The EU-US joint statement confirms cooperation on steel trade alongside maintaining punitive tariffs. European steel faces 50% US tariffs alongside 15% duties on steel-intensive products like vehicles. The agreement suggests future tariff rate quotas alongside ring-fencing against global overcapacity. European steel exports to the US declined from 4.6 to 3.8 million tons since 2018. The European Commission promises new trade measures by September 2025 to protect domestic steel capacity.