Trump’s sweeping tariffs on allies and adversaries alike -- including levies on imported steel and autos -- have strained US ties with trading partners and sparked a flurry of negotiations to avoid the duties.
Trade, consumption and investment have been affected by the tariffs, OECD chief economist Alvaro Pereira earlier told AFP, warning that the US economy will see the biggest repercussions.
Against this tense backdrop, the Paris-based grouping is holding a ministerial meeting on Tuesday and Wednesday.
Similarly, UK Trade Secretary Jonathan Reynolds met Greer on Tuesday to try and avert fresh tariff hikes on steel and aluminum.
In their talks, Reynolds and Greer discussed a “shared desire to implement” the pact, including agreements on sectoral tariffs, as soon as possible, a UK readout said.
The European Union has said it “strongly regrets” Trump’s plan to raise metals tariffs, cautioning that it “undermines ongoing efforts to reach a negotiated solution” with the United States.
Looming deadline
“We need to come up with negotiated solutions as quickly as possible, because time is running out,“ German economy minister Katherina Reiche said Tuesday, on the sidelines of OECD talks.
Mexico will request an exemption from the higher tariff, Economy Minister Marcelo Ebrard said, arguing that it is unfair because the United States exports more steel to Mexico than it imports.
Mexico is highly vulnerable to Trump’s trade wars because 80 percent of its exports go to the United States, its main trading partner.
Besides imposing 10 percent tariffs on almost all US trading partners in early April, Trump had announced higher rates for dozens of economies including the EU and Japan as he sought to pressure countries to correct practices Washington deemed unfair.
All eyes are also on rising tensions between Washington and Beijing.
Both sides agreed to temporarily de-escalate in May, but Trump accused China of violating the deal.
But he maintained Washington is making “good progress” overall in talks.
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