The US decision to postpone the entry into force of EU duties on steel and aluminum until June 1 prolongs the uncertainty in the rolled metal market, which is already affecting business decisions. The future of free trade in Europe and in the world will be one of the topics of the session during the European Economic Congress.
Announced by President Trump in March this year, the decision has led to a plunge in stock markets, protests from CEOs of companies dependent on these raw materials and threats of retaliation from US trading partners.
According to experts, President Trump's decision was a fulfillment of an election promise for the electorate (mainly in the US Midwest), in which competition from cheaper steel products and aluminum from abroad caused industrial disruption and high unemployment.
The US president's protectionist decision was backed by representatives of US steel and aluminum producers, a union traditionally associated with the Democratic Party, and several opposition Democratic lawmakers.
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