Berliner Boersenzeitung - EU channels Trump with tariffs to shield steel sector

EUR -
AED 4.095102
AFN 72.480008
ALL 90.801688
AMD 402.807486
ANG 1.995737
AOA 1023.635334
ARS 1721.721299
AUD 1.61933
AWG 2.007127
AZN 1.900047
BAM 1.955836
BBD 2.250342
BDT 139.162586
BGN 1.948955
BHD 0.422108
BIF 3342.96213
BMD 1.115071
BND 1.431727
BOB 13.402249
BRL 6.138357
BSD 1.117321
BTN 104.873949
BWP 15.391286
BYN 3.345962
BYR 21855.38619
BZD 2.247142
CAD 1.573644
CDF 2586.964483
CHF 0.914162
CLF 0.027822
CLP 1094.980351
CNY 7.444774
CNH 7.438418
COP 3608.76707
CRC 506.709417
CUC 1.115071
CUP 26.815498
CVE 110.267049
CZK 24.346956
DJF 198.963698
DKK 7.480457
DOP 67.891262
DZD 151.940824
EGP 59.957114
ERN 16.726061
ETB 183.378708
FJD 2.526309
FKP 0.834974
GBP 0.834166
GEL 2.893653
GGP 0.834974
GHS 13.055243
GIP 0.834974
GMD 83.077063
GNF 9896.183924
GTQ 8.538159
GYD 234.234353
HKD 8.744429
HNL 30.029558
HRK 7.547925
HTG 146.432722
HUF 363.51345
IDR 20192.258205
ILS 3.552538
IMP 0.834974
INR 104.716854
IQD 1693.83148
IRR 2108992.359359
ISK 136.919964
JEP 0.834974
JMD 177.323296
JOD 0.790629
JPY 176.710877
KES 145.192698
KGS 97.510486
KHR 4552.084602
KMF 492.86165
KPW 1003.563608
KRW 1520.737678
KWD 0.346765
KYD 0.931217
KZT 500.809308
LAK 25136.46717
LBP 100053.859534
LKR 371.556906
LRD 189.94353
LSL 18.477643
LTL 3.292514
LVL 0.674496
LYD 7.150133
MAD 10.921803
MDL 19.971371
MGA 5077.094359
MKD 61.556144
MMK 2341.587311
MNT 4015.514918
MOP 9.019368
MRU 45.108838
MUR 52.442198
MVR 17.176258
MWK 1937.436008
MXN 20.766565
MYR 4.528864
MZN 71.257178
NAD 18.477643
NGN 1502.23485
NIO 41.120764
NOK 10.548462
NPR 167.798119
NZD 2.015128
OMR 0.428348
PAB 1.117421
PEN 3.848972
PGK 5.092095
PHP 70.369926
PKR 309.016043
PLN 4.399568
PYG 6984.129802
QAR 4.084276
RON 5.343646
RSD 117.622186
RUB 91.352798
RWF 1649.13065
SAR 4.188587
SBD 8.974739
SCR 15.358485
SDG 670.719139
SEK 11.033072
SGD 1.430306
SHP 0.835103
SLE 25.591287
SLL 23382.48045
SOS 638.511867
SRD 41.908265
STD 23079.712667
STN 24.500455
SVC 9.776182
SYP 14498.149201
SZL 18.471343
THB 37.411034
TJS 10.307092
TMT 3.902748
TND 3.343362
TOP 2.684822
TRY 55.9111
TTD 7.577141
TWD 36.546782
TZS 2952.454872
UAH 50.616941
UGX 4570.084937
USD 1.115071
UYU 44.950835
UZS 13332.247784
VES 999.456181
VND 28526.296796
VUV 132.393741
WST 3.108622
XAF 655.957
XAG 0.021465
XAU 0.000274244363
XCD 3.013535
XCG 2.013637
XDR 0.788413
XOF 655.957
XPF 119.331742
YER 263.853652
ZAR 18.420333
ZMK 10036.978597
ZMW 22.703422
ZWL 359.052318
SSP 6406.340367
MXV 2.33632
  • CMSD

    -0.1200

    19.81

    -0.61%

  • JRI

    0.0000

    10.77

    0%

  • BCC

    -1.8200

    74.15

    -2.45%

  • CMSC

    -0.2228

    19.53

    -1.14%

  • BCE

    0.2000

    20.34

    +0.98%

  • RIO

    0.0100

    94.17

    +0.01%

  • AZN

    -2.7400

    161.47

    -1.7%

  • GSK

    -1.1800

    48.17

    -2.45%

  • RBGPF

    0.0000

    65

    0%

  • NGG

    0.8800

    75.82

    +1.16%

  • RYCEF

    -0.7300

    19.08

    -3.83%

  • BTI

    -0.4500

    54.4

    -0.83%

  • BP

    0.4700

    43.99

    +1.07%

  • RELX

    -0.0600

    33.18

    -0.18%

  • VOD

    -0.1800

    16.15

    -1.11%

EU channels Trump with tariffs to shield steel sector
EU channels Trump with tariffs to shield steel sector / Photo: Ina FASSBENDER - AFP/File

EU channels Trump with tariffs to shield steel sector

The European Union will take a page out of US President Donald Trump's tariff playbook on Tuesday with a plan to hike levies and slash quotas for imported steel -- to protect the bloc's struggling industry from cheap Chinese competition.

Text size:

Urged to act fast to rescue European steel from decline, the EU executive will propose doubling levies on steel imports to 50 percent, and almost halving the volumes allowed in before tariffs apply.

"The European steel industry was on the verge of collapse -- we are protecting it so that it can invest, decarbonise, and become competitive again," said the bloc's industry chief, Stephane Sejourne.

"We're not doing Trump-style politics," he told reporters ahead of presenting the plan at the European Parliament in Strasbourg, France.

But the EU strategy mirrors the one embraced by Trump, who likewise imposed 50-percent tariffs to keep out cheap metals from China, producer of more than half the world's steel. Canada has taken similar steps.

Subject to approval by the EU's member states and parliament, the proposal would permanently replace the current safeguard scheme, which imposes 25-percent duties beyond set import quotas, but ends next year.

Sejourne, who will present the measures alongside the bloc's trade commissioner, Maros Sefcovic, said Europe's sovereignty was at stake, as the only major market still so open to steel imports.

The EU's trade chief is hoping, meanwhile, to team up with Washington to tackle Chinese overcapacity and has been in talks with his US counterparts to agree on steel import quotas.

- Millions of jobs at risk -

After the US-EU tariff deal agreed in July, Sefcovic said the European and American steel and aluminium sectors suffered from the same problem.

Alongside the proposal being presented on Tuesday, the EU is seeking a "metals alliance" with the United States to ring-fence their respective economies from over-capacity.

As the 27-nation EU pushes ahead with decarbonising industry, steel is critical for renewable energy equipment, from solar panels to wind turbines, and for electric cars.

"The European Union needs to act now, and decisively, before all lights go out in large parts of the EU steel industry and its value chains," said industry group Eurofer's president Henrik Adam.

Even before the formal announcement, one Belgian trade union welcomed the "ambitious and necessary plan", while the world's second-largest steelmaker, ArcelorMittal, saw its shares rise by nine percent in the past week.

The steel sector employs around 300,000 people in Europe, and nearly 100,000 jobs have been lost in the past 15 years, the industry says.

The current crisis puts those workers at risk as well as 2.3 million indirect jobs, according to Eurofer.

(U.Gruber--BBZ)