EU trade chief says tariff reciprocity 'must work for both' bloc and US / Photo: © AFP
EU trade chief says tariff reciprocity 'must work for both' bloc and US
EU trade chief Maros Sefcovic said Thursday that reciprocity in tariffs should apply to both the bloc and Washington, after talks with his counterparts in US President Donald Trump's administration.
With the United States planning "reciprocal tariffs," the European Union is ready to engage, Sefcovic told reporters.
"We will be ready to look (at) how we can lower the import duties for all industrial products," he said, a day after meeting Commerce Secretary Howard Lutnick and US Trade Representative nominee Jamieson Greer.
Trump has taken aim at the EU and others over trade, announcing plans for sweeping "reciprocal tariffs" tailored to each US trading partner, and taking into consideration non-tariff factors.
But Sefcovic stressed that if Washington were seeking reciprocity, "it must work for both" sides.
During Sefcovic's three-day Washington visit for talks with US officials and business leaders, he pushed back against Trump's claim of unfairness in US-EU trade ties.
He told reporters Thursday that one of his requests was to see a delay in US tariffs as both parties discussed their concerns.
He said his impression was that the United States too would be "ready to consider" a reduction in its tariffs.
Although the EU has higher tariffs for personal vehicles, Sefcovic noted that the United States protects other areas like pick-up trucks.
"While we protect European interests, we seek constructive dialogue to avoid unnecessary pain of measures and countermeasures," he told reporters in Washington.
Brussels and Washington understand that they share common challenges such as "global overcapacities driven by non-market practices" -- a concern involving China -- he said.
He said it would be good if the transatlantic partners could tackle global overcapacity together.
He also expressed optimism that the EU could allay US concerns about the trade deficit between both sides.
The EU needs more LNG as it phases out Russian gas, he noted, adding that this is an area where both can collaborate.
If the EU had to resolve a 50 billion euro trade gap with the United States, he said, "we can really do it, if we put our mind to it," adding that this could be accomplished "relatively quickly."
Sefcovic said Wednesday at the American Enterprise Institute that the EU saw "no justification for sudden, unilateral tariff increases" by the United States.
But if the US went ahead with imposing tariffs, he warned that the bloc would "have no choice but to respond firmly and swiftly."
Besides reciprocal tariffs, Trump has slapped an added tariff on Chinese goods and unveiled sweeping duties on imports of steel and aluminum to take effect in March.
He has also threatened levies affecting specific sectors like imports of automobiles, semiconductors and pharmaceuticals.
E.Reid--TNT
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