ZCZC
BCN-32
US-EU-TRADE-DISPUTE-STEEL
US to impose steel tariffs on EU: report
WASHINGTON, May 31, 2018 (BSS/AFP) – President Donald Trump intends to
impose steep import duties on steel and aluminum imports from Europe starting
Friday, after weeks of talks failed to reach a compromise, The Wall Street
Journal reported Wednesday.
Trade officials from Washington and Brussels had continued discussions to
find a solution, such as import quotas, that would convince Trump to extend
the exemption for the European Union from the 25 percent tariff on steel and
10 percent on aluminum.
But The Wall Street Journal cited people familiar with the matter saying a
last minute deal appeared unlikely, and the tariff announcement could come as
early as Thursday.
Trump imposed the tariffs in March to address global oversupply of the
metals, but though it was largely aimed at China it hit US allies as well.
Washington exempted Canada and Mexico from the tariffs while negotiations
continue to revamp the North American Free Trade Agreement, and South Korea
agreed to quotas instead of tariffs.
The EU has vowed to hit back at the US with tariffs on American goods,
including iconic items such as Harley-Davidson motorbikes, blue jeans and
bourbon whiskey.
The metals dispute is just one front in Trump’s multi-sided trade
confrontation that has hit economic partners and adversaries alike. He has
veered from threats to compromise and back again, sowing confusion in global
capitals.
He is pressing ahead with 25 percent tariffs on $50 billion in Chinese
goods, even after last week saying that dispute was “on hold,” and 25 percent
tariffs on auto imports, which is likely to spark a fierce reaction from the
EU as well.
BSS/AFP/HR/1205