EU, US kick off talks addressing global steel and aluminum excess capacity
They can partner to promote high standards and hold to account countries that support trade-distorting policiesEuropost , Brussels
For kicking off discussions to address global steel and aluminum excess capacity by EC Executive Vice-President Valdis Dombrovskis, US Trade Representative Katherine Tai, and US Secretary of Commerce Gina M. Raimondo, was announced Monday in a joint European Union-United States statement.
“During a virtual meeting last week, the leaders acknowledged the need for effective solutions that preserve our critical industries, and agreed to chart a path that ends the WTO disputes following the US application of tariffs on imports from the EU under section 232,” the joint statement read.
EVP Dombrovskis, Ambassador Tai, and Secretary Raimondo acknowledged the impact on their industries stemming from global excess capacity driven largely by third parties.
The distortions that result from this excess capacity pose a serious threat to the market-oriented EU and US steel and aluminum industries and the workers in those industries.
They agreed that, as the United States and EU Member States are allies and partners, sharing similar national security interests as democratic, market economies, they can partner to promote high standards, address shared concerns, and hold countries like China that support trade-distorting policies to account.
They decided to enter into discussions on the mutual resolution of concerns in this area that addresses steel and aluminum excess capacity and the deployment of effective solutions, including appropriate trade measures, to preserve our critical industries.
To ensure the most constructive environment for these joint efforts, they agreed to avoid changes on these issues that negatively affect bilateral trade. They committed to engaging in these discussions expeditiously to find solutions before the end of the year that will demonstrate how the US and EU can address excess capacity, ensure the long-term viability of our steel and aluminum industries, and strengthen our democratic alliance.