Burton Mills - EU Market Affected by US Tariffs
Burton Mills - Metals imports diverted to the European markets after Trump's tariff implementation.
TAIPEI CITY, Taiwan, June 4, 2018 (Newswire.com) - Analysts at Burton Mills say the US tariffs on metals imports have caused a significant increase in volumes on Europe’s steel market as some producers reroute their product to the European Union instead of the US.
Burton Mills analysts say that according to official data, during the first quarter of this year imports originating from Russia increased by more than 100 percent compared to 12 months earlier and imports from Turkey increased by almost 80 percent.
Burton Mills analysts say that it will be necessary for the European Union to come up with measures to stop foreign metals from flooding the European market. One such measure could be the imposition of similar tariffs or quota restrictions.
In March, US President Donald Trump decided to impose a tariff on foreign steel and aluminum in an effort to restrict imports originating from China which the US claims have forced prices down and cause firms in the US to close their doors.
Although the US has allowed a temporary exemption from the tariffs for Mexico, Canada, and the EU until the 1 of June, the European Union is insisting on a permanent exemption.
Analysts at Burton Mills believe the European Union is in a good position to negotiate with the US but that it is important to show a united front and must resist internal division from weakening their position.
While Germany is calling for the rest of the European Union to demonstrate some willingness to compromise and work towards a broad trade deal with the United States that will be beneficial to both sides, France is against this approach.
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Source: Burton Mills