U.S. Tariffs Cut EU Steel Exports 34% as Some Derivative Rates Drop to 15%
Updated
Updated · Reuters · Jun 3
U.S. Tariffs Cut EU Steel Exports 34% as Some Derivative Rates Drop to 15%
3 articles · Updated · Reuters · Jun 3
Summary
EU steel exports to the U.S. fell 34% to 1.94 million metric tons in the three quarters after Washington doubled steel and aluminium tariffs to 50%, Eurofer said.
50% duties on derivative goods such as washing machines and motorbikes also hit European demand, though a U.S. proclamation on Monday cut some EU product rates to 15%.
25% tariffs still apply to products including fridges, lawn mowers and rail parts, and the EU could suspend some concessions if those rates are not reduced to 15% by year-end.
July's U.S.-EU trade deal set a broad 15% U.S. tariff on EU exports in exchange for the EU removing duties on most U.S. goods, while leaving steel and aluminium quotas for further talks.