By Kim Mackrael
WASHINGTON (Dow Jones) – The US and Europe were unable to agree on a solution to abolish import and export tariffs on steel and aluminum on Friday before a joint summit in Washington. In doing so, they left unresolved a trade dispute that could become a growing irritant between the allied economies ahead of next year’s US elections.
Administration officials are eager to end the dispute over metal tariffs that US President Trump imposed in 2018 on national security grounds. US President Biden suspended tariffs on most European steel and aluminum products two years ago in a bid to restore ties between the two economies. The US and EU said they would seek a new deal to replace tariffs and address concerns about an oversupply of steel in global markets.
However, both sides remained widely divergent in their views during talks that continued until the day before the summit, people familiar with the matter said. Representatives from both sides said Friday they would continue their talks over the next two months. Officials had previously set Jan. 1 as the date for Trump-era tariffs to go back into effect if a new deal is not reached.
A person familiar with the talks said the Biden administration had signaled in the negotiations that it did not intend to reimpose national security tariffs. It would also consider extending the current tariff freeze if a deal is not reached in January.
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(END) Dow Jones Newswires
October 21, 2023 10:10 ET (14:10 GMT)