On 4 June 2026, European Commissioner for Trade Maroš Šefčovič addressed the press following the OECD Ministerial Council Meeting, reiterating the EU's demand for a global level playing field and reporting progress on US tariff reductions on steel derivatives.
Šefčovič stressed that non-market practices causing chronic overcapacities disrupt global markets and undercut fair competition, requiring a policy response. He welcomed Australia's initiative for a focused follow-up on WTO reform, stating that the WTO must be equipped for today's challenges.
In bilateral meetings, Šefčovič reviewed progress with US Trade Representative Ambassador Greer on implementing the EU-US Joint Statement. He noted that transatlantic trade in goods and services surpassed $2 trillion last year, with US exports growing 5% and EU exports 4%. On steel derivatives, the latest US update means a substantial tranche of EU exports will now fall under the 15% all-inclusive tariff, down from 25% plus, which Šefčovič called a meaningful step forward.
With Australian Minister Farrell, Šefčovič discussed ratification of the freshly agreed EU-Australia free trade agreement and digital trade collaboration with CPTPP countries. He also met with Brazilian and Uruguayan ministers, noting that the EU-Mercosur Agreement is now in force. With Türkiye's Minister Bolat, a High-Level Dialogue was discussed for October to reinforce the trade partnership. In his meeting with China's Vice-Minister Chenggang Li, Šefčovič focused on deepening WTO reform engagement and rebalancing bilateral trade, inviting Minister Wang Wentao to Brussels.
The speech contained concrete proposals: the US tariff reduction on steel derivatives, the EU-Australia FTA ratification, the EU-Mercosur Agreement in force, and the planned High-Level Dialogue with Türkiye. However, many commitments remained declarative, such as calls for WTO reform and a level playing field. The policy orientation is assertive but conciliatory: the EU demands action against non-market practices but pursues positive engagement and avoids escalation, as seen in the invitation to China and the welcome of US tariff reductions. The speech shifts the status quo towards a more pragmatic, result-oriented approach, balancing firmness with cooperation.
Stakeholder impact: EU steel exporters benefit from reduced US tariffs (positive, moderate). EU consumers may see stable prices from balanced trade (positive, minor). Non-EU producers using non-market practices face continued EU scrutiny (negative, moderate). EU taxpayers gain from avoided trade escalation (positive, minor).