EU working to prevent brand-new tariffs on the United States: Dombrovskis

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EU working to avoid new tariffs on the US: Dombrovskis

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European Council President Charles Michel, President of the European Commission, Ursula von der Leyen and United States President Joe Biden satisfy within EU -U.S.A. Summit in Brussels, Belgium on June 15, 2021.

Dursun Aydemir|Anadolu Agency|Getty Images

PARIS– The European Union is striving to prevent a fresh round of tariffs on the United States, Europe’s trade chief informed CNBC Wednesday, as Trump- age disagreements still stick around in between the 2 trading blocs.

The Donald Trump administration enforced a 25% tariff on European steel and 10% on aluminum in June 2018 on the premises of nationwide security. However, the EU emphatically condemned the choice and chose to enforce vindictive sanctions on 2.8 billion euros ($ 3.2 billion) worth of U.S. items.

In an indication of excellent faith, the EU in May postponed a 2nd round of tariffs worth 3.6 billion euros. The concept has actually been to reach an option with the Joe Biden administration prior toDec 1.

“The EU and the U.S. are strategic partners so it’s very important that we cooperate, that we talk, even if there are some differences on some of the points,” Valdis Dombrovskis, Europe’s trade chief, informed CNBC Wednesday at an OECD ministerial conference in Paris.

“With the new Biden administration we already managed to ground the Airbus and Boeing dispute. We just successfully launched a trade and technology council in Pittsburgh. And now we are indeed working very intensively also to resolve this dispute left by the Trump era which is steel and aluminum tariffs.”

Dombrovskis will go over the concern with U.S. Trade Representative Katherine Tai on Wednesday and has actually touched with other American authorities, especially Gina Raimondo, head of the U.S. Department of Commerce.

When pushed if a development was most likely prior to completion of November, he stated: “That is what we are working for.”

China

Speaking to CNBC at the exact same occasion, France’s Finance Minister Bruno Le Maire stated that the core concern is overcapacity in the steel and aluminum sectors, which in fact comes from China.

“I’m deeply convinced that if we are all totally determined to find a compromise, there is a possibility, even on aluminum and steel, to avoid sanctions and to avoid a kind of new trade war between the two continents,” he stated.

“The key point are the overcapacities, and the overcapacities in the production of steel and aluminum are coming from China. This is not an issue between the U.S. and the EU,” Le Maire stated.