The EU needs a "tough and smart" US response: V.</p><p>V. Stahl
The doubling of U.
S. tariffs on steel imports announced by President Donald Trump marks a new level of escalation in the transatlantic trade conflict, according to the German Steel Manufacturers' Federation WV Stahl.
"Therefore, it is important for the EU Commission to find a balance between tough trade protection and reasonable negotiations," says Kerstin-Maria Rippel, managing director of WV Stahl. "On the one hand, the European steel industry needs an effective trade protection tool in the near future. Secondly, negotiations on a bilateral steel agreement with the United States are important."
In a statement sent to[b]Kallanish[/b], the Federation warns that the 50% U.
S. steel trade tax is a heavy burden on the European steel industry. This will further increase the pressure on the already crisis-ridden economy and will have a significant impact on the industry. On the one hand, these measures will create a heavy burden on direct exports to the US market.
"The indirect effect is even more problematic: traditional supplier countries risk losing access to the US market and, consequently, they redirect their steel to the EU," Rippel warns.
This will further increase the already significant import pressure on Europe, as a third of the steel supplied to the European market has already been imported. "Unfortunately, and very few people know about it, this includes materials from Russia, which annually supplies from 3 to 4 million tons of steel to the EU," she continues.
Meanwhile, the European Commission said Trump's announcement undermines efforts to find a way out of the trade dispute and will increase costs for consumers on both sides of the Atlantic. Media reports quoted a statement from a representative of the European Commission, who said that the European Commission was ready to raise counter tariffs earlier than July 14, the date previously indicated for the introduction of retaliatory EU tariffs against the United States.
Christian Kel Germany
kallanish.com