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The EU is planning to end the U.S. tariffs battle with Biden due in Brussels next week

The EU is planning to end the U.S. tariffs battle with Biden

June 10, 2021: According to CNBC, the European Union wants the United States to commit to ending their aircraft-related tariffs in the coming week as the sides look to get the transatlantic relationship back on track.

The EU hopes that Biden, who is due in Brussels for a summit early in the coming week, will vow to end steel and aluminum duties before December, according to the document from the EU.

The European Council, the institution hosting the summit, is responsible to prepare the joint statement that the leaders will see the green light. Bloomberg is first reporting the news.

An EU official, who didn’t want to be named because of the sensitive nature of the subject, told CNBC that the European Union that looks to “push” the U.S to agree to ease the trade tariffs that emerged in the Donald Trump presidency.

The EU-U.S. relationship hit rock bottom in the previous U.S. administration, with Trump often criticizing Europe for being bad than China with its trade practices.

Trump is imposing tariffs worth $7.5 billion on European products after the World Trade Organization ruled that the EU had given unfair subsidies to Airbus. Shortly following, the EU also imposed $4 billion on U.S. products off the back of the WTO ruling that the U.S. had also granted illegal aid to Boeing. The dispute first emerged in 2004.

Separately, the Trump presidency decided in 2018 to impose a 25% tariff on European steel and a 10% duty on European aluminum on the grounds of national security, something the EU vehemently opposed and retaliated against. As a result, the EU implemented the first round of tariffs worth 2.8 billion euros ($3.4 billion), and another game worth 3.6 billion euros was because of the kick in this month.

However, the EU decided to put these metal-related duties on hold last month in a sign of good faith to boost negotiations.

Next week’s summit is the first EU-U.S. high-level meeting since 2014.

“The engagement has a lot of symbolic value,” Niclas Frederic Poitiers, a research fellow at the Brussels-based think tank Bruegel, told CNBC last week.

“The summit will have a lot of emphasis on ‘this relationship can still work,'” he added.

The tone between EU and U.S. officials changed since the election of Biden in 2020, with European leaders going away from expressing their happiness with the election outcome.

“There is little doubt that President Biden is committed to working with America’s partners in Europe but not at any price,” Leslie Vinjamuri, director of the U.S. and Americas program at Chatham House, said to CNBC.

“President Biden has an obvious bottom line, and that bottom line is that these policies have to work for Americans. But, it’s also pretty clear that any common policies have to fit with the political climate at home, and especially when it comes to trade, technology, and China,” she said.

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