.jpg)
1 hour ago
2
Article content
(Bloomberg) — The Trump administration is working to narrow its broad tariffs on steel and aluminum products that companies find difficult to calculate and the European Union wants reined in as part of its pending trade deal with the US, a person familiar with the matter said.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The US Trade Representative’s Office is scrambling to resolve complications spawned last year by the Commerce Department’s efforts to rush out President Donald Trump’s tariff agenda, the person said.
Article content
Article content
Article content
The White House has communicated to companies that adjustments are in the works, but details and timing remain unclear, the person said.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The rollback plans were reported earlier by the Financial Times.
Article content
Spokespeople for USTR and Commerce didn’t immediately respond to requests for comment sent outside of business hours in Washington.
Article content
50% Levies
Article content
Trump last year imposed a 50% levy on foreign steel and aluminum in a measure aimed at Chinese overcapacity. The step wound up hitting other major trading partners hard, including Canada, the EU, Mexico and South Korea.
Article content
Later added to the list were so-called derivative products that contained the metals, creating an arduous task for companies to identify the percentage of the materials in goods they sourced from overseas.
Article content
Trump’s taxes on US imports have also come under increased scrutiny this week in Congress and in separate reports by the Congressional Budget Office and the Federal Reserve Bank of New York — both of which said American consumers and businesses are shouldering most of the costs of his tariffs. That runs counter to his repeated assertions that they’re paid by foreign exporters.
Article content
Article content
Ending or curtailing the derivative tariffs would be a positive step for the US-EU trade accord. A framework for the deal was negotiated last year but remains not fully implemented.
Article content
The EU still faces a 50% US duty on steel and aluminum exports as well as on many other derivative products. Washington revises the list of derivative products that are subject to the higher tariff rate several times a year.
Article content
The EU is particularly concerned that the breadth of goods hit by the 50% metals rate — surpassing hundreds of items — as well as potential new, higher levies on different industries will dilute the EU-US trade deal and the agreed 15% tariff ceiling, Bloomberg has previously reported.
Article content
English (US)