The latest trade proposal between the EU and the US maintains the punitive 50% tariff imposed by Donald Trump on steel imports, impacting the EU steel industry significantly. The proposed agreement features a 15% baseline tariff on various goods, with steel remaining exempt. This means EU steel will face higher tariffs than British steel, which is scheduled to reduce from 25% to zero. Ongoing negotiations are addressing tariff exemptions, with China's trade surplus and market dynamics also influencing discussions.
The latest proposal for a trade agreement between the EU and the US does not include a removal or reduction of the punitive 50% tariff Donald Trump imposed on steel imports. This stands as a significant setback for the European industry, which warned it could be wiped out by such tariffs, combined with high energy costs and competition from cheaper Chinese products. Exemptions and tariff reductions are still under negotiation between both parties.
The current outline deal includes a 15% baseline tariff on a range of goods, excluding steel, which remains at 50%. If the steel tariff persists as proposed, the EU would incur a significantly higher tariff rate compared to the UK, which only faces a 25% tariff that is set to reduce to zero.
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