EU Steel Deal to Slow U.S. Inflation, Commerce Chief Says
- Raimondo sees pact ‘very quickly’ leading to lower steel price
- China excess capacity is the real threat to national security
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The U.S.’s decision to remove tariffs on steel and aluminum from the European Union in a weekend deal with the bloc will help slow inflation for American consumers, Commerce Secretary Gina Raimondo said.
Prices paid by U.S. shoppers rose 5.4% in September, matching the fastest pace of increase since 2008. Unprecedented shipping challenges due in part to the Covid-19 pandemic, materials shortages, high commodities prices and rising wages have sharply driven up costs for producers, who have passed some of that along to consumers.