If the USA introduces trade measures such as increasing import duties and imposing a requirement to buy from domestic production, other countries may follow suit and adopt similar measures. This would be harmful to the European steel industry, the German industry group said.
“There would be sales losses in the form of reduced exports to third-party markets, especially since it would have to be expected that other countries would follow the US commercial policy example. The effects would be serious, especially for the steel industry in Europe and Germany,” WV Stahl said on Thursday February 16.
Instead of adopting a protectionist trade policy, compensation for unfair behaviour should be supported for steel producers in the EU, Hans Jürgen Kerkhoff, president of WV Stahl, said.