Surge in 2018 EU steel imports directly linked to Trump tariffs: Eurofer

BRUSSELS (Reuters) - An 8 percent surge in European steel imports this year is a direct result of Washington’s import tariffs on the metal, which have caused trade flows to be deflected to Europe’s shores, European steel industry association Eurofer said on Thursday.
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The association called on the European Union to impose safeguards - in the form of both tariffs and quotas - on EU steel imports to prevent a worsening steel import surge that will further harm the sector.
It added, however, that the measure might put Europe’s steel exports at risk, as other countries might be tempted to raise their own steel import barriers, causing a domino effect that would harm free trade worldwide.
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 “This is an absurd situation. Nations that are pro free trade are on (the verge) of starting trade war. But we are where we are. We’ll be destroyed if don’t stop this tsunami (of steel),” said Geert van Poelvoorde, Eurofer president and an executive at ArcelorMittal, the world’s largest steelmaker.
U.S. tariffs of 25 percent on incoming steel and 10 percent on aluminum came into effect on March 23 and have been imposed on Europe, Canada and Mexico since last Friday, June 1, after their exemptions expired.
The EU has said it could impose preliminary measures to safeguard its steel and aluminum industries as early as July, mainly to prevent Asian producers flooding the European market.
Steel is the second biggest industry in the world after oil and gas.
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