The U.S. and the EU are preparing to repeal reciprocal trade duties

The United States intends to eliminate duties on steel and aluminum products from the European Union. A corresponding decision, according to Bloomberg News Agency, will be taken at a summit of the heads of U.S. and EU heads of state at a summit next Tuesday. The EU has also previously has expressed a willingness to consider lifting tariffs on the U.S. its side. The U.S. duties were imposed by former U.S. President Donald Trump and were 25 percent on steel imports and 10 percent on imported aluminum products. The European Union also responded by imposing tariffs. The current U.S. administration intends to change this relationship, announcing that it plans to abolish these restrictions by the end of the year. In addition, the summit will address the situation around Airbus and Boeing airlines - under Trump, the U.S. and the EU have between Trump and the EU over subsidies for these companies. Specifically, The EU's support of Airbus and the U.S. support of Boeing has resulted in both sides imposing duties on each other (with the World Trade Organization approval). In March, they were suspended until July.