US agrees to withdraw tariffs but wants export caps

US has set conditions for scrapping its planned punitive tariffs on steel and aluminium imports from Europe.


Reuters | Updated: 16-03-2018 16:56 IST | Created: 16-03-2018 16:50 IST
US agrees to withdraw tariffs but wants export caps
U.S. President Donald Trump announced he would slap tariffs on a raft of high-value European exports in retaliation for alleged steel and aluminium dumping. (Image Credit: Youtube)
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The United States has set conditions for scrapping its planned punitive tariffs on steel and aluminium imports from Europe, German magazine Der Spiegel reported, including capping U.S.-bound exports of the metals at 2017 levels.

The European Union has been pushing for talks to avert a trade war since U.S. President Donald Trump announced he would slap tariffs on a raft of high-value European exports in retaliation for alleged steel and aluminium dumping.

The conditions named by U.S. Trade Representative Robert Lighthizer at a Brussels meeting with EU Trade Commissioner Cecilia Malmstrom also included a promise that Brussels take measures against steel dumping from China and cooperate in a wide range of other trade issues, Spiegel reported on Friday.

He also set out conditions in the field of defence policy, Europe had to provide "proof" that it would step up its armaments efforts, the newsmagazine said.

U.S. Commerce Secretary Wilbur Ross and Malmstrom have agreed to meet next week try to resolve the deepening dispute over trade tariffs, a European Commission source said on Thursday.

U.S. Chamber of Commerce recently criticised the tariffs saying it could lead to a destructive trade war that will hurt American consumers and U.S. economic growth.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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