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U.S. Secretary of Commerce Gina Raimondo speaks at the inaugural U.S.-EU Trade and Technology Council in Pittsburgh last month. Photo: Nicholas Kamm/AFP via Getty Images

The U.S. and European Union on Saturday at the Group of 20 summit reached an agreement over Trump-era steel and aluminum tariffs.

Driving the news: Commerce Secretary Gina Raimondo announced Saturday that "limited volumes" of steel and aluminum products from the EU will be able to enter the U.S. without tariffs.

  • "We were able to reach an agreement whereby the EU will drop their retaliatory tariffs" on American goods, Raimondo said. The agreement would ensure "that all steel entering the U.S. via Europe is produced entirely in Europe."

Why it matters: The agreement "modifies tariffs on European Union steel and aluminum providers, addresses global overcapacity, and toughens enforcement mechanisms to prevent leakage of Chinese steel and aluminum into the U.S. market," the White House said in a news release Sunday.

  • The EU dropping its tariffs "on a wide range of products" will protect American jobs, reduce costs and keep U.S. exports competitive, the White House wrote.
  • The two parties "will work to restrict access to their markets for dirty steel and limit access to countries that dump steel in our markets, contributing to worldwide over-supply."

What they're saying: After meeting with European Commission President Ursula von der Leyen on Sunday, Biden said the deal "demonstrates how by harnessing our diplomatic and economic power, we can reject the false idea that we can't grow our economy and support American workers while tackling the climate crisis."

  • “This marks a milestone in the renewed EU-U.S. partnership,” von der Leyen told reporters.

Catch up quick: The Trump administration in 2018 imposed taxes on EU steel and aluminum, claiming that the foreign products were a threat to U.S. national security.

  • Members of the EU and other allies in turn imposed countertariffs on U.S. products, including motorcycles, bourbon and peanut butter, among other things, per AP.

Go deeper: Inside the real trade fight

Editor's note: This post was updated with new details throughout.

Go deeper

Nov 9, 2021 - World

Europe's China critics

French MEP Raphael Glucksmann with Taiwan President Tsai Ing-wen. Photo: STR/AFP via Getty Images

Two weeks after the European Parliament voted 580-26 on a resolution to strengthen EU-Taiwan relations, an official delegation of lawmakers traveled to Taiwan for the first time to deliver a simple message: "You are not alone."

Why it matters: Taiwan is an industrialized democracy that has faced growing military intimidation from the Chinese government, which views the self-governing island as a breakaway territory that must be brought under its control.

Updated 2 hours ago - Health

The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.

Updated 3 hours ago - Health

COVID-19 Omicron variant cases identified in Europe, U.K.

People wearing masks walk in London on Nov. 25. Photo: Li Ying/Xinhua via Getty Images

Health officials in the United Kingdom, Italy and Germany announced on Saturday that they've detected the first known cases of the new COVID-19 Omicron variant.

Why it matters: The discoveries come as the world scrambles to respond to concerns over the new variant, discovered in South Africa earlier this week.