The US administration is urging countries to present their best offer on trade negotiations by Wednesday, June 4, with the aim to finalize deals with trading partners before the implementation of the new tariffs, according to a report by Reuters. Several agreements are nearing completion, while the US has only reached one agreement so far, with the UK worth an estimated $6 billion, concluded on May 8.
US President Donald Trump will raise the Section 232 tariffs applied to all steel and aluminum imports to 50 percent from 25 percent, effective this Wednesday, as SteelOrbis previously reported.
Reactions continue to be expressed in the global markets to the US decision to increase tariffs. Catherine Cobden, president and CEO of the Canadian Steel Producers Association (CSPA), has stated that the 50 percent steel tariffs will create mass disruption and negative consequences across highly integrated steel supply chains and customers on both sides of the border. “It is vital that the government of Canada responds immediately to fully re-instate retaliatory steel tariffs to match the American tariffs and to implement as quickly as possible new tariffs at our own borders to stop unfairly traded steel from entering Canada,” she added.
Meanwhile, commenting on the issue, Kerstin Maria Rippel, managing director of the German Steel Federation Wirtschaftsvereinigung Stahl (WV Stahl), stated that Trump’s latest move marks a new escalation in the transatlantic trade conflict. Underlining that 50 percent duty is a massive burden for the European steel industry, Rippel stated that the measures will also lead countries that traditionally supply to the US to divert their steel to the EU market, further intensifying the already considerable import pressure on Europe. She added that it is therefore essential for the EU Commission to maintain a balance between tough trade protection measures and prudent negotiations.
