During a panel discussion The New Normal of the Global Economy as Europe Loses Its Way at the EUROMETAL Southern Europe Meeting 2026 held recently in Milan, Emilio Rossi (EconPartners & Oxford Economics), Fernando Espada (Tata Steel) and Armando Cafiero (Confindustria Ceramica) painted a clear picture of European industry: it is looking for solid ground in the context of geopolitical and regulatory requirements. uncertainty.
Fernando Espada opened the debate by noting a change of pace in Brussels: the European Commission appears to have recognized the urgent need for a specific industrial policy. “The message is gradually reaching the entire European society,” Espada explained, referring to the European Parliament’s recent response on protective measures that extended to the entire “steel ecosystem,” recognizing the value of the entire value chain. In this scenario, Emilio Rossi recalled that the competitiveness of the steel industry strictly depends on integration with advanced services and high-performance technology sectors.
The debate continued with comparisons between the worlds of steel and ceramics. Armando Cafiero stressed that the Italian ceramics sector, which exports 80 percent of its turnover, faces the same challenges as the steel industry: infrastructural deficiencies, energy costs and unfair competition. Regarding the last point, Cafiero recalled that the “Chinese invasion” was blocked in 2013 thanks to anti-dumping duties, but now the problem arises with India, where anti-dumping actions did not have the same effect. “The free trade agreement [with India], which we fully understand and support because we export 80 percent, does not pay attention to sectors like ours,” he commented.
Trade protection measures - tariffs, CBAM and ETS
While Europe is preparing for a new protection regime (which could reduce import volumes by 50 percent), in the United States an atmosphere of uncertainty prevails. As SteelOrbis has already reported , the Supreme Court struck down the reciprocal tariffs imposed by President Trump, declaring them illegal. When asked about the possibility of a change of course, Rossi noted that the current situation makes it almost impossible to make predictions and emphasized that tariffs are being used more as tools of domestic politics and global dominance than as real economic adjustments.
Espada, on the other hand, offered a more pragmatic interpretation. “Personally, I believe that the steel market is ideal from a theoretical point of view
