EU and US to end Trump-era trade tariffs next week, says summit draft: Report

The European Union (EU) wants the United States to commit to ending their aircraft-related tariffs next week, reported CNBC citing a draft statement seen by the media publication. As both sides are seeking to rekindle their ties after US President Joe Biden’s predecessor Donald Trump took a hard stance against the allies in the West, the EU is also hoping that POTUS will pledge to end steel and aluminium duties before December this year. The media publication reported the same as Biden is due in Brussels for a summit early next week during his 8-day first overseas trip.

The European Council, the institution hosting the summit is reportedly responsible for preparing a joint statement that both leaders will look to greenlight. The media publication also quoted an EU official who sought anonymity saying that the 27-nation-bloc is looking to “push” the US to agree on an easing of trade tariffs that were placed during the Trump era. However, the same official further said that so far, there is “no clear sign” that the United States will sign up for the lifting of sanctions as per the EU’s wish.

The report stating the EU’s expectations regarding tariff waiver came as the relationship between US-EU hit a rock bottom during Trump’s presidency with the former US President often denouncing the bloc for being worse than China considering its trade practices. Reportedly, the former US President imposed tariffs worth $7.5 billion on European products after the World Trade Organization (WTO) ruled that the bloc had provided unfair subsidies to Airbus. In response, shortly after US sanctions, the EU also imposed duties worth $4 billion on American products owing to a separate WTO ruling that the United States had granted illegal aid to Boeing. 

Biden to reassert US on global stage

Joe Biden embarked on his first overseas trip since acquiring the White House in January to Europe for eight days from June 9. He is expected to not only reassert the United States on the global stage but would reportedly also steady the European allies that have been distorted by his predecessor Donald Trump. As per the NBS News report, all of nearly five decades that Biden has spent in the US government involved him in dealing with the country’s foreign policy. Now as the US President, he has got the chance to set his own agenda. Referring to Biden’s Europe trip, a White House official was quoted by the media outlet saying, “Get ready for a lot of 'foreign policy for the middle class.”

IMAGE: AP