In an email statement, a spokesperson for the European Commission (EC) expressed regret over the US announcement of an increase in tariffs on imported steel from 25% to 50%.
The EC stressed that this decision adds to the instability of the global economy and increases costs for consumers and businesses on both sides of the Atlantic.
In addition, the EC warned that increasing tariffs would undermine current efforts to reach a negotiated solution.
Australian Minister for Trade and Tourism , Don Farrell, said President Trump's plan to double tariffs on steel and aluminum was absurd and an act of self-harm economically.
Mr. Farrell affirmed that Australia's position is consistent and clear and that the federal government will continue to campaign vigorously to eliminate these tariffs.
Earlier, on May 30, speaking at a US Steel plant in Pennsylvania, President Trump announced he would double import tariffs on steel to 50%.
A statement on the social media platform Truth Social clarified that the new tariffs on imported steel will take effect from June 4th, as part of a policy to protect the domestic steel and aluminum industries.
Since returning to the White House in January 2025, President Trump has imposed extensive tariffs on both allies and trading partners. He has also targeted specific industry-specific goods, including steel, aluminum, and automobiles.
In March 2025, the Trump administration imposed a comprehensive 25% tariff on all steel and aluminum imports into the United States.
Canada immediately responded with retaliatory tariffs targeting US goods. The EU also announced retaliatory tariffs, but later announced a 90-day postponement.
On the global market, June futures prices for steel rebar on the Shanghai Exchange continued to decline slightly in the trading session on June 2nd. Similarly, June iron ore futures prices on the Singapore Exchange also fell.
Steel prices continued their downward trend due to concerns over the US's planned increase in import tariffs on steel and the reactions from other regions. On the spot market, although rebar prices rose in Türkiye and China, most other markets remained under pressure.
The global rebar market continued to be volatile in May, with most regions experiencing weak demand, a seasonal slowdown in the construction industry, and downward price pressures. Only China and Türkiye recorded slight increases, but overall the market remained quite limited.
In Türkiye, rebar prices rose 2.4% to $550.6/tonne FOB as of May 30, mainly due to higher input costs and temporary shutdowns at some mills. However, the rate of increase fluctuated sharply in the latter half of May.
The EU rebar market is under pressure from weak construction activity and falling scrap prices, leading to lower steel prices in most regions, with the most notable decline in Italy (8% to 550.6 EUR/tonne EXW as of May 30) due to overall weak demand and fierce competition.
In May, US rebar prices fell 1.9% to $765 per ton, breaking a two-month streak of stability and showing signs of weakening due to declining demand, fluctuating scrap prices, excess inventory, and tariff uncertainty.
Negative reactions from major economies show that the US decision to increase steel tariffs is creating significant and complex impacts on global markets.
Source: https://baoquangnam.vn/my-tang-thue-thep-len-50-3155932.html
Comment (0)