US Does Not Exclude Possibility Of Further Trade Negotiations With EU

Forex News

US President Donald Trump has set import tariffs of 25% on steel and 10% on aluminum, but granted temporary exemptions to the European Union, as well as Canada and Mexico. These exemptions expire on Friday, June 1. US Commerce Secretary Wilbur Ross today said that the United States and the European Union can agree on a deal on mutual trade, even if Washington sets import tariffs on steel and aluminum for EU businesses.

US Commerce Secretary also denied allegations that tariffs would harm steel-consuming industries. According to him, the price of food can grow only by a fraction of a percent, and the prices for cars will increase by less than 1%.

European Trade Commissioner Cecilia Malmstrom said on Tuesday she expected the United States to set a limit on steel and aluminum coming from Europe even if it decides not to impose import duties. The European Commission has previously said it that, if the United States went ahead with tariffs on EU metals, then it would apply its own duties on 2.8 billion euros ($3.2 billion) of US goods.