EU urges US to remove tariffs on steel products

VTV.vn - This move aims to promote the parts that have not yet taken effect in the tariff agreement between the EU and the US.

On October 14, the European Union (EU) Trade Commissioner, Mr. Maros Sefcovic, said that the European Commission (EC) is pressuring the US to remove tariffs on products made from steel.

As the trade policy watchdog for the 27-nation EU, the EC believes it has done its part by proposing that the US only increase steel tariffs to 50% – halving the current quota – and provide more clarity on the origin of the steel. Under a joint agreement, the two transatlantic partners will consider protecting steel, aluminum and derivatives made from these metals from overcapacity.

Mr Sefcovic said the EU proposal was similar to the approach the US wants to take to protect the steel industry in the world's top economy from overcapacity. The proposal now needs approval from the 27 member states' governments and the European Parliament.

The US tariffs are not limited to raw steel and aluminum, but extend to a range of derivative products made from the metal. In August this year, the US added 407 product categories to this list of derivative products, imposing a 50% tariff on steel and aluminum content, plus a base tariff (15% for the EU) on non-metallic content. The affected product categories include wind turbines, bulldozers, railway cars, motorcycles, car exhaust systems, refrigerators, freezers and dryers.

Source: https://vtv.vn/eu-hoi-thuc-my-loai-bo-thue-quan-voi-cac-san-pham-lam-tu-thep-100251015160942696.htm