Officials of the United States and the European Union have agreed to ease the tariffs implemented during the dispute that started under the Trump administration, CNBC reported. Motorcycle maker Harley-Davidson, which could have paid tariffs of up to 56% should the trade remain unresolved, saw its share climb 10.4% today on premarket

  • EU Trade Chief Valdis Dombrovskis took to Twitter to announce that the two parties have agreed to pause their steel and aluminum trade dispute, and cooperate on a Global Arrangement on Sustainable Steel & Aluminum.
  • The agreement states that the two sides are pushing to discourage trade in high-carbon steel and aluminum, with the US saying it will not apply metal tariffs and the EU will suspend taxes on American goods.
  • US President Joe Biden said the agreement will immediately scrap taxes of the European Union on a range of American products, lowering costs on American consumers and ensuring strong competition.

European Commission President Ursula von der Leyen said the latest agreement was a “major step” in the “renewed partnership” between the two parties.

NYSE: HOG is up 10% on premarket.