This Morning in Metals: Merkel Says E.U. Will Retaliate Against U.S. Tariffs

Merkel Says E.U. Will Retaliate With Tariffs on U.S. Steel, Aluminum

German Chancellor Angela Merkel said the E.U. plans to retaliate on the U.S. steel and aluminum tariffs with tariffs of its own, Reuters reported.
The announcement capped a tense weekend, during which President Trump and Canadian Prime Minister Justin Trudeau have sparred over trade and the president tweeted that he would not endorse the G7 communique.

Delays in Section 232 Exemption Requests

Austrian firm Voestalpine has yet to receive a response from the U.S. with respect to its Section 232 tariff exclusion requests, Reuters reported.
According to the report, the firm said about one-third of its U.S. sales would be affected by the U.S. tariffs, which went into effect June 1 for the E.U. (after the expiration of a temporary exemption).

Exemptions for E.U.?

European officials are still figuring out how to negotiate an exemption from the U.S. steel’s and aluminum tariffs, as the bloc’s temporary exemption from the tariffs expired and the U.S. decided to impose them ahead of the June 1 deadline.
But, according to Platts, exemptions are looking increasingly unlikely.
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Even so, some European steelmakers are still planning on shipping to the U.S., even with the tariffs eating into their margins.