Germany: Doubling tariffs a new escalation in the trade dispute
Follow-up - INA
The German Steel Industry Association expressed concern over US President Donald Trump's announcement that he intends to raise tariffs on steel imports to the United States from 25% to 50%.
The association's chief executive, Kerstin Maria Riebel, said: "The doubling of US tariffs on steel imports announced by President Trump represents a new escalation in the transatlantic trade dispute."
She added, "Imposing a 50% tariff on steel exports represents a huge burden on our sector. It will further pressure the already-crisis economic situation and impact our steel industry in multiple ways." She added, "These measures will have a greater impact on our direct exports to the US market."
She continued, "The indirect impact is more problematic," explaining that "exporting countries may be denied access to the US market due to these 'exorbitant tariffs,' which will force them to divert their exports to the European market, further increasing the already significant import pressure on Europe."
Kirsten Ripple explained, "Today, one in three tons of steel in Europe is already imported," adding, "Unfortunately, few people know this. A portion of these imports comes from Russia, which exports between 3 and 4 million tons of steel to the European Union annually."
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