Business Recorder
BRUSSELS: US changes to tariffs on steel and aluminium products were met with disappointment Friday in Europe, where manufacturers had hoped for a more favourable treatment. President Donald Trump ordered an overhaul of US metal duties to simplify an onerous system for firms, alongside new tariffs on certain medicines. “US tariff tweaks on steel derivatives are a step forward but in reality change little: the US 50 percent barrier to European steel introduced last year remains,” commented Axel Eggert of European steel industry group Eurofer. “For EU producers, this means continued disruption, growing uncertainty and mounting pressure across the entire value chain.” Under the changes laid out Thursday, finished products containing substantial amounts of steel, aluminium and copper will face a 25-percent tariff on their full value instead of a 50-percent rate based on the amount of metals they contain. “We are assessing the implications for EU exports, which affects a wide range of products, including beer cans, certain cosmetics, machinery and parts, agricultural equipment and motorcycles,” said a spokeswoman for the European Commission, which is in charge of EU trade matters. “We will continue to work towards reducing tariffs”. Brussels and Washington last summer clinched a deal setting tariffs at 15 percent for most EU goods — but steel and aluminium products were not covered by it. The US Supreme Court has since struck down Trump’s global tariffs but the commission has pledged to stick by the deal. The White House has meanwhile been working to reinstate duties using different authorities.
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