The Impact of Tariffs on Steel, Pharmaceuticals, Automotive, and Agriculture Exports
Analysis of the consequences of tariffs on key sectors in Europe and beyond.
Since their implementation in 2018, the 25% tariffs on steel have had significant implications for the steel export market.
Italian steel exports have seen a drastic decline, dropping from 900,000 tonnes to less than 300,000 tonnes anticipated in 2024, according to industry representatives.
The Italian steel industry has sought to adapt by redirecting its sales, with 50% of production sold domestically in Italy, 30% to the rest of Europe, and 20% exported to North Africa and Canada.
Concerns have been raised about the potential for further repercussions if tariffs are extended to products manufactured using steel, such as automobiles.
The automotive sector is reportedly experiencing challenges attributed to the European Union’s green policies.
Industry leaders argue that American manufacturing alone cannot meet the demands, as it relies on components not produced domestically.
There is a call for cooperation between the United States and the European Union to mitigate their competitive disadvantages.
However, the challenge is underscored by the aggressive trade policies of China, which is experiencing significant overcapacity in steel production and impacting global markets, from Europe to the Pacific.
This context raises the urgency for Brussels to consider implementing additional trade barriers to protect local industries.
Italian steel exports have seen a drastic decline, dropping from 900,000 tonnes to less than 300,000 tonnes anticipated in 2024, according to industry representatives.
The Italian steel industry has sought to adapt by redirecting its sales, with 50% of production sold domestically in Italy, 30% to the rest of Europe, and 20% exported to North Africa and Canada.
Concerns have been raised about the potential for further repercussions if tariffs are extended to products manufactured using steel, such as automobiles.
The automotive sector is reportedly experiencing challenges attributed to the European Union’s green policies.
Industry leaders argue that American manufacturing alone cannot meet the demands, as it relies on components not produced domestically.
There is a call for cooperation between the United States and the European Union to mitigate their competitive disadvantages.
However, the challenge is underscored by the aggressive trade policies of China, which is experiencing significant overcapacity in steel production and impacting global markets, from Europe to the Pacific.
This context raises the urgency for Brussels to consider implementing additional trade barriers to protect local industries.
Translation:
Translated by AI
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