EU: EC endorses customs duties on U.S. products | KPMG | GLOBAL
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EU: European Commission endorses additional customs duties on U.S. products

EU: EC endorses customs duties on U.S. products

The European Commission today announced support for imposing additional customs duties on the full list of U.S. products as part of the EU's response to the U.S. tariffs on steel and aluminum products.

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As noted in today’s EC release, the additional duties on selected imports from the United States would apply in July 2018.

The application to rebalance duties is intended to correspond to a list of products as previously notified to the World Trade Organization (WTO). The EU intends to exercise its rights immediately on U.S. products valued at up to €2.8 billion of trade. The remaining rebalancing on trade valued at €3.6 billion would take place at a later stage—in three years' time or after a positive finding in a WTO dispute settlement if earlier.

The imposition of rebalancing duties on a list of selected U.S. products is part of the three-pronged response outlined by the European Commission, that includes the launch of legal proceedings against the United States in the WTO (on 1 June 2018) and the possible triggering of safeguard action to protect the European market from disruptions caused by the diversion of steel from the U.S. market. As regards aluminum, the European Commission has put in place a surveillance system for imports of aluminum to be prepared in case action is required in that sector.

 

For more information, contact a professional with KPMG’s Trade & Customs practice:

Douglas Zuvich | +1 (312) 665-1022 | dzuvich@kpmg.com

Andrew Siciliano | +1 (631) 425-6057 | asiciliano@kpmg.com

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