Trump slapped tariffs on EU steel and aluminum imports
The USA today slapped 25% tariffs on steel and 10% on aluminum imports from Canada, Mexico, and the EU, after talks concerning an extension of the temporary exemptions failed. The USA is also going to set import quotas for other countries such as South Korea, Argentina, Australia and Brazil. European Commission President Jean-Claude Juncker said the union will institute as-yet unspecified counter-measures. They may include tariffs on Harley-Davidson, Kentucky bourbon, or peanut butter. The EU also might speed up its plans to tax US tech giants such as Google, Facebook, and Amazon.
The import tariffs won’t have any direct impact on the Slovak steel makers U.S. Steel Košice and Železniarne Podbrezová and aluminum smelter Slovalco, since these mostly export to Western Europe. Indirect effects might be substantial, though, as the European market is likely to be flooded by steel and aluminum that can’t be sold in the USA.