The global steel industry by the numbers

Sean Reid
March 5, 2018

Trump said tariffs of 25 per cent on steel imports and 10 per cent on aluminium would be formally announced next week.

The European Union is planning to apply a 25 per cent tariff on around $3.5 billion of imports from the United States if President Donald Trump carries out his plan to apply global duties on steel and aluminium, EU sources say. At the same time, the company could benefit if the Trump administration places tariffs on foreign products that Arconic manufactures.

"We in rural states understand the easiest target for other countries is always agriculture", Ernst said.

"We must show that we can also take measures".

"That's why we are impressing upon the American administration the unacceptable nature of these proposals which are going to hurt them just as much as they are going to hurt us".

Canada is the largest provider of steel and aluminum imports in the U.S. The Canadian government said it would "take responsive measures" to defend the country's trade interests and workers if the tariffs affected Canadian steel and aluminum products. "This can not be a unilateral transatlantic action by the Americans".

In a tweet early on Friday, Mr Trump said the USA will "win big" in a trade war.

"These tariffs are very likely to accelerate a tit-for-tat approach on trade, putting US agricultural exports in the crosshairs, said Brian Kuehl, Executive Director for the group Farmers for Free Trade".

He also downplayed the effect on domestic markets that the new tariffs will have, saying they are "no big deal" and bringing props along to make his point.

More automakers on Friday warned that U.S. President Donald Trump's announced steel and aluminum tariffs would boost vehicle prices by hiking commodities costs for manufacturers.

Trump's argument is that the United States is "losing" at trade and needs to fight back by punishing foreign steelmakers in China and elsewhere. "That means the US steel industries, of all countries, they want the tariffs to be put on, they want it to be put on Canada".

Around the world, Trump's words led to criticism from the president of the European Commission, Jean-Claude Juncker.

"From an economic standpoint, there are virtually no impacts other than positive ones for two industries that we need", the official said.

"I don't like using the word trade war, but I can't see how this isn't part of warlike behavior", Juncker told German media. "Trade wars are good", he said.

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