🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Biden to host EU chiefs as steel deadline looms - EU official

Published 27/09/2023, 16:34
© Reuters. U.S. President Joe Biden meets with President of the European Commission Ursula von der Leyen in the Oval Office of the White House in Washington, D.C., U.S., March 10, 2023. REUTERS/Sarah Silbiger/ File Photo
EUR/USD
-

BRUSSELS (Reuters) - U.S. President Joe Biden will host European Commission President Ursula von der Leyen and European Council President Charles Michel on Oct. 20, just before a deadline to resolve a bilateral dispute over steel tariffs.

The United States previously agreed to suspend tariffs on EU steel and aluminium imposed by then-President Donald Trump, with an end-October deadline to reach a deal to promote green production and tackle overcapacity, with a particular eye on China.

Without a deal, the metal tariffs and retaliatory EU duties could be reimposed.

A senior EU official said that the aim of the meeting was to reinforce the transatlantic partnership, with a strong message on Ukraine likely and discussions on enforcement of sanctions on Russia and ways to prevent circumvention.

The leaders were also likely to address green subsidies in the U.S. Inflation Reduction Act and the metal tariffs issue.

"We have very good discussions, but we are coming from different ends and different positions. So it's not an easy one," said the official, speaking on condition of anonymity.

© Reuters. U.S. President Joe Biden meets with President of the European Commission Ursula von der Leyen in the Oval Office of the White House in Washington, D.C., U.S., March 10, 2023. REUTERS/Sarah Silbiger/ File Photo

"I think there is willingness on both sides at least to reach an agreement."

Differences include the extent to which tariffs or quantitative restrictions on imports are retained, particularly for third countries, as well as the EU's Carbon Border Adjustment Mechanism, that will require importers to purchase credits for carbon-intensive goods they bring in.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.