EU Cautiously Welcomes New Tariffs as Consistent with Trade Agreement
The European Commission cautiously welcomed the new tariffs imposed by the United States on Friday, considering the outcome to be in line with the trade agreement reached by the two sides a year ago.
The United States on Friday imposed new tariffs of 10 percent and 12.5 percent on imported goods from 60 trading partners, including the EU and China, after concluding that these countries are not taking sufficient action to prevent the import of products made using forced labor.
The EU is among a limited number of US trading partners for which the new tariffs will not be added to existing duties under the most-favored-nation principle. The new measures also reinstate additional tariff exemptions granted to the EU, including cork and diamonds, as well as exemptions related to aircraft and their parts, generic drugs, and active pharmaceutical ingredients.
A European Commission spokesperson said: 'The EU welcomes that this outcome is in line with US tariff commitments agreed under the joint EU-US statement,' adding that it provides 'positive momentum' to continue efforts to explore further tariff exemptions and deepen cooperation.
The spokesperson clarified that the EU expects Washington to continue abiding by the terms of the agreement reached at the Turnberry golf resort, owned by US President Donald Trump in Scotland, last July.
Under the agreement, the EU agreed to eliminate tariffs on US industrial goods, while the US imposed tariffs of 15 percent on most EU exports.
The spokesperson said: 'This is necessary to continue providing the stability and predictability that our markets need.'
The EU had previously rejected US accusations that it is not taking sufficient action to combat forced labor.
Original source: Asharq Al-Awsat
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