$Dow Jones Industrial Average (.DJI.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ The U.S. and the European Union have announced a deal at the G20 summit in Rome to ease U.S. tariffs on steel and aluminum totaling more than $10B of E.U. exports each year, removing one of the most significant trade disputes from the Trump administration's levies imposed in 2018.
U.S. Commerce Secretary Gina Raimondo said the arrangement will maintain the tariffs but allow limited amounts of European imports to enter the U.S. free from tariffs while the E.U. will drop retaliatory tariffs.
U.S. officials said the deal will ensure that steel entering the U.S. from Europe is entirely produced in Europe.
American Iron and Steel Institute head Kevin Dempsey said the agreement will "prevent another steel import surge that would undermine our industry."
ETFs: $VanEck Steel ETF (SLX.US)$, $Barclays Bank Plc Ipath Ser B Blmbrg Alumi Subindx Tr Etn (JJU.US)$
Potentially relevant steel and aluminum tickers include $United States Steel (X.US)$ , $Nucor (NUE.US)$ , $Cleveland-Cliffs (CLF.US)$ , $Reliance (RS.US)$ , $ArcelorMittal SA (MT.US)$ , $Steel Dynamics (STLD.US)$ , $Alcoa (AA.US)$ , $Century Aluminum (CENX.US)$
The deal was praised by $Harley-Davidson (HOG.US)$, one of the U.S. companies that was hit hardest by E.U. retaliatory tariffs; $Levi Strauss & Co. (LEVI.US)$ jeans and bourbon whiskey were among other targets of the retaliatory measures.
Climate change is another focus of the summit, which will set the tone for global talks on climate in Glasgow, Scotland, that immediately follow the Rome meeting.