US, Europe Want To Reconcile In Trade War
US and EU authorities want to reconcile the trade war that started during Donald Trump’s presidency, CNBC reports. They will negotiate to lift the first batch of reciprocal duties on imported goods.
The first European commodity whose tariffs on US imports could be lifted is steel. Washington and Brussels have already said they intend to resolve the issue by the end of this year.
If that happens, the US will lift 25 per cent duties on European steel and 10 per cent on aluminium from the EU. They were imposed in 2018, in response the EU went to the World Trade Organisation (WTO) and was given the right to impose increased tariffs on US goods totalling €6.4 billion annually.
American bourbon, peanut butter and orange juice were then subject to the restrictions. So far, only 2.8 billion euros worth of import duties per year have been implemented. A further 3.6 billion may be activated in June 2021.
It is assumed that if the parties manage to reach an agreement in negotiations, the reciprocal restrictions could be lifted in their entirety.