🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

US and EU Narrow Focus of Green Steel Trade Talks Amid Regulatory Differences

EditorVenkatesh Jartarkar
Published 10/10/2023, 11:51 AM
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
US500
-
DJI
-
DOW
-
AUD/CNY
-
GBP/CNY
-
XOM
-
NSC
-
NS
-
DXY
-
NSA
-
USD/CNH
-

The United States and the European Union have been in negotiations for two years to foster environmentally friendly steel and aluminum trade. However, the U.S.'s initial broader vision has been scaled back due to European objections citing violation of fair trade rules, according to information released on Tuesday.

The Biden administration is now targeting dirtier steel imports from countries like China, which are heavily subsidized by their governments. If no resolution is reached, Trump-era tariffs on European steel and aluminum may be reinstated. This issue is expected to be a key topic at an upcoming summit between President Biden and European Commission President Ursula von der Leyen.

The U.S. and Europe have differing views on how to tackle climate change. Europe advocates for a carbon pricing scheme that the U.S., under pressure from labor unions, finds unviable. While the U.S. sees China as a major competitor due to its subsidized steel industry, Europe maintains a more business-friendly stance despite growing skepticism.

Previous attempts at trade agreements like the Obama-era trade deal have been unsuccessful due to differences in regulatory views and strained U.S.-Europe relations. Despite these challenges, the National Security Council remains optimistic about the negotiations, particularly given the forthcoming meeting between Biden and von der Leyen, as well as the close alignment and warm relations between U.S. Trade Representative Katherine Tai and her counterpart, Valdis Dombrovskis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.