How Germany’s steel industry is facing U.S. tariffs

CGTN Europe

The ongoing – and possibly escalating - trade war between the EU and U.S. is a worry for the steel industry. CGTN’s Natalie Carney visited a German steelworks to ask the experts.   #trump #trade  Read more 👇 https://tinyurl.com/yudvsrzd

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00:00U.S. tariffs of 25% on all EU steel and aluminum imports took effect on Wednesday, taking aim

00:07at an industry already dealing with increased competition and higher energy costs.

00:12The industrial situation in Europe is very bad. We have a very weak industrial performance

00:18in Europe at the moment, which is why the steel industry is already under pressure.

00:23There are certain overcapacities in Europe, and this pressure, which of course is now

00:28Here at the Bentelev steel factory in northwest Germany, more than 2,000 tons of billets and

00:36slabs are produced daily, mostly for the European market. But some does go to the U.S., yet

00:43they are more concerned about steel from other countries also hit by the tariffs, flooding

00:47the EU.

00:57In response, the European Commission called these tariffs illegal and economically counterproductive

01:08and has announced that it will impose counter tariffs of $28 billion worth of U.S. goods

01:14from next month. However, the Commission has also said that it remained open to negotiations,

01:20a position many German steel manufacturers such as Bentelev also support.

01:27The German economy, the EU and the German government should not enter into a tariff

01:34competition, because that would ultimately slow down the economy. I think we should

01:40enter into talks with the U.S. to find good solutions for both, for the EU, for Germany,

01:48for the U.S.

01:49According to the European Union Industry Association, around 4 million tons of steel were exported

01:54to the U.S.A. from the EU in 2023, with a fourth of that coming from Germany alone.

02:01Natalie Carney for CGTN in Lingen.

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