The chief of the trade body of the UK Steel, Gareth Stace has issued a warning to the leaders of the EU regarding the US tariffs in regards to the steel imports.
He also said that the European Union needs implementing safeguards in order to get a firm hold over the Chinese steel, which was primarily targeted to reach the US but will now initiate its journey to Europe.
The European Union has also matched its tune by implementing tariffs on the US produces like jeans and motorcycles. 25% tariffs of the US products will be implemented from Friday morning as per the local time of the UK.
According to Bruno Le Maire, the Finance Minister of France, the US tariffs will be dangerous and unnecessary if imposed on the European metals. During his meeting with the US Commerce Secretary, Wilbur Ross, he stated that the decision depends on the authorities of the US and the future will be decided post that. He further cleared that America needs to come to a conclusion whether it wants to sabotage the relationship with Europe, which is its biggest partner. However, Le Maire also cleared that the EU will not step back from taking necessary steps if the US imposes the tariffs.
The producers of the steel from the EU were leveraged with an exemption from the tariffs on a temporary basis. In the meantime, the US tried to compel the European Union to discard the steel production or opt for other concessions.
Stace also stated that the tariff implemented by the president of the US Trump is not according to the rules set by the WTO, which specifically mentions free trading. This was announced 3 months back by Trump, where he mentioned imposing arbitrary tariffs. However, they were expecting a positive outcome from the same, which didn’t happen.
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