The United States and European Union are set to pledge at a summit in Brussels to end their aircraft trade disputes and transatlantic metals disputes. They will also call for progression on a new study into the COVID19 origins, as per a draft communique. The draft aims to exhibit the concrete results of the new dawn greeted by EU leaders when the US president took over from Donald Trump in the month of January.
EU ambassadors discussed the draft, which commits to ending a long-running dispute over aircraft makers’ subsidies before July 11. It also shows that there is a deadline set to December 1 in order to end punitive tariffs associated with a steel and aluminum trade dispute. Even though the US steel industry groups pressurized to keep the national security tariffs Section 232 imposed by Trump, the draft said that they commit to working towards eliminating the additional tariffs before December 1st, 2021 on both sides linked to their aluminum and steel dispute.
Sources from the steel industry told the language may target retaliatory tariffs on both sides like those on motorbikes and whiskey, not necessarily the underlying 10% US tariffs on aluminum and 25% on steel. A US-EU deal in May to prevent the elevation of disputes left these in place while both sides negotiated for six months in order to address global excessive metals capacity mostly centered in China.
Around 12 EU countries are considering a proposal to expand their own steel safeguard quotas even after the end of June to prevent European steelmakers from an import flood. Biden will meet the chief executive of the EU, Ursula von der Leyen, and Charles Michael, European council president. There everyone will commit to promoting international cooperation for fighting global warming.
The US and EU are the world’s top trading powers; however, Trump kind of sidelined the EU. But Biden sees the EU as an ally for promoting free trade, fighting climate change, and ending the pandemic of coronavirus.
The EU and US at the Brussels summit agreed to cooperate on the China policy, and a new study into the pandemic origins was called for. It was first detected in Wuhan city, said the draft. The prevailing theories that the virus transferred from animals to humans or the virus came from a Wuhan laboratory were studied. However, the WHO team was not given all the data in China.
The draft also said that they need to consult and cooperate with multiple issues in the framework of their respective multi-faceted approaches to China, which consists of competition, elements of cooperation, and systemic rivalry.