors that modifies tariffs on EU steel and aluminum providers, addresses global overcapacity and toughens enforcement mechanisms to prevent leakage of Chinese steel and aluminum into the U.S. market. 

Read the press release from the White House here.