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EU set to impose rebalancing duties on US products

IANS | Brussels |

The European Union (EU) should start applying the rebalancing duties on US products in July in response to US tariffs imposed on EU steel and aluminium, the European Commission said on Wednesday.

“The College of Commissioners endorsed the decision to impose additional duties on the full list of US products notified to the World Trade Organization (WTO) as part of the EU’s response to the US tariffs on steel and aluminium products,” the Commission said in a statement, Xinhua news agency reported.

Following this decision, the Commission expects to “conclude the relevant procedure in coordination with the member states before the end of June so that the new duties start applying in July.

“This is a measured and proportionate response to the unilateral and illegal decision taken by the US to impose tariffs on European steel and aluminium exports. What’s more, the EU’s reaction is fully in line with international trade law. We regret that the US left us with no other option than to safeguard EU interests,” EU Trade Commissioner Cecilia Malmstrom said.