EU tries to reach an agreement with US to avoid steel and aluminum tariffs
The EU is trying to come to an agreement in last-minute negotiations with the US to avoid the increasing trade tensions as President Donald Trump prepares to impose tariffs on steel and aluminum at the end of May.
German Economy Minister Peter Altmaier told reporters in Brussels on Monday: “We’re at the beginning of a decisive week. We have to try to avoid higher tariffs if possible and that means we’re ready to agree with the Americans on points that are necessary in our mutual interest.”
Tensions with the US started back in March when Donald Trump announced 25% tariffs on European steel imports and 10% tariffs on aluminum imports. The tariffs are set to come into force on June 1. The situation escalated when Europe threatened to retaliate setting €2.8bn euros of tariffs on American products if the US goes ahead with their decision.
Altmaier said he would discuss the issue with European Trade Commissioner Cecilia Malmstrom and U.S. Commerce Secretary Wilbur Ross at a meeting of the Organization for Economic Co-operation and Development (OECD) in Paris this week.
“We have to avoid a trade conflict because everyone suffers from it, the citizens in Europe just like the citizens in the U.S.,” Altmaier added. “Many jobs are also at stake.”