EU and US establish ceasefire on steel and aluminum taxes

EU and US establish ceasefire on steel and aluminum taxes

The EU and the US jointly made a statement on the steel and aluminum tariff dispute that has been going on since 2018.

In the statement, it was pointed out that the parties started to negotiate to solve the global capacity problem in steel and aluminum, and it was stated that the market disruption caused by excess capacity seriously threatened the sector and employees in the EU and USA.

USA and EU member states; They are allies with similar national security interests, market economies and democracies, and they will act together against countries that support trade-distorting policies such as China.

It was stated that the EU and the USA agreed not to take steps on issues that negatively affect bilateral trade in order to provide a constructive environment for the talks on the capacity problem, and it was noted that they will try to provide solutions to these issues before the end of the year.

“The decision not to apply additional customs tax will contribute to finding a solution to the dispute”

“The EU will temporarily suspend the increase in rebalancing measures against the US steel and aluminum tariffs,” Valdis Dombrovskis, Senior Vice President of the EU Commission, shared on his social media account. used the expression.

Pointing out the importance of reviving transatlantic relations, Dombrovskis stressed that the decision not to apply additional tariffs will contribute to the resolution of the dispute.

The USA included EU countries in its decision to impose additional customs duties on imported steel and aluminum, which it started in 2018 on the grounds of “national security”.

Despite intense negotiations, the EU side could not discourage the US from its decision to impose 25 percent and 10 percent tariffs on steel and aluminum, respectively.

The EU, which has taken balancing measures against the USA as a commercial retaliation, imports corn, kidney beans, rice, cornflakes, peanut butter, blueberries, orange juice, whiskey, cigars, cigarettes, tobacco, lipstick, jeans, linens, shoes imported from this country. imposed a 25 percent customs duty on hundreds of different products such as sinks, stairs, fans, motorcycles, yachts, boats, tubes and steel.

The EU side was planning to increase the customs duty on some US products to 50 percent on 1 June.

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