European metal associations have held off from commenting on US President Donald Trump’s May 23 threat to impose tariffs of 50% on all goods from the EU from June 1, as the tariffs have not been formalized.
In a May 23 Truth Social post, Trump recommended a straight 50% tariff starting June 1, saying there was no tariff if a product was manufactured in the US.
In the post, Trump said that US discussions with the EU were “going nowhere ” and that the EU was “difficult to deal with.”
“Their powerful trade barriers, VAT taxes, ridiculous corporate penalties, non-monetary trade barriers, monetary manipulations, unfair and unjustified lawsuits against American companies, and more, have led to a trade deficit with the US of more than $250 million/year, a number which is totally unacceptable,” Trump said.
Eurometaux Director General James Watson told Platts, part of S&P Global Commodity Insights, that 50% tariffs were fundamentally bad news for all sectors and the nonferrous metals sector was no different.
“This will destabilize global metal value chains and run the risk of leading to job losses and capacity reductions in our sector not just in Europe but in the US too. What we need now is the exact opposite of this tariff policy,” he said.
A European steel association, Eurofer, spokesperson said the association would not comment at this stage, while European Aluminium also declined to comment, with a spokesperson noting the tariffs had not yet been formalized.
“As always, our focus remains on fostering stable, rules-based trade relations and reinforcing the importance of transatlantic industrial cooperation,” the European Aluminium spokesperson said.
A battery materials producer source told Platts he wasn’t sure what the threat was based on.
“The US is still going to be an importer of critical raw materials. It’s just Trump throwing a hand grenade and then starting to negotiate once the dust settles,” he said.
The European Commission had not yet formally reacted to Trump’s recommendation, with European Commissioner for Trade Maros Sefcovic due to meet US trade representative Jamieson Greer later on May 23.
The EU already faces the blanket 10% tariff Trump previously imposed globally, although these were paused April 9 for 90 days.
The EU is also subject to the 25% import tariff on steel and aluminum imports, which were not part of the 90-day pause, although Trump did issue an executive order April 29 ensuring automakers, steel and aluminum producers could avoid paying multiple tariffs, by preventing tariffs from being “stacked” on top of others.
It was uncertain whether, if formalized, the blanket 50% tariffs would override the existing 25% steel and aluminum tariffs.
According to Eurostat data sent to Platts by European Aluminium, the EU exported 400,212 mt of aluminum products to the US in 2024, down 2.7% year over year, of which 59,261 mt was unwrought aluminum, falling 5.1%, and 3,319 mt was aluminum waste and scrap, down 58%
The EU also imported 102,817 mt of aluminum products from the US in 2024, up 6.4% year over year, of which 14,400 mt was unwrought aluminum, up 26.9%, and 42,900 mt was aluminum waste and scrap, rising 3.4%.
The US is the second-biggest export market for EU steelmakers, representing 16% of the total EU steel exports in 2024. According to Eurofer aggregate data, total exports from the EU to US peaked at around 3.352 million mt in 2022.
In early May, the US and UK announced a trade deal, eliminating the 25% tariff on US imports of British steel and aluminum and providing tariff relief for the British auto industry.
Platts assessed domestic HRC prices in Northern Europe at Eur630/mt ex-works Ruhr May 22, up 12.5% since the start of 2025.
