US proposes tariff quota system to resolve steel tariff dispute with EU
Washington, Sept. 11 (IANS) The United States has submitted an initial offer to the European Union (EU) that involves a tariff quota system to resolve a three-year dispute over steel imported from the block, according to an article Press.
Officials from both sides will discuss the issue at the inaugural US-EU Trade and Technology Council meeting on September 29 in Pittsburgh, Xinhua News Agency reported on Friday citing the Bloomberg report. News.
The report added that the original US offer was for steel only and did not include aluminum shipments.
Tariff rate quotas allow countries to export specified quantities of a product to other countries at lower tariff rates, but subject shipments above a predetermined threshold to a higher tariff, he said. he declares.
The proposal came after US and EU leaders agreed in May to chart a course that would end WTO (World Trade Organization) disputes following the US enforcement customs duties on imports from the EU under Article 232 ”.
The European Commission has confirmed with its American counterparts that it wants to find a solution before December 1, according to Bloomberg.
Citing national security concerns, the administration of former President Donald Trump unilaterally imposed a tariff of 25% on steel imports and 10% on aluminum imports in 2018, under the Section 232 of the Trade Expansion Act 1962, arousing strong opposition at home and abroad. .
Failing to reach an agreement with the Trump administration, the EU took the matter to the WTO and imposed retaliatory tariffs on a range of American products.