Europe’s steel distributor’s trade association EUROMETAL has joined virtually the rest of the continent is signalling the disruptive nature of the US Section 232 tariffs on global trade. EUROMETAL highlights the guiding principles of the Marrakesh Agreement made when establishing the World Trade Organization (WTO).
In a statement sent to Kallanish, the association adopts a rational and reasoned approach, suggesting that the precipitous US action and consequential retaliatory actions by other nations are both undesirable. “EUROMETAL is aware that global overcapacities in steel are of nature to disrupt steel trade flows, with spiralling moves towards protectionism, unfair trade practices and retaliating trade measures and, as a consequence, raising uncertainty and volatility in global steel markets.
In that line, US safeguard measures and corresponding retaliating measures are a serious blow against the optimisation of global steel supply chains with heavy negative consequences for all stakeholders of the steel supply chain,” its says.
These stakeholders include all main end-user groups as well as the global distribution sector, EUROMETAL says. The association reinforces this by listing the four basic tenets of the World Trade Organization as listed in the Marrakesh agreement. These are the “… official primary guiding principles of free and fair trade,” it says.