US protectionism causes glut in European steel supply

IANS  |  Berlin 

New tariffs imposed by US on international imports of have led to a sharp rise in the supply of commodity on European markets, the Industry warned on Monday.

Kerkhoff urged the (EU) to take countervailing measures against negative ripple effects of Trump's "America First" doctrine.

Although has temporarily extended an exemption enjoyed by the EU from US tariffs, the related commercial challenges encountered by members of the association drew attention to the indirect harm caused by to and the wider world

Representatives of the are currently negotiating with US trade officials in an attempt to obtain a permanent exclusion for the bloc from steel and aluminium tariffs.

Meanwhile, German Frank-Walter Steinmeier, while speaking to the "ARD" on Sunday night, expressed "genuine concern" that the trade conflict unleashed by Trump could result in lasting damage to traditionally close diplomatic ties between and

Steinmeier said that "substantial change" had occurred in the nature of the wider transatlantic alliance, lamenting that European and US societies were increasingly drifting apart.

He said the no longer seemed to see itself as "belonging to a community of nations which cooperates and shares values." The "sometimes irritating" twitter diplomacy of Trump was only a relatively small problem compared to the refusal of to embrace multilateralism in addressing economic and political challenges in this context.

Nevertheless, Steinmeier emphasized that remained committed to a vision of global governance where nations cooperated constructively instead of imposing their will through brute force. He highlighted that would also continue to defend the nuclear accord questioned by Trump.

--IANS

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First Published: Tue, May 08 2018. 07:34 IST