The United States is asking the European Union (EU) to change its tech regulations before reducing U. S. tariffs on steel and aluminum from the EU. EU ministers wanted to discuss their July trade deal, which included cuts to U. S. tariffs on EU steel and removing them from goods like wine and spirits. However, U. S. Commerce Secretary Howard Lutnick stated that the EU must first create a more balanced approach to its digital sector rules.
After a meeting with EU ministers, Lutnick mentioned they could address steel and aluminum issues together if the EU improved its regulations. European Trade Commissioner Maros Sefcovic noted that he didn’t expect any immediate breakthroughs with the U. S. but was hopeful to begin discussions about steel solutions. The July trade agreement set U. S. tariffs at 15% on many EU goods, while the EU agreed to lower some of its duties on U. S. imports, with potential implementation not expected until March or April pending approval from European leaders.
The U. S. currently has a 50% tariff on metals and has also applied tariffs on related products, raising concerns in the EU about the impact on their trade agreement. The EU seeks to have more of its products subjected only to low tariffs and is open to discussing regulatory cooperation in various areas, including energy and economic security, particularly related to China.
With information from Reuters