The European Union has postponed the expansion and increase of duties on American goods, imposed in response to Washington-imposed tariffs on steel and aluminum, to restore transatlantic relations. Vice-President of the European Commission Valdis Dombrovskis said this on Monday on Twitter.
In our effort to reboot transatlantic relations, EU will temporarily suspend the increase of its rebalancing measures on U.S. 232 steel & aluminum tariffs.This gives us space to find joint solutions to this dispute & tackle global excess capacity.? https://t.co/cwJR97k14j pic.twitter.com/K606kvlSHM- Valdis Dombrovskis (@VDombrovskis) May 17, a>
According to him, this decision will create a negotiating space for the settlement of the trade dispute between the US and the EU.
“In an effort to reset transatlantic relations, the EU will temporarily suspend the strengthening of rebalancing measures for steel and aluminum tariffs in the US 232. This gives us space to find joint solutions to this dispute and resolve the problem of overcapacity in the world,” said Dombrovskis.
reported that European Commission Vice President Dombrovskis, United States Trade Representative Catherine Tay and US Commerce Secretary Gina Raimondo announced in a joint statement that the parties had recently held talks via videoconference and expressed their intention to find a solution to the trade dispute.
Recall that on June 1, 2018, the United States began to impose tariffs on imports of steel and aluminum from the European Union. On June 22, the EU retaliated against a range of goods imported from the United States and planned to expand countermeasures from June 2021.
US President Joseph Biden will take part in the G7 summit in the UK on June 11-13, and then travel to Brussels to attend the NATO summit. This will be his first visit since taking office in January.