Trump's steel tariff raise misses real target, says EU
PARIS — President Donald Trump's decision to double steel import tariffs to 50 percent is a misguided blow to America's allies, the European Union's chief trade negotiator said Wednesday, warning the real threat lies in global overcapacity rather than in the bloc's steel exports.
Trade Commissioner Maroš Šefčovič, speaking after talks with U.S. Trade Representative Jamieson Greer in Paris, said that Europe was not the source of the problem — which is global overcapacity — that the Trump administration was seeking to address with the tariff.
'We are not bringing problems,' Šefčovič told reporters, pointing to the fact that the EU exports only about 4 million tons of highly specialized steel.
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'Let's not target each other, but let's work together [on] how to address this global overcapacity issue,' he said.
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What is the bond market and why is everybody so worried about it?
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