This Morning in Metals: Germany Prepares for U.S. Steel Tariff as Clock Ticks on Exemption
This morning in metals news, Germany is getting ready to face the 25% U.S. steel tariff when the current temporary exemption for the E.U. expires early next week, Canada’s foreign minister says NAFTA negotiators have made progress on automotive rules and the E.U. is keeping a close eye on aluminum imports in the post-Section 232 world.
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Preparing for Tariffs Time
The European Union is collectively bracing for the U.S.’s Section 232 steel and aluminum tariffs exemption to expire early next week, after which E.U. member states would be hit with the 25% and 10% tariffs on steel and aluminum, respectively.
Germany, of course, a prominent steel producer, is one of those member states preparing for the U.S. tariffs.
According to a German official cited by the Financial Times, Germany is seeking a “long-term deferral” from the tariffs.
NAFTA Talks Drive Forward on Auto Rules
According to Canadian Foreign Minister Chrystia Freeland, talks on renegotiation of the North American Free Trade Agreement (NAFTA) have made some progress on automotive rules, Reuters reported.
The talks have focused on, among other things, the percentage of each vehicle required to be composed of components from NAFTA nations (by value).
E.U. Eyeing Aluminum Imports
The E.U. has begun to monitor aluminum import levels to determine if the U.S. Section 232 measures have diverted an increased amount of global supplies to the 28-member bloc, Reuters reported.
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According to the report, data collected on import levels will be used to determined whether or not the E.U. needs to implement measures to curb imports.
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