The United States and European Union will work together to quickly “resolve” the discord created by the Section 232 steel and aluminium tariffs and subsequent retaliatory tariffs, US Treasury Secretary Steven Mnuchin said. “So the first issue that we’ll immediately be negotiating is to resolve the issues on the steel and aluminium tariffs and the retaliatory tariffs. Phase One will be to immediately resolve those issues so there will be no tariffs in either direction on that,” Mnuchin said on Thursday July 26, according to a source close to the matter.Announced by US President Donald Trump in March, the Section 232 tariffs – 25% on steel imports and 10% on aluminium imports – disrupted supply chains in the US, boosting prices and premiums, which have persisted at multiyear highs in some instances.
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