EU: Reducing US steel tariffs is "pressing priority" ahead of talks

BRUSSELS, Nov 24 (KUNA) -- EU Trade Commissioner Maros Sefcovic affirmed on Monday that reducing the tariffs imposed by the U.S. on steel and its derivatives is a "pressing priority" for the Eu.
Speaking to reporters ahead of a meeting between EU trade ministers, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, Sefcovic said both sides still face "a great deal of work" to complete the implementation of the agreement reached last July.
He said the EU "seeks to lower the high tariffs and address global overcapacity in coordination with Washington", stressing that the Brussels meeting is "devoted to reviewing progress, not launching a new round of negotiations." He explained that the US added 407 new items last August to the list of "metal derivative products" subject to a 50 percent tariff, which hampers the implementation of the agreement stipulating a 15 percent baseline tariff on most EU exports to the United States.
For his part, Danish Foreign Minister Lars Lokke Rasmussen, whose country holds the rotating EU presidency, said the meeting is "an opportunity to stabilise trade relations between Europe and the United States" and to discuss "shared challenges in the global trade system, including relations with China." Both sides hope that todayآ’s meeting will help prepare the ground for formally resuming negotiations next week, amid the EUآ’s insistence on tariff reductions and Washingtonآ’s push to revisit Europeآ’s digital and environmental rules. (end) arn.mt