Daily Management Review

U.S. Policy On Tariff Exemption On Steel Not Clear: EU Trade Head


U.S. Policy On Tariff Exemption On Steel Not Clear: EU Trade Head
The EU find that there is no immediate clarity on the exact nature of the exemptions that the U.S. intends to provide to some of its allies from the import tariff on steel and aluminum that it impost last week. the Eu said that talks between representative of the two sides would continue this week to ascertain the issue.
This was said by Cecilia Malmstrom, EU's Trade Commissioner in a tweet following a trilateral meeting held between the EU, U.S. and the Japanese in Brussels late last week.
"As a close security and trade partner of the U.S., the EU must be excluded from the announced measures. No immediate clarity on the exact U.S. procedure for exemption however, so discussions will continue next week," she tweeted.
"EU, Japan, U.S. agreed on further steps in our ongoing cooperation to tackle trade--distorting practices in sectors such as steel. Stronger rules on industrial subsidies, etc.," she added.
The meeting was attended by U.S. Trade Representative Robert Lighthizer and Japanese Minister for Economy, Trade and Industry Hiroshige Seko along with Malmstrom. She held a separate bilateral talk with the U.S. following the tri nation meeting.
"I had a frank discussion with the U.S. side about the serious pending issue of steel and aluminum tariffs," she said.
The issue of over capacity would again be discussed between the ministers in a meeting that has been scheduled to be held on the sidelines of the OCED ministerial meeting in Paris.
The U.S. has imposed a 10 per cent import tariff on aluminum and a 25 per cent tariff on steel imports into the country following the signing of an executive order by S. President Donald Trump on Thursday last week. the U.S. had also announced the exemption of Canada and Mexico from the tariffs which would be continued pending their approval to the Nafta agreement in a manner that is satisfactory to the US.
Retaliatory measures against the U.S. have already been threatened to be imposed by the EU in case the tariffs were also applicable for them. A list that includes products imported from the U.S such as orange juice, bourbon, cranberries, peanut butter etc., has already been prepared by the EU for imposing import tariffs if necessary.
Further, the EU is also prepared to approach the World Trade Organization against the US. In the worst-case scenario, said European Commission vice--president Jyrki Katainen on Friday.

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