US-EU Joint Statement Calls for Resolution of Section 232 Tariffs on Europe
The U.S.-European Union joint statement on trade says: "We will engage in discussions to allow the resolution of existing differences on measures regarding steel and aluminum before the end of the year. In this regard, we are determined to work together to resolve tensions arising from the U.S. application of tariffs on imports from the EU under U.S. Section 232." It also says, "We commit to ensure the long-term viability of our steel and aluminum industries, and to address excess capacity."
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EU President Ursula von der Leyen, in a press conference June 15, said that the U.S. acknowledged that European steel and aluminum is not a contributor to the overcapacity problem. "I’m confident that we will find a solution," she said, and as soon as possible.
The EU and the U.S. said they want to grow trade and investment across the Atlantic and reform the World Trade Organization. "We intend to use trade to help fight climate change, protect the environment, promote workers’ rights, expand resilient and sustainable supply chains, continue to cooperate in emerging technologies, and create decent jobs. We resolve to stand together to protect our businesses and workers from unfair trade practices, in particular those posed by non-market economies that are undermining the world trading system," they said.
The American Iron and Steel Institute responded to the statement by saying it appreciates the commitment to ensure the long-term viability of the steel industry and to address global excess steel capacity.
AISI CEO Kevin Dempsey said, "“Addressing these challenges will require the implementation of new and effective measures to eliminate government subsidies and other market distorting policies in many countries that have contributed to the ongoing global steel overcapacity crisis." The trade group said that changing government policies to contain the damage of excess capacity "will take time and will not be easy to achieve, it is essential that the United States maintain strong and effective trade measures to prevent surges in steel imports from around the world that could quickly undermine the U.S. industry and our national security.”