European Union plans to revive US talks over reducing fees on steel, aluminum shipments

The European Union announced Wednesday it plans to revive discussions with the United States over reducing fees on steel and aluminum shipments, as multiple nations work to resolve ongoing trade tensions.

EU trade commissioner Maros Sefcovic will sit down with US Trade Representative Jamieson Greer during the coming days to discuss removing or cutting back the current duties, Sefcovic told Bloomberg reporters.

India has also stepped forward with plans to buy more American oil and natural gas, according to Commerce Minister Piyush Goyal. This strategy could help reduce fees on goods India sends abroad and might lead to a bigger trade agreement between the two countries.

The US and China are moving closer to an agreement

Meanwhile, Washington and Beijing are close to finalizing a major aircraft purchase from Boeing that could become the highlight of wider trade discussions between the two nations.

“This is a huge order, and it’s very important to the president. Very important for Boeing. I think it’s very important to China,” US Ambassador to China David Perdue told reporters Tuesday.

However, Chinese companies have recently bought at least 10 shipments of soybeans from Argentina, according to Reuters. This development hurts American farmers who cannot access their biggest overseas market and are dealing with falling prices.

The US and China have moved closer to a broader agreement after President Trump spoke with Chinese President Xi Jinping on Friday. Following that conversation, Trump said both countries agreed to separate the TikTok application in America, with the White House later announcing Oracle as part of the investment group.

Trump revealed the two leaders will hold several meetings over the next few months, Yahoo Finance’s Ben Werschkul reported. Their first face-to-face discussion will happen at the Asia-Pacific Economic Cooperation summit in South Korea, set for October 30 through November 1.

While these talks continue, the Supreme Court is examining a major legal challenge to President Trump’s trade fees, which could be decided as soon as this fall.

The fees in question are the wide-ranging duties Trump has announced throughout this year, targeting specific countries. These charges range from 10% to 50%. Trump has relied on a 1977 law called the International Emergency Economic Powers Act to support these trade measures.

A lower court has allowed the fees to remain while the legal case moves forward.

UK’s hopes of avoiding steel tariffs get crushed

British hopes for getting rid of steel export fees to America have been put aside for now, the BBC reported. Currently, the US applies 25% fees to British steel shipments, which represent 6% of all UK steel exports by amount and 9% by dollar value.

Other nations face 50% fees, so British government officials say the UK still has an advantage compared to competitors. Still, there is hope for better terms after President Trump suggested he might reduce fees on British steel before his visit to the UK.

Gareth Stace, who leads UK Steel, expressed frustration on Wednesday about the delayed progress.

“On 8 May, we were given this tantalising glimpse that we might get a tariff-free quota,” he said during a BBC Today programme interview.

The UK and US completed a trade agreement in June that lowered fees on car and airplane imports to America. However, the deal did not include new terms for British steel, keeping the 25% rate in place.

Speaking to reporters before boarding Air Force One, Trump said he wants to help Britain improve their current trade agreement.

“They want to see if they can refine the trade deal a little bit,” he explained.

“We’ve made a deal, and it’s a great deal, and I’m into helping them. They’d like to see if they could get a little bit better deal. So, we’ll talk to them.”

These developments come as countries around the world try to balance their trade relationships while protecting their own industries and workers from unfair competition.

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