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The European Union anticipates losses of up to €28 billion ($29.3 billion) from the first wave of tariffs imposed by the Trump administration on steel and aluminum, according to Bloomberg.
Sources indicate that the range of affected products, which may include derivatives, is expected to be about four times greater than the previous instance when Trump targeted the EU's steel sector.
Last week, following a visit to Washington and a meeting with US officials, European Trade Commissioner Maroš Šefčovič briefed EU ambassadors, noting that the situation remains fluid, and the specifics and extent of the tariffs could still change.
In 2018, the US imposed duties on nearly $7 billion worth of European steel and aluminum exports. These tariffs included a 25% levy on steel products and 10% on aluminum, with certain exemptions. In retaliation, the EU applied tariffs on a number of US goods.
A truce was reached in 2021, with the US partially reversing its measures and introducing tariff quotas, which are subject to retaliatory duties, while the EU suspended its own restrictions.
On February 10, former US President Donald Trump ordered a 25% duty on all steel and aluminum imports without exemptions or exceptions, effective from March 12, 2025.
The Trump administration plans to impose additional Section 232 tariffs on 167 steel derivatives, which could face an extra 25% ad valorem duty.
