STEEL CUSTOMS TAX

US Secretary of Commerce Wilbur Ross announced the introduction of tariffs on steel and aluminum imported into the United States by the European Union, Canada and Mexico as of June 1. Tariffs on steel will reach 25%, those on aluminum 10%.
Several American companies specializing in steel and aluminum benefited from it, with US Steel, for example, at 2.98%, AK Steel at 1.31% and Alcoa at 0.74%.
Steel imports in the United States « total 35 million tonnes and a value of 30 billion dollars » in 2017, says Eurofer. In 2011, they were only 26 million tonnes. European steel exports to the United States amounted in the same year to 5 million tons. In the case of application of this measure, they could be reduced by half in one day. However US steel accounts for less than 1% of EU steel imports.

Europe imports 420 million tonnes of steel annually. Volumes come mainly from India, Turkey, China, South Korea and Russia. These five countries supply 80% of the steel imported by the European Union.

Do you remember ? Summer 2017 The EU has imposed a series of anti-dumping duties on Chinese steel in recent years to try to stem a flood of imports at low prices, according to European producers, resulting from overcapacity in the Chinese steel industry.

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