The EC said that the parties intend to “find solutions” to this problem by the end of the year.
The European Union and the United States have begun negotiations on the problem of an oversupply of steel and aluminum on the global market. The European Commission (EC) announced this on Monday.
“European Commission Vice President Valdis Dombrovskis, United States Trade Representative Katherine Tae, and US Secretary of Commerce Gina Raimondo today announced the start of negotiations on global steel and aluminum overcapacity. The distortions resulting from this excess pose a serious threat to the market-oriented steel and aluminum industries of the EU and the US, as well as to the workers in these industries,” the EC said in a statement.
As noted in the document, the parties intend to “find solutions” to this problem by the end of the year.
On May 31, 2018, Wilbur Ross, then the US Secretary of Commerce, announced the introduction of customs duties on steel and aluminum imports from the European Union, Canada, and Mexico starting from June 1. At the same time, a mechanism was created in the United States through which American enterprises could submit requests for the withdrawal of steel and aluminum they purchased in other countries from import duties. In response to the US actions, the EU imposed duties on some American goods.
As Tae said earlier, the measures taken by the former US administration to increase duties had a positive impact on US steel production, but led to some complications in relations with Washington’s allies in Europe, manifested in the form of retaliatory steps by the EU against some goods from the US. At the same time, she refrained from any hints about the possible revision of the tariff policy adopted by the new administration under Donald Trump.