European Union is ready to start negotiations with the United States on controversial tariffs on steel and aluminum products ’without delay’, Commissioner Šefčovič said. In exchange for reducing these tariffs, Americans are demanding a review of EU’ digital rulebook arguing that it would encourage American big tech companies to invest more in Europe.
Under an agreement reached at the end of July, the United States imposed 15 per cent tariffs on most European goods. However, some commodities are subject to higher tariffs, including steel and aluminum products, where the ’supplement’ is 50 per cent. These high tariffs also apply to the metal content of so-called derivative products, such as motorcycles and refrigerators. The Union is now trying to alleviate this situation.
Lower tariffs and overcapacity
Brussels raised its concerns over Washington’s expanded list of goods subject to high tariffs at meeting on Monday, 24 November evening. Maroš Šefčovič, Commissioner for Trade and Economic Security and member states’ trade ministers met Howard Lutnick, U.S. Secretary of Commerce.
We are striving to reduce tariffs and jointly address global overcapacity, which is a priority for the EU. – Maroš Šefčovič, Commissioner for Trade and Economic Security
“It is no secret that further work in the field of steel and derivatives is of particular importance for us. We are striving to reduce tariffs and jointly address global overcapacity, which is a priority for the EU,” Commissioner Šefčovič said.
Washington: Ease digital rules first
US Secretary of Commerce Howard Lutnick said that for a progress to be made, the EU must establish a digital framework that would be acceptable to the United States. Only then, Mr Lutnick underlined, both sides could address other important issues, including tariffs on steel and aluminum.
For a progress to be made, the EU must establish a digital framework that would be acceptable to the United States. – Howard Lutnick, US Secretary of Commerce
US-based big tech companies have long opposed stricter regulations for operating on the European market. According to Lutnick, it is necessary to find “a balanced approach that will suit the United States” and to establish “reasonable laws”.
According to Commissioner Šefčovič, the EU negotiating team is preparing to travel to Washington for talks “in the near future.”
