US Commerce Secretary Howard Lutnick has stated that if Europe wants to see lower US tariff rates on its steel and aluminum exports, it should “reconsider” its regulations for large IT businesses. His remarks coincide with a meeting between US and EU officials in Brussels to discuss the state of the trade framework agreed in July.
In exchange for assurances of European investment and adjustments that would permit the importation of more American agricultural products, the agreement put US tariff rates on European goods at 15%, lower than had been threatened. However, there are still disagreements between the two parties on specific aspects of the agreement.
As part of the agreement negotiated over the summer, European authorities hoped to obtain relief on their metals exports; however, the US continues to impose a 50% charge and has expanded the list of goods subject to the levy.
In a similar vein to the recent price rollback for tropical fruit and coffee, Europe is also seeking carve-outs from tariffs on goods such as wine, cheese, and pasta. US Trade Representative Jamieson Greer gave reporters an update on the negotiations, stating that before granting exclusions, the US wants to see Europe fulfill its commitments to reduce tariffs on American exports.
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