EU and US Extend Tariff Truce, Avoiding New-Year Trade Disruptions

The European Commission is expected to announce on Monday that it will renew a trade truce with the United States, extending the pause on retaliatory tariffs on American exports worth approximately $6 billion. The truce, which will last for 15 months, aims to resolve a steel and aluminum dispute that began in 2018. European tariffs on American products will be paused until the end of March 2025. The terms of the agreement have not been improved, despite complaints in Europe about the cumbersome implementation of tariff-rate quotas.