Brussels: EU Trade Commissioner Maros Sefcovic affirmed on Monday that reducing the tariffs imposed by the U.S. on steel and its derivatives is a "pressing priority" for the EU. Speaking to reporters ahead of a meeting between EU trade ministers, US Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer, Sefcovic highlighted the significant work remaining to finalize the implementation of the agreement reached last July. According to Kuwait News Agency, the EU is focused on lowering the high tariffs and addressing global overcapacity in coordination with Washington. Sefcovic emphasized that the Brussels meeting is dedicated to reviewing progress, rather than initiating a new round of negotiations. He noted that the US added 407 new items last August to the list of "metal derivative products" subject to a 50 percent tariff, complicating the implementation of the agreement that stipulates a 15 percent baseline tariff on most EU exports to the United States. Danish Foreign Minister Lars Lokke Rasmussen, representing the current EU presidency, stated that the meeting serves as "an opportunity to stabilize trade relations between Europe and the United States" and to discuss "shared challenges in the global trade system, including relations with China." Both sides are hopeful that the meeting will lay the groundwork for formally resuming negotiations next week, as the EU pushes for tariff reductions while Washington seeks to revisit Europe's digital and environmental rules.
