The European Commission will suspend US countermeasures
Since August 7, the European Commission has suspended for six months countermeasures against the United States, which were supposed to affect the import of a large range of flat rolled products, long products and American-made stainless steel.
This follows last week's signing of an agreement between the US and the EU to conclude a framework trade agreement to impose duties of 15% on most goods imported by the US from Europe (see Kallanish passim).
On July 31, the United States issued an Executive Order (EO) confirming the first step in the implementation of the agreement, namely: on August 8, a single, comprehensive 15% tariff on goods from the EU will be introduced. Unlike other U.
S. trading partners, this 15 percent tariff rate includes the existing most-favored-nation (MFN) rates, which means there is no excess of the 15 percent ceiling, the representative of the European Commission said.
"The EU continues to work with the United States to finalize the preparation of a joint statement, as agreed on July 27," the spokesman continues. "With these goals in mind, the Commission will take the necessary steps to suspend for six months the EU's countermeasures against the United States, which were supposed to enter into force on August 7."
The Commission was scheduled to take the necessary measures on August 5 as part of an urgent procedure.
Adam Smith Austria
Kallanish.com