Discussion on Tariff Dispute Solutions Also Held at US-EU TTC Meeting

Dombrovskis, EU Vice-President: "An Agreement Must Be Reached by Early November"

[Photo by AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] The United States and the European Union (EU) reportedly discussed the tariff dispute that began in 2018 between the two sides on the occasion of the first meeting of the US-EU Trade and Technology Council (TTC).

According to Bloomberg on the 29th (local time), both the US and the EU discussed solutions to the tariff dispute but have yet to find any concrete agreement. However, it appears that both the US and the EU agree on the need to resolve the tariff dispute.

The US-EU tariff dispute started in 2018 during the presidency of Donald Trump. When the Trump administration imposed tariffs on steel and aluminum imports from the EU and other countries, the EU retaliated by imposing tariffs on American products such as Harley-Davidson motorcycles, leading to a clash. The situation shifted this year with the inauguration of President Biden. The Biden administration expressed a desire to end the tariff dispute, and the EU responded positively, with both sides putting tariff increase plans on hold and stepping back.

The first US-EU Trade and Technology Council meeting was held on the 29th in Pittsburgh, USA. Attendees included EU Executive Vice-President for Trade Valdis Dombrovskis, EU Commissioner for Competition Margrethe Vestager, US Secretary of Commerce Gina Raimondo, and US Trade Representative (USTR) Katherine Tai, who reportedly also met the day before on the 28th. During the meeting on the 28th, discussions were held on the tariff dispute, which was not originally on the agenda for the Trade and Technology Council meeting.

EU officials stated that they discussed the tariff dispute issue on the 28th and expressed a desire to find a solution.

Since the US caused the tariff dispute, it is reported that the US delivered a new proposal to the EU earlier this month, including details on the tariff-rate quota (TRQ) system. An EU official said they are awaiting the US's specific proposal regarding the TRQ.

Trade Vice-President Dombrovskis said that December 1 is the deadline, and considering the internal decision-making processes of both the EU and the US, an agreement should be reached around early November.

Secretary Raimondo said in a speech at the Washington Economic Club on the 28th that resolving the tariff dispute with the EU is her top priority. She added that the tariff dispute has created significant tension in relations with the EU. She also said that the Trump administration did not treat allies well and that she must make up for that and restore trust.

This content was produced with the assistance of AI translation services.