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TRC Statement on U.S.-EU Tariff Agreement

WASHINGTON D.C. - The Tariff Reform Coalition (TRC) today issued the following statement following the joint statement from the U.S. and EU regarding a resolution to Section 232 tariffs on steel and aluminum:

"The announcement by the United States and EU finally addresses the Section 232 tariffs - and the corresponding retaliatory actions - which have been in place since March 2018" said Jake Colvin, President of the National Foreign Trade Council (NFTC). "The deal should serve to ratchet down trade tensions between the United States and Europe and clear the decks for more productive and forward-looking transatlantic conversations.

"While the announcement is a step in the right direction, it's not an optimal outcome. The reliance on TRQs is an unwelcome form of managed trade that will continue to bring about uncertainty for workers and businesses on both sides of the Atlantic,"
added Colvin. "Mechanisms such as these that manage international trade undermine competitiveness, create winners and losers, add significant supply chain costs and disproportionately affect small and medium sized companies.

Colvin also added that members of the coalition "remain hopeful that the U.S. will work with all of America's allies to reach a durable solution to these tariffs that supports the export competitiveness of American manufacturers, farmers and ranchers."

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About the NFTC
Serving America's Global Businesses Since 1914- The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves its member companies through its office in Washington D.C.