Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Talks with EU could be alternative to auto import tariffs, U.S.'s Ross tells Financial Times

Published 10/23/2019, 02:10 AM
Updated 10/23/2019, 02:10 AM
© Reuters. FILE PHOTO: U.S. Commerce Secretary Wilbur Ross meets with Greek Prime Minister Kyriakos Mitsotakis at the Maximos Mansion in Athens

(Reuters) - New negotiations with the European Union could be an alternative to imposing tariffs on automotive imports next month, U.S. Commerce Secretary Wilbur Ross has suggested in an interview with the Financial Times published on Wednesday.

President Donald Trump declared this year that some imported vehicles and parts posed a national security threat, but delayed a decision until November on whether to impose tariffs, so as to allow for more time for trade talks with the European Union.

"One (option) would be to say, 'I'm just not going to do anything', the second would be to impose tariffs on some or all (countries) . . .  the third might be some other form of negotiation," Ross said, describing options being considered by Trump.

On Friday, the United States began slapping tariffs on EU imports worth an annual $7.5 billion, ranging from British whisky and French wine to Spanish olives and cheese from across the bloc, including Italy's Parmigiano-Reggiano.

Ross dismissed criticism of the step, saying the tariffs were not imposed unilaterally and that the measure was taken with the "full support" of the World Trade Organization.

Commenting separately on trade talks with China, Ross said China was following through "in good faith" on assurances given in October to press ahead with large purchases of U.S. farm products.

As the Trump administration's general license for U.S. companies to sell to telecoms equipment maker Huawei Technologies expires in November, Ross told the newspaper this was not a hard deadline and could be altered.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"The deadlines are within our control, we can shorten them, we can lengthen them, we can do whatever - at this point they are being treated separately and independently from the trade talks," Ross said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.