The European Union is preparing for a new round of trade negotiations with the United States and has warned that it may accelerate retaliatory measures if US President Donald Trump carries out his threats regarding duties for the EU, the latest of which was the introduction of a 50% duty on imports of steel and aluminum. This is reported by Bloomberg, reports UNN.
Details
The European Commission, which deals with trade issues for the EU, said on Monday that it "strongly" regrets the increase in trade duties by the United States - compared to the planned 25% - and added that this step undermines efforts to resolve the trade conflict.
European Commissioner for Trade and Economic Security Maroš Šefčovič will meet with US Trade Representative Jamieson Greer in Paris on Wednesday. In addition, a group of representatives of the European Commission is heading to Washington to continue technical negotiations, said EC spokesman Ulof Gill.
If a mutually acceptable solution is not reached, both existing and possible additional EU countermeasures will automatically take effect on July 14 or earlier, if circumstances so require. The Commission has always made it clear that it is ready to act in defense of the EU's interests, protecting our workers, consumers and industry.
The EU is trying to speed up negotiations with the US before the deadline of July 9, when, as Trump stated earlier, he will introduce a 50% duty on almost all imports from the bloc. The American leader criticized the EU for "unfairness in trade" and called for a reduction in the surplus in trade in goods and a reduction in customs and non-customs barriers, such as value added tax.
Let us remind
The European Union has the intention to increase purchases of American goods by 50 billion euros to resolve trade differences. However, the EU will not agree to maintain US tariffs as a fair solution.