According to the report, the office of the United States (US) Trade Representative (USTR) recently signed Tariff Rate Quota (TRQ) with the European Union (EU) in order to reach the tariff quotas agreement for steel and aluminum and address steel oversupply.

Before that, the US government suspended a running dispute of steel and aluminum tariffs with the EU, which exempted tariffs around 3 million tons of steel products exported to the US until October 2023.