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€27.04 0.7  2.6%

Last Trade - 07/05/21

Sector
Basic Materials
Size
Large Cap
Market Cap £25.39bn
Enterprise Value £31.03bn
Revenue £39.09bn
Position in Universe 11th / 727

Time running out to resolve U.S. metal tariffs dispute, EU official says

Thu 15th April, 2021 2:23pm
By Philip Blenkinsop
    BRUSSELS, April 15 (Reuters) - The European Union is
concerned that time is running out for the United States to
remove tariffs imposed by former President Donald Trump on steel
and aluminium, a senior EU trade official said on Thursday.
    Citing U.S. national security grounds the Trump
administration in 2018 imposed tariffs of 25% on EU steel and
10% on aluminium - measures that steelmakers such as
Thyssenkrupp  TKAG.DE  and Voestalpine  VOES.VI  have said they
were affected by.    
    The EU denied its exports pose any security threat and
responded by placing its own tariffs on 2.8 billion euros ($3.4
billion) of U.S. products, including motorbikes, whisky and
orange juice.
    "I'm very worried that we are running out of time," said
Sabine Weyand, director-general of the trade section of the
European Commission. "We had suggested and are suggesting still
that we would also suspend tariffs for a period of six months to
give us time to sort out the issues." 
    The Commission, which oversees EU trade policy, has said the
U.S. tariffs affect 6.4 billion euros of EU metal exports. It
said in 2018 it would "rebalance" the remaining 3.6 billion
euros after three years, or after a finding in its favour by the
World Trade Organization.
    Those three years expire in June and its challenge at the
WTO is ongoing.
    "What I'm worried about is that we are on an automatic track
to have the second tranche of our rebalancing measures come into
force on June 1," Weyand told an online conference organised by
the European Policy Centre
    She said a solution needed to be found before then, which
had to put the two sides on a path to addressing the root cause
of the problems, which is Chinese overcapacity.
    The United States and the EU suspended tariffs for four
months from March in another trade dispute, over subsidies
provided to planemakers Boeing  BA.N  and Airbus  AIR.PA .
 urn:newsml:reuters.com:*:nL2N2L31VL
    ($1 = 0.8358 euros)

 (Reporting by Philip Blenkinsop
Editing by David Holmes)
 ((philip.blenkinsop@thomsonreuters.com; +32 2 585 2869; Reuters
Messaging: @reutersPhilB))
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