German steel federation warns of further strain on industry due to US tariffs

The German Steel Federation (Wirtschaftsvereinigung Stahl) has expressed serious concerns over the recent announcement by the United States to introduce reciprocal tariffs on imports, including a 20 percent minimum tariff for exports from the European Union. The move, which follows earlier US tariffs on steel and aluminium, could significantly impact Germany’s steel industry, a sector highly dependent on exports.

Kerstin Maria Rippel, director general of the German Steel Federation, called the US decision a “dark day” for transatlantic trade. She emphasized that Germany, more than any other EU country, relies heavily on exports, with a substantial portion of goods exported to the US being steel-intensive, particularly in machinery and industrial parts. The federation estimates that indirect steel exports from Germany, including products with high steel content, amount to 2.4 million tonnes annually.

Rippel warned that these new tariffs, compounded by existing trade barriers, would further damage the steel industry already struggling with a demand crisis. She expressed concern that the introduction of additional tariffs would exacerbate these economic pressures, potentially leading to more challenges for the industry.

Despite these challenges, Rippel called on the European Union to respond resolutely but also to keep the door open for dialogue with the US in order to find a political solution. She also urged the German government to act quickly to deploy funds from the special infrastructure and climate protection programme into concrete, effective measures that could help stimulate the domestic economy.

Source and Photo: WV Stahl