The United States and the European Union on Sunday took steps to re-establish transatlantic trade flows in steel and aluminum and address the challenges in the sector, they said in a joint statement.

As a part of that partnership, they intend to negotiate a global arrangement to address carbon intensity and global overcapacity, they said on Sunday.

"The United States will not apply section 232 duties and will allow duty-free importation steel and aluminum from the EU at a historical-based volume and the EU will suspend related tariffs on U.S. products", they said.