BRUSSELS (Reuters) -The European Union may be nearing a trade agreement with the United States but is struggling to obtain immediate tariff relief and a commitment not to introduce new measures, the
EU is pushing for early US tariff relief, 'stand-still' clause, says senior l...
BRUSSELS (Reuters) -The European Union may be nearing a trade agreement with the United States but is struggling to obtain immediate tariff relief and a commitment not to introduce new measures, the head of the European Parliament's trade committee said on Wednesday.
"I see that there might be a corridor for some understanding in the tariff situation on steel, on cars and of course, also regarding some possible exceptions from the baseline tariffs," said German Social Democrat Bernd Lange, who is not part of the EU's negotiating team, but is in touch with those involved.
The European Commission, which has been negotiating on behalf of the 27-nation bloc, is pushing to reach a framework agreement with the United States by August 1.
It currently faces 50% U.S. tariffs on its steel exports, 25% on cars and a broad 10% tariff on most other exports. A 50% tariff on imported copper is imminent, with levies due soon for semiconductors and pharmaceuticals.
These were not acceptable for the EU, Lange said, as they targeted the bloc's industrial development.
Lange said the main issues in negotiations for the EU were to secure lower tariffs at the point of reaching a framework agreement, rather than waiting weeks or months for a final accord, and a "stand-still clause" meaning it would not face further measures.
He said so far the U.S. had not provided any commitment on these matters.
(Reporting by Philip Blenkinsop; Editing by Sharon Singleton)
