European Union Steel Exports to the United States Surge Under Biden Administration
EU steel exports to the US reached €13.4 billion in 2024, a significant increase driven by changes in trade policies.
In 2024, the European Union (EU) exported €5.4 billion worth of iron and steel to the United States, alongside €8 billion in derived products, totaling €13.4 billion in annual exports, according to data from the European Commission.
This trade surge comes despite the implementation of a 25% tariff on global steel imposed by former President Donald Trump.
Since 2019, EU exports of iron and steel products to the US have risen by 45.1%.
The United States has become the largest market for EU steel products and the second-largest market for direct iron and steel after Turkey.
In 2024, the EU's steel and iron exports positioned the US as the second-largest export partner, with the UK following at €4 billion, Switzerland at €2.1 billion, and Mexico at €1.7 billion.
The value of steel and iron articles exported to the US reached €8 billion, representing a 45.1% increase compared to the data from 2019. Other export destinations include the UK (€6.3 billion), Switzerland (€3.5 billion), Norway (€2.9 billion), and China (€2.8 billion).
Overall, the EU recorded total exports of iron, steel, and related products worth €77.8 billion in 2024, while imports amounted to €73.1 billion, resulting in a trade surplus of €4.7 billion.
Comparatively, from 2019 to 2024, exports increased by 15.2% (an increase of €10.3 billion), while imports grew by 23.7% (€14 billion).
Despite the increased monetary value of trade, the physical weight of transactions has decreased, indicating a 17.3% decline in exports and a 1.6% drop in imports by weight.
This disparity underscores that the rise in value is primarily attributed to increased prices in the steel sector, rather than volume.
The EU's position has been adversely affected by the tariffs imposed by the Trump administration, which has led to increased costs for European steel producers.
In 2024, the EU's exports of iron and steel products rose by 9.9%, totaling €32.3 billion, while imports surged by 19.7%, reaching €39.5 billion.
However, weight-wise, exports fell by 14.6% and imports increased by 4.1%.
In Spain, the steel sector has expressed concerns regarding potential implications from the reintroduction of tariffs by the US. The director general of UNESID, a trade association representing the steel industry in Spain, highlighted the significant direct and indirect employment generated by this sector, indicating that American tariffs could jeopardize many high-skilled jobs in the industry.
This trade surge comes despite the implementation of a 25% tariff on global steel imposed by former President Donald Trump.
Since 2019, EU exports of iron and steel products to the US have risen by 45.1%.
The United States has become the largest market for EU steel products and the second-largest market for direct iron and steel after Turkey.
In 2024, the EU's steel and iron exports positioned the US as the second-largest export partner, with the UK following at €4 billion, Switzerland at €2.1 billion, and Mexico at €1.7 billion.
The value of steel and iron articles exported to the US reached €8 billion, representing a 45.1% increase compared to the data from 2019. Other export destinations include the UK (€6.3 billion), Switzerland (€3.5 billion), Norway (€2.9 billion), and China (€2.8 billion).
Overall, the EU recorded total exports of iron, steel, and related products worth €77.8 billion in 2024, while imports amounted to €73.1 billion, resulting in a trade surplus of €4.7 billion.
Comparatively, from 2019 to 2024, exports increased by 15.2% (an increase of €10.3 billion), while imports grew by 23.7% (€14 billion).
Despite the increased monetary value of trade, the physical weight of transactions has decreased, indicating a 17.3% decline in exports and a 1.6% drop in imports by weight.
This disparity underscores that the rise in value is primarily attributed to increased prices in the steel sector, rather than volume.
The EU's position has been adversely affected by the tariffs imposed by the Trump administration, which has led to increased costs for European steel producers.
In 2024, the EU's exports of iron and steel products rose by 9.9%, totaling €32.3 billion, while imports surged by 19.7%, reaching €39.5 billion.
However, weight-wise, exports fell by 14.6% and imports increased by 4.1%.
In Spain, the steel sector has expressed concerns regarding potential implications from the reintroduction of tariffs by the US. The director general of UNESID, a trade association representing the steel industry in Spain, highlighted the significant direct and indirect employment generated by this sector, indicating that American tariffs could jeopardize many high-skilled jobs in the industry.
Translation:
Translated by AI
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