EC Calls for Immediate Settlement of U.S. Tariff Trade Dispute

SEATTLE (Scrap Monster): The European Union (EU) called for earliest settlement of its steel and aluminum trade dispute with the U.S. The trade chief proposed to have clauses similar to the trade pacts that the U.S. had reached with Canada and Mexico.

The agreement to lift U.S. tariff on steel manufactured in the EU region has to be reached at least by first week of November this year, as it would take almost a month for the implementation of the same. It must be noted that the deadline of end-November is not so far away.

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Valdis Dombrovskis, Executive Vice President, European Commission noted that it should consider accepting elements from the U.S. agreements with Canada and Mexico that are acceptable to the European region. Although the trade chief denied pointing out any particular element, the removal of metal tariffs in exchange for a strict monitoring mechanism could be considered, he said. The region should look at solutions specific to the EU region, he added.

The EU had retaliated to the U.S. imposition of Section 232 tariffs in March 2018, by imposing similar tariffs on various products. However, the two parties had recently agreed to hold negotiations in order to ensure that the dispute is not escalated any further.