The American Farm Bureau Federation (AFBF) is welcoming the news from U.S. President Joe Biden that the U.S. and European Union have agreed to end a tariff dispute.
The deal means Section 232 tariffs will be replaced with a tariff rate quota under Section 232, and the EU has agreed to lift its 25% retaliatory tariffs on American exports, including agricultural products.
“Today’s agreement between the United States and the European Union is welcome news for America’s farmers," American Farm Bureau President Zippy Duvall said in a statement.
"While the dispute centered around steel and aluminum, farmers were swept up in the turmoil as the EU clamped down on U.S. agricultural exports. It’s crucial that we now restore those trade relationships," he continued.
Under the new trade deal, the EU will be allowed to ship 3.3 million metric tons of steel per year to the U.S. duty free, but any amount beyond that will be subject to a 25% tariff. Previously, there was a blanket 25% tariff on European steel and a 10% tariff on aluminum.
