According to Bloomberg, the EU will continue suspending retaliatory trade measures imposed in response to the Trump administration’s Section 232 tariffs. The U.S., meanwhile, will keep in place a tariff-rate quota system that was put in place in lieu of a 25% tariff on all European steel. 

The decision gives each side more time to negotiate the Global Arrangement on Sustainable Steel and Aluminum. 
Kevin Dempsey, president and chief executive officer of the American Iron and Steel Institute (AISI), said the extension is welcomed news.

“AISI continues to support the negotiation of a new international arrangement that will effectively address both non-market excess capacity in steel and the carbon intensity of steel imported from around the world, as these two related issues are critical to the future of both the U.S. and EU steel industries,” he said.