From the Document: "On October 31, 2021, the United States [hyperlink] and European Union [hyperlink] (EU) announced a multifaceted agreement [hyperlink] to address U.S. steel and aluminum tariffs on EU exports, imposed by the Trump Administration under Section 232, and EU retaliatory tariffs on certain U.S. exports. The deal establishes a new tariff rate quota (TRQ) to replace original Section 232 tariffs. It also creates a new forum to strengthen U.S.-EU cooperation to address global overcapacity, ensure market-oriented conditions, and reduce carbon intensity in these industries. In addressing the tariffs, President Biden sought [hyperlink] to decrease trade tensions with allies, build partnerships to tackle global issues, and protect U.S. jobs and industry from unfair competition, stemming from China's excess capacity and industrial policies. [...] The full impact of the deal will take time to emerge; it goes into effect in January 2022, and the new Global Arrangement may not be finalized for two years. Potential areas of congressional interest and oversight may include the impact of the tariff elimination and TRQ system on U.S. industry and bilateral trade, the joint efforts to tackle China-driven global overcapacity, and the Biden Administration's announced consultations with Japan [hyperlink] and the United Kingdom [hyperlink] on the tariffs."
CRS Insight, IN11799
Congressional Research Service: https://crsreports.congress.gov/