The European and US trade representatives are set to start talks that could remove steel tariffs imposed by President Donald Trump, according to CNBC. The officials seek to find solutions before the end of this year, a move that will solve steel overcapacity.
The tariff issue has strained the trans-Atlantic relationship between the US and EU for at least two years.
The US cited national security concerns in imposing a 25% duty on European steel 10% tariff on Aluminum in 2018.
The EU has in the past contested tariff charges by the US and imposed retaliatory 6.4 billion euros or $7.78 billion on US exports, including also requesting WTO intervention.
The European Commission said it will abandon additional tariffs to allow talks to continue.
American and European stocks are currently declining as the dollar gains. SPY is down 0.38% on premarket, QQQ is down 0.53% on premarket, DAX is down 0.12%, EURUSD is down 0.02%.
