Following the US decision to extend the exemptions of some countries, including the European Union, from its Section 232 import tariffs until June 1, Axel Eggert, director general of the European Steel Association (EUROFER), has stated that the US decision is welcome, if temporary, adding that the EU has another 30 days for further discussion.
“Despite all the evidence of the harm to the EU-US relationship - and to our respective economies - the Trump Administration has opted to continue a policy of uncertainty in its international trade practice. However, in our view, the EU must not bend to unilateral trade measures and should continue to back multilateral solutions under the WTO framework,” stated Mr. Eggert.
Mr. Eggert added that EUROFER believes that, as reliable US partners, there are no grounds for the EU not to be excluded from the Section 232 measures and he welcomed the European Commission’s efforts to ensure continued access to the US market.
Meanwhile, EUROFER stated that it is concerned that the surge in imports already seen in the first few months of this year will only be exacerbated as countries also previously excluded from the measures direct their deflected products to the open EU market. Mr. Eggert said that the EU’s possible safeguard measure should be broad and cover a wide scope of products whilst maintaining access to traditional trade flows, stressing that any safeguard - which remedies import surges - would be independent of whether the US gives the EU an exemption, either now or next month.