EU rejects US proposal to end steel tariffs dispute

30/06/2023 04:08 - 34 Views

The European Union has rejected a proposal from the United States to resolve the ongoing tariffs dispute on steel and aluminum, according to a report published by the Financial Times on Wednesday.

The proposed solution, which the EU deems potentially in breach of World Trade Organization rules due to favoring domestic producers, comes as part of the ongoing negotiations that were paused in 2021. The dispute was initiated by measures imposed by the Trump administration.

EU trade chief Valdis Dombrovskis will reportedly visit Washington next week, seeking a breakthrough in the deadlock as the deadline for reaching a deal on a new "green steel" club approaches. Without a resolution, both sides will see tariffs and countermeasures automatically reinstated in October.

The US's tariffs currently stand at 25% on steel and 10% on aluminum from Europe, while the EU's retaliatory measures will target US products such as bourbon whiskey and Harley-Davidson motorcycles.

Source: Financial Times