European officials expect the U.S. to impose tariffs on their steel and aluminum exports after last-minute talks to avoid those tariffs made little progress this week.
President Trump’s proposed 25 percent tariff on imported steel and 10 percent tariff on imported aluminum is likely to be announced before Friday’s expiration date, two people familiar with discussions told the Associated Press.
Commerce Secretary Wilbur Ross, told a French newspaper that the announcement from the administration would come Thursday after markets close.
Trump announced the tariffs in March, and said they were needed to ensure the U.S. maintains a viable steel industry. But he exempted Europe from the tariffs in an effort to see if negotiations might let the two sides agree on some other solution. The latest deadline is June 1.
Although the tariffs are expected to be imposed, the two sources said plans could change if the EU and U.S. are able to reach a last-minute agreement. Officials from both sides on Thursday are holding last-ditch talks all day in Paris to try and reach a deal and avoid fears of a mounting trade war.
“Realistically, I do not think we can hope” to avoid either U.S. tariffs or quotas on steel and aluminum, the EU’s trade commissioner Cecilia Malmstrom said. “I expect them nonetheless to want to impose some sort of cap on EU exports.”
