EU to pursue limited trade deal with US following full aluminium and steel tariffs exemptions
The European Union has decided to pursue a limited trade deal with the United States after Washington grants it a full exemption from imported aluminium and steel tariffs, reported the EU’s top trade official on Friday, May 4, 2018.
"I would say that a more limited agreement would be the easiest one if we want to get results quickly," said EU Trade Commissioner Cecilia Malmstrom in an interview to AFP, a few days after Washington extended aluminium and steel tariffs exemptions on Europe and other allies until June 1, 2018.
According to Malmstrom, a US trade deal would be totally different from the attempted and highly ambitious Transatlantic Trade and Investment Partnership (TTIP) deal. It will require a lengthy scoping process and unanimous approval of EU member states for the talks to begin, said Malmstrom. Until then, "We could start exploring it to get a better picture of it, but then you have to get a mandate from the member states to start negotiations," she added.
Although Malmstrom is in contact with US Commerce Secretary Wilbur Ross, the idea will move forward only after a full exemption, she underlined.
Europe also has a list prepared for punitive tariffs on American imports, but unsure whether to be used or not, said Malmstrom.
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