MOSCOW (Sputnik) - The College of EU Commissioners endorsed on Wednesday the decision to impose rebalancing duties on the set of US products it had submitted to the World Trade Organisation (WTO) effective from July, as part of EU response to the steep US tariffs on imported steel and aluminum, the European Commission said in a press release.
According to the press release, the measure fully complies with WTO rules, being a rebalancing corresponding to the damage caused by the US measures against EU exports worth 6.4 billion euros ($7.5 billion).
"Following today's decision to apply additional duties to selected imports from the United States, the Commission expects to conclude the relevant procedure in coordination with the Member States before the end of June so that the new duties start applying in July," the press release read.
The European Union intends to exercise its right immediately on 2.8 billion euros ($3.3 billion) of US products, while the remaining rebalancing estimated at 3.6 billion euros ($4.2 billion) will take place in three years or following "a positive finding in WTO dispute settlement if that should come sooner," the statement noted.
On Thursday, Washington announced it would impose a 25-percent steel tariff and a 10-percent aluminum tariff on the European Union, Canada, and Mexico, effective from June 1. The move came after months of talks on possible exemptions. Brussels said it would proceed with a World Trade Organization (WTO) dispute and impose additional duties on US imports.
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