In a recent development that could strain U.S.-European Union (EU) relations further, the U.S. has cautioned the EU against reopening a World Trade Organization (WTO) case related to steel and aluminum tariffs imposed during the Trump administration.
U.S. Trade Representative Katherine Tai, in closed-door remarks at a G-7 meeting last month, hinted at significant repercussions for the EU's efforts to reform a crucial aspect of multilateral trade cooperation. This stance, as reported by Bloomberg and corroborated by additional sources, underscores the fragility of ongoing negotiations aimed at resolving longstanding trade disputes.
The controversy stems from the EU's consideration of reviving litigation at the WTO over U.S. tariffs on steel and aluminum, a move the U.S. deems counterproductive to broader efforts to enhance global trade frameworks. Katherine Tai's comments, suggesting that such a step would emotionally challenge Brussels, have drawn criticism for their perceived diplomatic insensitivity.
Meanwhile, President Biden's call for US Steel to be kept out of the hands of foreigners (and appeasing 1.2 million members and retirees of United Steelworkers) has prompted buyer Nippon Steel to promise to move their North American Headquarters from Houston to Pittsburgh.
In related news, Thyssenkrupp is in talks with Carlyle to have the private equity firm acquire a partial stake in the German industrial giant’s naval shipbuilding operations, the Wall Street Journal reports. No word of an uproar in Berlin.
Comments
No comments on this item Please log in to comment by clicking here