Steam rolls off a slab of steel as it rolls down the line at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, US, March 9, 2018. (REUTERS/Aaron Josefczyk/File Photo)

Commerce Secretary Gina Raimondo told reporters that the deal will maintain US "Section 232" tariffs of 25% on steel and 10% aluminum, while allowing "limited volumes" of EU-produced metals into the United States duty free.

US officials did not specify the volume of duty-free steel to be allowed into the United States under a tariff-rate quota system agreed upon with the EU. The deal grants an additional two years of duty-free access above the quota for EU steel products that won Commerce Department exclusions in the past year, US officials said.

Europe exported around 5 million tons of steel annually to the United States prior to Trump's imposition of the tariffs on national security grounds.