According to a report by Bloomberg, the first round of the US president Donald Trump’s new steel and aluminum tariffs is expected to cost the European Union member states up to €28 billion in lost exports. Maroš Šefčovič, European Trade Commissioner, noted that the current situation is constantly evolving, so the extent of any tariffs could still change.
European market players anticipate that the number of products affected will be four times higher than in 2018, as the list of the products subject to the tariffs also includes derivative steel items.
On February 10, Trump announced 25 percent tariffs on steel and aluminum imports from trading partners with duty-free exemptions or tariff-rate quota deals, such as the EU, as SteelOrbis previously reported.
In 2024, the EU's steel exports to the US amounted 3.89 million mt, with the value of the exports at $6.99 billion, according to census data from the US Department of Commerce.