European Union wants exemption from high United States steel tariffs

Odyssey Asset Management Group Economist Enzio Von Pfeil weighs in on President Trump’s steel and aluminum tariffs

The EU has warned that it stands ready to slap "rebalancing" tariffs on about $3.4 billion worth of USA steel, agricultural and other products, like peanut butter, cranberries and orange juice.

Canada and Mexico will be exempt from the tariffs initially, and Australia is optimistic that it too will gain exemption.

After the meeting, Malmstrom tweeted, "No immediate clarity on the exact USA procedure for exemption.so discussions will continue next week".

The EU's top trade official said the USA failed on Saturday to provide full clarity on how Europe and Japan could be spared from Washington's controversial steel and aluminium tariffs, but said talks would continue next week. Talks would continue next week.

She said: "As a close security and trade partner of the United States, the European Union must be excluded from the announced measures".

The minister said Lighthizer did not give a concrete response.

At a news conference after the talks, Seko said he told Lighthizer that the tariffs are regrettable as they could adversely affect the entire global economy.

"He only explained the schedule and the procedures", he said.

The 28-nation European Union, which negotiates trade policy as a bloc, has warned it will challenge the tariffs at the World Trade Organization (WTO). "We will look at the impact onJapanese businesses and make a final decision".

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"EU, Japan, U.S. agreed on further steps in our ongoing cooperation to tackle trade-distorting practices in sectors such as steel".

European leaders are cautiously optimistic that their countries will be exempt from President Trump's steep steel and aluminum tariffs - but have vowed that they "can also do stupid".

The European Union and Japan, the United States' top economic and military ally in Asia, also reiterated that their exports were not a threat to USA national security, rejecting Trump's justification for imposing the tariffs.

Lighthizer didn't comment publicly after the meetings.

She predicted a "long day" of talks, while European Commission Vice President Jyrki Katainen sought to play down expectations, saying it was "a meeting, not THE meeting".

"This is not a trade negotiation", he said.

Japan's government has warned the measure could hurt its economic relations with the U.S. But Seko also cautioned that "falling to exchanges of unilateral measures will not be in the interest of any country", according to the Kyodo news agency.

Malmstroem said the real problem is an oversupply of steel on global markets, and she rejected Trump's assertion that the tariffs are needed to protect US national security, especially when most European Union countries are members of North Atlantic Treaty Organisation.

It has already started monitoring incoming metal flows to see whether a surge occurs. He also added Australia to the list of likely carve-outs. Under World Trade Organization rules, such counter-measures have to be in place within 90 days of the USA tariffs entering force.

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