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28 MAY 2018 AL CIRCLE

Germany seeks an end to EU-US trade dispute over aluminium and steel tariffs: Source says

EDITED BY : DEBANJALI SENGUPTA 1MINS READ

Economy Minister Peter Altmaier said on Monday, May 28, 2018, that Germany is looking forward to the end of trade dispute between the European Union and the United States.

Altmaier said, “We need to try to avoid higher tariffs”, adding that he would discuss the issue with European Trade Commissioner Cecilia Malmstrom and US General Secretary Wilbur Ross at a meeting of the Organization for Economic Co-operation and Development (OECD) in Paris this week. This organisation is an intergovernmental economic organisation, founded in 1961 and headed by 35 member countries, to stimulate economic progress and world trade.

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Trump had imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminium in March but granted temporary exemptions to European Union until June 1. EU is now eagerly waiting for the US’s final decision on permanent exemption before the deadline expires on the said date. However, it has already planned to raise import tariffs on certain US products next month in case the Trump government does not grant a permanent reprieve.

Besides, the EU has also expressed its annoyance at the recent US's auto tariffs announcement and said that this could lead to trade conflicts between two countries.


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EDITED BY : DEBANJALI SENGUPTA 1MINS READ

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