EU to end tariffs on $3.4 billion goods if US lifts metal duty
by Bloomberg Jan 27, 2021
The European Union would immediately lift retaliatory tariffs on about $3.4 billion of U.S. goods if America removes its duties on metals imported from the bloc, the EU Ambassador to the U.S. said.
Stavros Lambrinidis hopes President Joe Biden will immediately lift his predecessor’s 25% duty on steel and 10% levy on aluminum products, he said in a virtual call Wednesday hosted by the U.S. Chamber of Commerce. The EU, in turn, would lift countermeasures that include duties of as much as 25% on about 2.8 billion euros ($3.4 billion) of imports of about 200 categories of U.S. products such as Harley-Davidson motorcycles, Levi Strauss jeans and bourbon whiskey.
“We want to deal with trade disputes with the U.S. quickly, effectively and now,” he said.
Former U.S. President Donald Trump imposed the 25% steel tariff, along with a 10% duty on aluminum imports, in March 2018. He used section 232 of the Trade Expansion Act to justify the move, citing national-security concerns. Some countries, including Brazil and South Korea, negotiated deals to avoid the tariff, and Trump dropped the duty for imports from Canada and Mexico. But the tariffs still apply for much of world, including the EU.
The bloc triggered the retaliatory tariffs in June 2018.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
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