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Europe News
European Commission asks industry to back 'Made in Europe' production
The European Commission is asking business leaders to "support and sign" a French-led initiative to increase the share of European industrial production, according to a letter seen by Euronews. The EU executive's call comes a few days before the Industrial Accelerator Act is presented.
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Economy
EU steel chief touts quotas and cooperation with US on overcapacities
According to Axel Eggert, the chief of EUROFER, the European steel lobby, tariff-rate quotas are the best solution to put an end to existing US levies on imports of steel and aluminium. He also believes that the joint fight against Chinese overcapacities should be a shared objective with the US.
Europe News
European steel sector on high alert amid slow-moving trade negotiation
The EU steel sector warned on Wednesday of overcapacities flooding the EU market after US president Donald Trump doubled tariffs on the sector to 50%. The new tariffs have increased pressure on the EU’s negotiating teams trying to break the deadlock in its ongoing trade wrangle with the US.
USA
EU 'strongly regrets' Trump's 50% steel and aluminium tariff hike
During a rally at a steel plant the US president announced that he will double tariffs on steel imports. Afterwards, he announced the same for aluminium. The measure, which would hit Europe hard, is supposed to come into force on 4 June.