US, EU agree to stop increasing tension on aluminum and steel tariffs

(Daiphuc corp) - The US and the European Union (EU) on May 17 agreed to stop increasing tensions related to the US aluminum and steel tariffs, in which the EU temporarily postponed raising retaliatory tariffs on many US and US products. The two sides will conduct formal negotiations to resolve the situation of overproduction capacity globally, mainly concentrated in China.

The European Commission (EC) said on May 17 that it would postpone for up to six months a plan to double retaliatory tariffs on many US goods such as Harley-Davidson motorcycles, whiskey and motor boats, which were expected to be doubled. will be in effect from 1/6. The EU will also not levy tariffs on other additional US products, from lipstick to sneakers.
But the US still maintains tariffs of 25% on steel and 10% on aluminum. These tariffs are also applied to aluminum and steel products imported from China, India, Norway, Russia, Switzerland, Turkey, Japan and South Korea.
The administration of former President Donald Trump has cited national security reasons to impose tariffs on aluminum and steel. But the EU rejected accusations that its aluminum and steel exports were a threat to US national security, and responded by imposing tariffs on $2.8 billion worth of US goods. euros ($3.4 billion). And these tariffs remain in effect after the two sides reach the above consensus.
In a joint statement, Brussels and Washington said that as allies and market-based economies, the two sides can promote high standards and address common concerns.
Upcoming talks will focus on finding a solution before the end of the year to the problem of overcapacity in the global aluminum and steel industry, and an EC official said a resolution to the tax dispute The relationship between the two sides will also be made earlier.
The American Iron and Steel Institute hopes that the US and EU negotiations can find significant solutions, while maintaining trade measures. Many leaders in the US steel industry believe that European governments must also commit to stop supporting domestic steel producers with subsidies and state investment. 


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