The US and EU have confirmed their intention to resolve steel tariffs following a meeting on Wednesday between US President Trump and European Commission President Jean-Claude Junker
Cecilia Malmstroem, the EU trade commissioner, says the meeting signalled the “…turning of a page to facilitate trade between the EU and US”. She also notes work will continue to secure zero tariffs on industrial goods.
Nevertheless, in an official statement issued by EU authorities, there remains the shadow of possible future US tariffs on EU cards and automotive products, Kallanish notes. “We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods,” it says, specifically excluding the automotive sector from the statement. US authorities have clarified that new duties on European products, including cars, will not be imposed by the US so long as negotiations with the EU continue.
As reported, the US government slapped 25% duties on European steel since June. According to sources in the European steel market, barriers on the trade of cars and automotive components with the US could potentially hit the market more than the existing steel tariffs.