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US auto tariffs would breach WTO rules: EU
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IANS | 25 May, 2018
The EU said any unilateral US auto tariffs based on national security
would be against World Trade Organization rules after President Donald
Trump launched a probe into American vehicle imports, raising the stakes
for the bloc as it bids for waivers from White House levies on steel
and aluminum.
Trump has demanded a reduction in the EU's 10 per
cent tariff on American car exports and repeatedly threatened to impose
levies on European auto imports if the bloc retaliates against US steel
and aluminium tariffs, Efe news reported.
"It is very difficult
to asses what does it mean or what is behind this," European Commission
Vice President Jyrki Katainen said in Brussels on Thursday.
The
commission -- the EU's executive arm -- has been negotiating with US
Commerce Secretary Wilbur Ross to secure an exemption from US tariffs of
25 per cent on steel and 10 per cent on aluminium since Trump's
decision in early March.
The bloc received temporary waivers,
expiring June 1, but has struggled to convince the White House not to
punish its longstanding European allies.
Brussels has engaged Washington and promised to enter into duty-slashing trade talks in exchange for unlimited waivers.
Meanwhile,
the bloc also prepared a list of American products that could swiftly
face 2.8 billion euros of levies unless Trump exempts the EU, and asked
to join China's WTO challenge against US tariffs, which were also based
on national security and deemed illegal by Beijing and Brussels alike.
"Whether
the new announcement further complicates the trade negotiations or not,
we don't know," Katainen said, adding that the EU doesn't expect
additional hardships in the wake of Trump's autos announcement.
"We
have indicated very clearly to our US friends that we are always ready
to discuss improving the trading environment, as we have been trying to
do for many years."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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| PM Modi's recent US visit to redefine India-US bilateral relations |
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