EU Extends Suspension Of Tariffs In US Steel Dispute

Muhammad Irfan Published December 19, 2023 | 11:41 PM

The European Union said Tuesday it would prolong its suspension of retaliatory tariffs on US goods after reaching an agreement in a steel and aluminium dispute triggered by Donald Trump when he was president

Brussels, (APP - UrduPoint / Pakistan Point News - 19th Dec, 2023) The European Union said Tuesday it would prolong its suspension of retaliatory tariffs on US goods after reaching an agreement in a steel and aluminium dispute triggered by Donald Trump when he was president.

The European Commission said in a statement it would suspend its EU "balancing" tariffs until March 31, 2025 after Washington said it would offer further tariff exclusions to EU exporters.

EU trade commissioner Valdis Dombrovskis said the "important extension" on Brussels' side was "the outcome of intensive engagement with the US".

He said the suspension gave Brussels "the necessary space" to seek the full removal of 232 tariffs that Washington slapped on EU exports under a 2018 order issued by then-president Trump.

US Trade Representative Katherine Tai added in a separate statement that current talks are "technically complex."

The goal, she said, is to come up with an arrangement allowing both sides to incentivise "fair and clean production" in the sectors.

"The United States remains committed to our partnership with the EU and to staying at the table to continue the progress we have made so far," Tai said.

In a protectionist move largely targeting cheaper Chinese imports, Trump had slapped high tariffs on steel and aluminium coming from many countries, sweeping up EU exports in the process.

Trump's successor, Joe Biden, who also seeks to protect US industry, kept the tariffs in place but granted suspensions for EU exporters.

The United States faces elections next year, and some of its states with high steel output are swing states that could help decide the outcome. Trump is the Republicans' favourite to seek election.

The EU also faces bloc-wide elections next year that will usher in a new European Commission.

Dombrovskis said Brussels is "committed to ensuring that transatlantic trade in steel and aluminium is undistorted and that our exporters are treated fairly".