US Steel Prices Steady After Section 232 Investigation Deadline Passes

Stormy G20 ends with gestures for Trump on climate, trade

Germany is among those nations, as a top exporter of steel to the U.S. The Germans are waiting to hear from President Donald Trump during the G20 summit, which begins on Friday in Hamburg, Germany.

"A number of EU countries may be affected by a US measure, certainly more than countries such as China for which steel exports to the USA have mostly been blocked by massive anti-dumping actions", the European Steel Association, known as Eurofer, said.

Trump who had a successful meeting with Prime Minister Modi at the White House last week, is likely to interact with the Indian leader on the sidelines of the G-20 Summit.

This would trigger of course, said Gabriel a big reaction from Europe and that will hurt the U.S.as well as European countries.

Also, invoking national security is all but taboo at the World Trade Organisation, the arbiter of worldwide trade rules, because it is largely seen as a way to wage economic warfare by citing arbitrary defense concerns.

Trump in the coming days is expected to decide whether to slap new tariffs or other restrictions on steel imports.

Europe is ready to fight back if President Trump introduces tariffs on steel imports, a top European Union official said Friday.


The U.S. has often criticized China for illegally subsidizing the steel and aluminum industries and contributing to a global glut of the metals. His point was that it doesn't make sense to talk about bilateral trade deficits in a multilateral world, the official said.

- According to a new report, President Trump's aggressive stance on global trade may be working in America's favor.

The administration has been reviewing the effect of steel imports on the American economy and national security since April with the Department of Commerce due to release a report on the topic as soon as this week.

World leaders forged a fragile compromise at a summit in Germany that did not hide the reality that Donald Trump's America is increasingly going its own way.

While the policy recommendations of those probes haven't been announced, some US businesses are feeling pretty good about what those protectionist policies might do for them.

"The EU is a traditional and reliable steel supplier of the U.S., the EU member states concerned are North Atlantic Treaty Organisation partners of the U.S. There is therefore no justification for targeting any steel supplies from the EU", Eurofer said. The G-20 will "continue to fight protectionism including all unfair trade practices and recognize the rule of legitimate trade defense instruments in this regard".

"We are going to see probably more private conversations about the Section 232 process under way in the USA", said Joshua Meltzer, a senior fellow at the Brookings Institution in Washington.

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