The leaders of the European Union and the US are seeking to
announce an interim deal at an Oct. 20 summit on steel and aluminum trade that
would avert the re-imposition of Trump-era tariffs on billions of dollars of
transatlantic commerce.
Top White House and European
Commission officials are negotiating a provisional political agreement that
would cover the two main planks of the so-called Global Steel and Aluminum
Arrangement that the EU and US have been negotiating since 2021: tackling
non-market excess capacity and carbon emissions, according to people familiar
with the talks.
The deal — which would fall short of a legally binding agreement — seeks to
settle a dispute that started when President Donald Trump slapped tariffs on
metals imports from Europe, citing risks to national security. Failure to reach
an accord by Oct. 31 would mean that levies on $10 billion of exports between
the EU and US would automatically come back into force at the start of 2024.
The transatlantic allies are
seeking a political accord because they don’t think there’s enough time to
reach a formal deal by the deadline and remain distant on some key aspects of
the matter such as compatibility with international trade rules, according to
the people.
Europe's
Trade Deficit With China Has Soared
Chinese exports jumped from
mid-2021 while imports haven't kept pace
Source:
China's General Administration of Customs, Bloomberg calculations
A spokesperson for the
commission declined to comment on the GSA talks. A spokesperson from the US
national security council didn’t respond to a request for comment.
As part of a possible
agreement, the EU and US would aim to coordinate how they measure and tackle
excess capacity, said the people, who spoke on the condition of anonymity. The
deal would see new steel tariffs aimed at non-market practices of countries
such as China, Bloomberg previously reported.
The US has imposed a 25% tariff
on steel imports since 2018 and the EU applies about the same level of duties
on an array of steel imports under its own safeguard measures. That level of
tariff would act as a reference point that can then be adjusted on a
case-by-case basis, the people said.
Talks on tackling dirty steel have been more difficult but the EU and US are
hoping to commit politically to work together to adopt measures in the coming
years, one of the people said.
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