Vice-President of the European Commission (EC) Valdis Dombrovskis said that the European Union now, after a decision to cancel the duty, it has the ability to roughly double the supply of steel products in the United States. It is reported by RIA Novosti.
“This will allow the export of steel in the United States to recover at least to levels that were recorded before [the former US President Donald] Trump enforced duty within the framework of section 232,” said Dombrovskis.
According to him, currently export volumes are twice lower than historical levels. “Therefore, we have a significant potential for exporting to recover,” he said.
During the confrontation of Washington and Brussels, mutual fees on the import of products were introduced to resolve the World Trade Organization. Thus, in October 2020, duties on American goods worth almost four billion dollars were allowed to apply the European Union, and in 2019, Washington received a similar permission. Then it was about $ 7.5 billion per year.
In May, it became also known about the US and the EU plans to reconcile in the trade conflict, which began during the presidency of Donald Trump. It was about the possibility of canceling mutual duties on the import of various products, in particular steel and aluminum.