The European Union has signalled its willingness to negotiate a tariff-free trade pact with the United States, but has indicated it is also prepared to retaliate if necessary.
Trade ministers met in Luxembourg on Monday to discuss the bloc’s response to US tariffs on steel and aluminium, with most agreeing that launching talks to avoid an all-out trade war should be the priority.
Following the meeting, EU Trade Commissioner Maros Sefcovic told reporters that the bloc’s countermeasures would be adjusted after considering member states’ feedback.
“When it comes to steel, aluminium and derivatives, we are talking about 26 billion euros [$28bn],” he said. “We are finalising the list tonight, but I can tell you that it will not be up to the level of 26 billion euros, because we’ve been listening very carefully to our member states,” said Sefcovic.
European Commission President Ursula von der Leyen had earlier stated that the EU was prepared to negotiate a “zero-for-zero” tariff agreement on industrial goods. However, the bloc confirmed that it would begin imposing retaliatory duties on selected US imports next week.
“Sooner or later, we will sit at the negotiation table with the US and find a mutually acceptable compromise,” Sefcovic said at a news conference.
He added that the first round of EU tariffs on US goods would take effect on April 15, with a second wave set for May 15, in direct response to Washington’s duties on European steel and aluminium.
Source: Al Jazeera
Bd-pratidin English/Lutful Hoque
