Monday, November 29, 2021
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G-20 Starts With The U.S., E.U. Deal On Steel And Aluminum Breaking Ongoing Trans-Atlantic Trade War

The U.S. announced a roll-on back of Tariffs on European Steel and Aluminum amounting to billions of dollars, this is seen as positive news, as it softens diplomatic ties in the Trans-Atlantic region.

Commerce Secretary Gina Raimondo said in a Press Briefing, that the agreement between the U.S and the Union allows “limited volumes of E.U. steel and aluminum to enter the U.S. tariff-free.” The E.U. shall reciprocate by not going ahead with planned retaliatory tariffs on American goods otherwise planned to be implemented next month onwards.

Raimondo also emphasized the perspective of “carbon intensity” being considered to implement the move, as it would allow for the manufacturing of these metals in a “significantly cleaner” manner as compared to production in China.

The day also saw a meeting between Biden and his Turkish counterpart President Recep Tayyip Erdogan. The countries too had been experiencing ups and downs in their relationship, however, Biden in respect of the sale of F-16 to Turkey said that “We’re planning to have a good conversation.”

Previously the U.S. had shown discontent over the growing closeness between Turkey and Russia, and their purchase of an Air Defense Missile System from Russia.

The disruption and uncertainty in Supply Chains in respect of all goods has caused problems and affected the predicted post-pandemic recovery. Especially due to countries engaged in mass manufacturing, like China still facing COVID-19 related restrictions after newer strains surfaced.

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To mark the culmination of the summit, in Sunday’s meeting, a joint communiqué shall be released by the State heads, demarcating their commitments and agreements they agreed upon. G-20 members may be seen formally putting to letter the 15% global minimum corporation tax.

Even though the statement shall not bind the countries to implement them, they rely upon good behavior and work in that direction by the member states. However other diplomatic dignitaries can be seen outlining greater details for bringing them to implementation.

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