In an emailed statement, a spokesperson for the European Commission (EC) expressed regret over the US announcement to increase tariffs on imported steel from 25% to 50%.
The EC stressed that this decision adds to the uncertainty of the global economy and increases costs for consumers and businesses on both sides of the Atlantic.
The EC also warned that the tax increase would undermine current efforts to reach a negotiated solution.
Australian Trade and Tourism Minister Don Farrell said President Trump's plan to double tariffs on steel and aluminum was irrational and an act of economic self-harm.
Mr Farrell said Australia's position was consistent and clear and the federal government would continue to campaign vigorously for the removal of these tariffs.
Previously, on May 30, speaking at a US Steel factory in Pennsylvania, President Trump said he would double the steel import tax to 50%.
The announcement on social network Truth Social stated that this new tax on imported steel will take effect from June 4, 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 sweeping tariffs on both allies and trading partners. He has also targeted specific industry sectors including steel, aluminum and autos.
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 corresponding tariffs targeting US goods. The EU also announced retaliatory tariffs, but then announced a 90-day delay.
In the world market, the price of steel rebar for June delivery on the Shanghai Stock Exchange continued to decrease slightly in the trading session on June 2. Similarly, the price of iron ore for June delivery on the Singapore Stock Exchange also decreased.
Steel prices continued to decline due to concerns about the US’s increase in steel import tariffs and the reactions of the regions. In the spot market, although rebar prices increased in Türkiye and China, most other markets were under pressure.
The global rebar market continued to be volatile in May, with most regions experiencing weak demand, a seasonal slowdown in the construction sector and downward pressure on prices. Only China and Türkiye recorded slight increases, but the overall market remained quite limited.
In Türkiye, rebar prices rose 2.4% to $550.60/mt FOB as of May 30, mainly due to higher input costs and some mill shutdowns. However, the pace of increase slowed sharply in the second half of May.
The EU rebar market was pressured by weak construction activity and falling scrap prices, causing steel prices to fall in most regions, with the most notable decline in Italy (8% to EUR 550.6/t EXW as of May 30) due to weak overall demand and fierce competition.
In May, US rebar prices fell 1.9% to $765/tonne, breaking a two-month streak of stability, showing signs of weakness due to falling demand, scrap price volatility, excess inventories and tariff uncertainty.
The 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
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