EU Commissioner Šefčovič Confident US Will Honor Trade Commitments, Continues Steel & Aluminum Talks
Hanoi/Brussels – European Commissioner for Trade and economic Security Maroš Šefčovič expressed confidence Friday that the United States will adhere to existing trade agreements, specifically regarding a mutually agreed-upon 15% duty cap for European pharmaceutical products. Speaking to reporters in Hanoi following a meeting focused on European-Vietnamese business cooperation, Šefčovič addressed recent announcements from the US regarding potential new tariffs.
Šefčovič referenced a joint EU-US statement made in August, asserting a clear commitment from the American side to apply the 15% duty to pharmaceuticals and semiconductors. “The US examination was already underway when we prepared the joint statement,” he explained. “We agreed these products, along wiht semiconductors, would be covered by this ceiling. I fully expect these commitments to be fulfilled.”
he highlighted the US administration’s adherence to previously agreed-upon tariffs on cars, components, aircraft, and generics, implemented retroactively from August 1st and September 1st respectively, and the EU’s reciprocal move to propose duty reductions on US products entering the EU by the end of August. “I believe we will continue to implement the commitments outlined in the joint statement,” Šefčovič stated.
The Commissioner also addressed ongoing negotiations regarding tariffs on steel and aluminum. Following a working meeting with US ambassador for Trade Jamieson Greer at the ASEAN trade ministers’ meeting in Malaysia, Šefčovič detailed the EU’s efforts to address concerns about excessive steel imports and the burden of high customs duties faced by European manufacturers.
“we have agreed to develop specific proposals and likely send them to our American counterparts over the weekend,” Šefčovič said. “These will offer suggestions on resolving the issue, as our mutual trade in steel and aluminum primarily concerns specialized steel in limited volumes.”
Šefčovič’s remarks signal a continued commitment to dialog and a belief in the importance of upholding established trade agreements between the EU and the United States.
