EU steel exports down 34% after US tariff hike

European steel exports to the United States have fallen by 34% since Washington doubled import tariffs on steel and aluminium to 50% a year ago. According to steel industry association Eurofer, higher duties on derivative products, such as washing machines and motorbikes, have also negatively impacted European demand. Steel exports to the U.S. decreased to 1.94 million metric tons in the three quarters following the tariff increase. Eurofer emphasized the importance of both the EU and the U.S. fully implementing their trade deal struck last July. This agreement stipulates that the EU will remove most of its duties on U.S. goods in exchange for a broad 15% U.S. tariff on EU exports. The deal also includes discussions on possible tariff-free steel and aluminium quotas and cooperation to address global overcapacity. Eurofer's director general, Axel Eggert, stated that the U.S. needs to fulfill its commitment to work with the EU on finding a solution. Additionally, U.S. tariffs on 'derivative' products, where the metal content was initially subject to a 50% tariff, have posed further problems for EU producers. While the Trump administration has since lowered some tariff rates, with a recent proclamation reducing the rate on some products to 15% for the EU, rates for items like fridges, lawn mowers, or rail parts remain at 25%. The EU has indicated it could suspend some concessions if these rates do not fall to 15% by the end of the year.