This morning in metals, the European Union has seen its level of imports surge in 2018, a Republican Senator has unveiled a bill that seeks to check the president’s authority on tariffs and the E.U. plans to impose tariffs on the U.S. next month.
EUROFER Links U.S. Tariffs With Import Rise
In light of the U.S.’s decision to impose its aluminum and steel tariffs on the E.U. (after the deadline on the 28-member bloc’s temporary exemption came and went June 1), the European Steel Association (EUROFER) says the E.U.’s steel exports have jumped 8% this year, Reuters reported.
The association argues that the import surge is directly attributable to the redirecting of supplies into Europe (as a result of the U.S.’s Section 232 tariffs).
“The European steel industry condemns the US import tariffs on steel. This protectionist trade action is absurd – it hits the US’ own allies hardest,” said Geert Van Poelvoorde, president of EUROFER, in a release Thursday. “We also now expect to face a large loss of market share in the US, a market that accounts for 16% of EU exports.”
Corker Introduces Bill to Check President’s Tariff Authority
It has been a big year for tariffs in the world of metals, an arena in which the office of the president has quite a bit of power.
Sen. Bob Corker (R-Tenn.), however, has introduced a bill that would seek to limit the president’s power with respect to tariffs, the Washington Post reported.
According to the bill, the president would have to win congressional approval if he plans to enact tariffs on the grounds of national security, the Post reported.
E.U. Plans Retaliatory Tariffs
The E.U. will slap $3.3 billion in tariffs on U.S. goods next month, according to a CNN report.
E.U. Trade Commissioner Cecilia Malmstrom called the U.S. steel and aluminum tariffs “unilateral and illegal,” according to the report.