Tags: wilbur ross | trade | tariff | extension

Wilbur Ross: US Extended EU Tariff Exemption After Good Trade Talks

Tuesday, 01 May 2018 10:43 AM

U.S. Commerce Secretary Wilbur Ross on Tuesday said the one-month extension of the exemption from new steel and aluminum tariffs granted to the European Union was the result of promising discussions to reduce trade tensions, and he does not anticipate granting exemptions to become a continuing practice.

"We're having some potentially fruitful discussions about an overall reduction in trade tensions," he said in a CNBC interview. "I don't think we have any intention to grant protracted extensions, that defeats the whole purpose," he said.

Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil, the White House said.

If the Trump administration decides to slap steel and aluminum tariffs on some allies, it will have to do so "very soon," Ross told CNBC. "If we're going to impose it, we're going to have to do it pretty soon, or else people will start gaming the system," the Commerce secretary told CNBC.

Meanwhile, U.S. and Chinese officials will hold highly anticipated trade talks in China on Thursday and Friday, Reuters reported.

China has said it is open to trade negotiations with the United States after U.S. President Donald Trump proposed imposing tariffs on $50 billion in Chinese exports and threatened additional tariffs of $100 billion. China, in response, said it will impose its own tariffs on American products.

U.S. Treasury Secretary Steven Mnuchin will be joined on the high-stakes trip by U.S. Trade Representative Robert Lighthizer, White House trade adviser Peter Navarro, White House economic adviser Larry Kudlow and Ross.

Ross said it was "time for action" on alleged trade abuses by China. "I wouldn't be going all the way over there if I didn't think there was some hope," he said.

Chinese Vice Premier Liu He will be part of this week’s meeting, Mnuchin has said.

(Newsmax wire service Reuters contributed to this report).

© 2019 Thomson/Reuters. All rights reserved.

   
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U.S. Commerce Secretary Wilbur Ross on Tuesday said the one-month extension of the exemption from new steel and aluminum tariffs granted to the European Union was the result of promising discussions to reduce trade tensions, and he does not anticipate granting exemptions to...
wilbur ross, trade, tariff, extension
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2018-43-01
Tuesday, 01 May 2018 10:43 AM
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