U.S. and EU Business Groups Call for Steel Deal and Minerals Cooperation
U.S. and EU Business Federations Urge Resolution of Metals Tariffs Dispute
The largest U.S. and EU business federations have called on leaders to address the ongoing dispute over metals tariffs imposed during the Trump era. They are also urging increased cooperation on critical minerals essential for the green transition. The U.S. Chamber of Commerce and BusinessEurope made this plea ahead of a summit in Washington between U.S. President Joe Biden, European Commission chief Ursula von der Leyen, and European Council president Charles Michel.
EU Aims to Prevent Steel and Aluminum Import Tariffs
At the summit, the EU plans to work towards preventing the reintroduction of import tariffs on steel and aluminum, which were implemented by former U.S. President Donald Trump. Additionally, they seek to negotiate a deal that benefits EU exporters of critical minerals to the United States. The two business groups express concerns over protectionist policies and their potential negative impact on innovation and prosperity.
Call for Durable Agreement and Addressing Global Challenges
The U.S. and EU business groups urge officials to reach a durable agreement to prevent the reimposition of metals tariffs by the U.S., as well as any EU retaliatory measures. They emphasize the importance of addressing global excess capacity and carbon emissions in metals production. Furthermore, they stress the need to cooperate with countries holding significant reserves of critical minerals, such as lithium, cobalt, nickel, and rare earths, in order to reduce dependencies on a single country, particularly China.
Global Mining Firms Must Increase Production of Critical Minerals
The business groups highlight the necessity for global mining firms to significantly boost production of critical minerals in the next decade. They estimate a 500% increase in production of minerals like lithium, cobalt, nickel, and rare earths is required to drive the green transition forward.
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