The European Union (EU) has “expressed deep regret” over the declaration of double -styl and aluminum tariffs by US President Donald Trump. The EU has warned that the ongoing trade discussion between the European state has been uncertain as a result of this decision.
At a rally in Pittsburg, USA on Friday (May 7th), Trump announced that the tariff on steel and aluminum would be increased from 20 percent to 5 percent. He claims that it will benefit the domestic industry and the national supply will be more secure.
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In a statement to the BBC on Saturday, the European Commission said, “We are deeply saddened by the announcement of US tariff increase.” This decision is creating uncertainty in the global economy and will increase the cost of consumers and businesses of both continents.
The Commission also said that they temporarily suspended their counter-measures to create opportunities for EU-US talks on April 7. But now it is ready to take counter -measures again.
Meanwhile, Trump’s decision could also affect the UK. The UK duty-free trade agreement on steel and aluminum with the United States in the post-Brexit has not yet been signed.
British Steel makers have called the announcement a “big hit for the industry.” The UK government said they were discussing the matter with the United States.
Trump had earlier announced a 20 percent tariff on European Union products, and was later reduced to 5 percent. He then said that if the discussion does not progress, it will be upgraded to 5 percent from June 5.
However, he recently extended the deadline until July 7 after the ‘very good’ phone call with the European Commission chief, Ursula von Dar Lien.
Source: BBC
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