Skip to main content

US Announces Deal With EU to Resolve Steel, Aluminium Tariff Disputes

Washington: The US has reached a deal with the European Union (EU) to resolve a three-year dispute over tariffs on steel and aluminium imported from the bloc, Commerce Secretary Gina Raimondo said on Sunday.

“We’ve reached an agreement with the EU which maintains the 232 tariffs but allows limited volumes of EU steel and aluminium to enter the US tariff-free,” Raimondo told reporters here.

“This agreement is significant in that it will reduce costs for American manufacturers and consumers,” Raimondo said, adding the cost of steel for manufacturers in the US downstream industries has more than tripled in the past year, reports Xinhua news agency.

In return, the EU will drop their retaliatory tariffs on American goods, according to Raimondo.

The EU was set to increase tariffs on December 1 to 50 per cent on various US products, including Harley-Davidson motorcycles and bourbon from Kentucky.

“I don’t think we can underestimate how crippling a 50 per cent tariff is. A business can’t survive with a 50 per cent tariff,” Raimondo said.

“We have also agreed to suspend the WTO disputes against each other related to the 232 actions,” US Trade Representative Katherine Tai told reporters.

Meanwhile, “the US and the EU have agreed to negotiate the first-ever carbon-based arrangement on steel and aluminium trade, and create greater incentives for reducing carbon intensity across modes of production of steel and aluminium produced by American and European companies”, Tai said.

Myron Brilliant, the Chamber of Commerce’s Executive Vice President, said that the deal offers some relief for American manufacturers suffering from soaring steel prices and shortages, “but further action is needed”.

“Section 232 tariffs and quotas remain in place on imports from many other countries,” Brilliant said.

Citing national security concerns, the administration of former President Donald Trump unilaterally imposed a 25 per cent tariff on steel imports and 10 per cent tariff on aluminium imports in 2018, under Section 232 of the Trade Expansion Act of 1962, drawing strong opposition domestically and abroad.

Failing to reach a deal with the Trump administration, the EU took the case to the WTO and imposed retaliatory tariffs on a range of American products.



source https://www.india.com/us/us-announces-deal-with-eu-to-resolve-steel-aluminium-tariff-disputes-5077914/

Comments

Post a Comment

Popular posts from this blog

Bigg Boss 15: Nishant Bhat Becomes New Captain, Asks Boys to do 10 Sit-ups to Apologise Bigg Boss

Bigg Boss 15: In tonight’s episode, when Bigg Boss asked the contestants Shamita Shetty, Nishant Bhat, Pratik Sehajpal, Vishal Kotian, Akasa Sing, Jay Bhanushali and Tejasswi Prakash to nominate two contestants for the captaincy task (Captainc ki race) with aapsi sehamati (mutual consent), they come to a conclusion and choose Nishant and Prateek. The rest of the contestants were asked to help whom they want to support as a captain. Tejasswi Prakash became the sanchalak of the task. The winner of the captaincy task was declared and Nishant Bhat became the new captain of the house. Bigg Boss has asked to take the rights to control the house. After the captaincy task, Nishant and Shamita discuss the decision taken and Bhat made Shetty understand to play the game by not trusting anyone, pointing out on Pratik. After a few minutes, Bigg Boss raised Kukdu Ku alarm back-to-back as most of the contestants were sleeping. Nishant took all the boys outside in the garden, near the camera and sa
Post a Comment
Read more

Heavy Rains Lash Delhi-NCR, Waterlogging in Several Parts; More Rains Predicted

New Delhi: People of Delhi and NCR woke up to heavy rains and pleasant weather on Sunday. However, waterlogging was reported in several parts of Delhi-NCR in the morning. According to the India Meteorological Department (IMD), thunderstorms with moderate to heavy intensity rain would occur over and adjoining areas of entire Delhi-NCR today. The IMD tweeted, “Thunderstorm with moderate to heavy intensity rain would occur over and adjoining areas of entire Delhi, NCR ( Bahadurgarh, Gurugram, Manesar, Faridabad, Ballabhgarh, Loni Dehat, Hindon AF Station, Ghaziabad, Indirapuram, Chhapraula, Noida, Dadri, Greater Noida)” Greater Noida) Kaithal, Karnal, Rajaund, Assandh, Safidon, Panipat, Gohana, Gannaur, Sonipat, Narwana, Jind, Rohtak, Hissar, Hansi, Tosham, Bhiwani, Charkhi Dadri, Jhajjar, Loharu, Narnaul, Mahendargarh, Kosali, Farukhnagar, Bawal, Rewari, Nuh, Sohana, Hodal, Palwal (Haryana) — India Meteorological Department (@Indiametdept) August 1, 2021 Vehicles commuting from
Post a Comment
Read more

‘No Lockdown, But…’, Karnataka CM Bommai Issues BIG Statement Amid Omicron Scare

New Delhi: Putting an end to speculations surrounding ‘lockdown’ across the state in the wake of new Omicron variant of coronavirus, Karnataka Chief Minister Basavaj Bommai asserted that his government had no plans to impose shutdown-like curbs. However, based on the number of cases and scenarios in the coming days certain stringent measures might be taken, said the chief minister. “There is no question of  lockdown, as of now. Normal public life should continue”, he stated, adding that COVID norms should be followed at places where people gather. CM Bommai further assured that his government is taking utmost precautions and keeping strict vigil against the new Omicron variant of coronavirus. Curbs Tightened Across The State Meanwhile, with new clusters emerging in the state, the government has tightened curbs against the Delta variant too. The chief minister asserted that the government has to manage things at two levels to control the further spread of the pandemic. “The state g
Post a Comment
Read more