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EU: Additional customs duty, reaction to U.S. steel, aluminum tariffs
EU: Customs duty, U.S. steel, aluminum tariffs
The European Commission today announced the adoption of a regulation as the EU's rebalancing measures in response to the U.S. tariffs on steel and aluminum. The measures will immediately target a list of products having a value of €2.8 billion and have an effective date of 22 June 2018.
The list of U.S. imports [PDF 391 KB] that will be subject to an extra customs duty at the EU border includes steel and aluminum products, agricultural goods, and a combination of various other products.
As noted in today’s EC release, today's announcement follows the notification of the full list to the World Trade Organization and endorsement by the EU College of Commissioners on 6 June 2018, following the U.S. application of the full tariffs on EU steel and aluminum products. EU Member States have expressed their unanimous support for this approach.
The EU will rebalance bilateral trade with the United States, taking as a basis the value of its steel and aluminum exports affected by the U.S. measures—reflecting a value of €6.4 billion, of which the EU will rebalance on €2.8 billion worth of exports immediately. The remaining rebalancing on trade valued at €3.6 billion will take place at a later stage, in three years' time or after a positive finding in WTO dispute settlement if sooner. The EU rebalancing measures will be effective for as long as the U.S. measures are in place, in line with the WTO Safeguards Agreement and EU law. Implementing regulation are to be published tomorrow and be effective Friday, 22 June 2018, and will list the products and level of duties to be applied, both now and in the future, if necessary.
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
Doug Zuvich Partner, Global Practice Leader T: 312-665-1022 E: dzuvich@kpmg.com
Andy Siciliano Partner, National Practice Leader T: 631-425-6057 E: asiciliano@kpmg.com
Irina Vaysfeld Principal T: 212-872-2973 E: ivaysfeld@kpmg.com
Robert Waldrop Principal T: 212-954-8117 E: rwaldrop@kpmg.com
Christopher Young Principal T: 312-665-3229 E: christopheryoung@kpmg.com
George Zaharatos Principal T: 404-222-3292 E: gzaharatos@kpmg.com |
John L. McLoughlin Principal, East Coast Leader T: 267-256-2614 E: jlmcloughlin@kpmg.com
Luis (Lou) Abad Principal, WNT T: 212-954-3094 E: labad@kpmg.com
Amie Ahanchian Managing Director T: 202-533-3247 E: aahanchian@kpmg.com
Gisele Belotto Managing Director T: 305-913-2779 E: gbelotto@kpmg.com
Andy Doornaert Managing Director T: 313-230-3080 E: adoornaert@kpmg.com
Jessica Libby Managing Director T: 612-305-5533 E: jlibby@kpmg.com |
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