Uncertainty will continue to undermine global steel demand, despite the 90-day pause announced by US President Donald Trump regarding higher "reciprocal" import duties imposed by the United States.
The Trump administration has postponed the introduction of previously announced "reciprocal" tariffs above 10% for all countries except China, according to the April 9 announcement. This change means that rates of up to 50% set for a specific country will not be immediately applied to imports. However, all 60 US trading partners considered under the tariff plan will now continue to be subject to a rate of 10%.
China is the only country that will receive a higher tariff rate from April 9th. Goods of Chinese origin are now subject to strict tariffs of 125%. Tariffs for China were raised even further after the country's government responded to the measures proposed by the president by raising its tariffs on U.
S. goods to 84%.
Although the 25% Section 232 tariffs on U.
S. steel imports remain in effect, along with the 25% rate on automotive products, the reduced tariff rate on many countries' exports will provide some relief for steel producers in Europe and Asia. The increased cost of exporting cars and auto parts to the United States continues to threaten lower demand in these regions. However, other steel-consuming industries will hope that the 90-day pause in tariff increases will become permanent.
John Carruthers-Green, a steel market analyst and member of the European Parliament, believes that whatever decision is made, market uncertainty will continue to reduce demand for steel both inside and outside the United States.
"The unpredictable nature of tariff changes seems to create significant uncertainty for industries that rely heavily on these materials", - he said.
"The lack of regulatory clarity makes it difficult to plan for the future and is likely to reduce steel demand in the short and medium term."
U.
S. steel companies benefit from tariff protection
However, Carruthers-Green noted that American steel companies have benefited from Trump's import tariffs.
"Against the background of a flurry of recent statements by the White House, this has led to it being confirmed that tariffs on ferrous metallurgy products will remain unchanged at 25%", - he said.
" It provides the American
