US, EU to hold China to account on ‘trade-distorting policies’
- United States and European Union said on Monday that they can partner to ‘hold countries like China that support trade-distorting policies to account’
- Statement issued by the US Trade Representative Katherine Tai, US Secretary of Commerce Gina Raimondo and European Commission executive vice-president Valdis Dombrovskis
The United States and the European Union issued a joint statement on Monday saying that they can partner to “hold countries like China that support trade-distorting policies to account”.
As the two sides started discussions on addressing global overcapacity in steel and aluminium, the European Union agreed to a partial truce with the US in a dispute over American metals tariffs imposed by former president Donald Trump.
The commission said on Monday it would suspend a proposed hike in its retaliatory tariffs that would have added a number of products, from lipstick to sports shoes, and doubled to 50 per cent the duties on US bourbon whiskey, motorbikes and motor boats.
In a joint statement, Brussels and Washington said that, as allies, they could promote high standards, address shared concerns.
As the United States and EU Member States are allies and partners, sharing similar national security interests as democratic, market economies, they can partner to promote high standards, address shared concerns, and hold countries like China that support trade-distorting policies to account
“Executive vice-president Dombrovskis, ambassador Tai, and secretary Raimondo acknowledged the impact on their industries stemming from global excess capacity driven largely by third parties. The distortions that result from this excess capacity pose a serious threat to the market-oriented EU and US steel and aluminium industries and the workers in those industries,” the joint statement said.