Lates News

Since the United States imposed a 25% tariff on all imported steel and aluminum on March 12th, the European Union steel industry has suffered a huge blow. At the same time, American domestic consumers also have to foot the bill for this policy. Axel Eggert, Director General of the European Steel Industry Federation, stated that the reduction of exports to the United States by one million tons has resulted in a loss of approximately 2 billion euros. This policy will also have a huge impact on American steel users. The U.S. steel industry is currently unable to produce large quantities of different grades of products and relies on imports of steel from the European Union. If American steel users are unable to purchase these products from the domestic market, their procurement costs will increase by 25%. (CCTV Finance)