The imposition of tariffs by the US on products like Galvanized Steel Coil, Color - Painted Steel Coil, and others on the list has far - reaching impacts. For manufacturers, the increased cost of imported steel coils can squeeze profit margins. Higher prices for Cold Rolled and Hot Rolled Coil Black may slow down production in sectors such as automotive and construction.
Hot Dipped Galvanized Steel Coil and Galvalume Coated Steel Coil, popular in construction, could lead to cost escalations for building projects. Zinc Magnesium Aluminum Coated Steel Coil, despite its advanced features, may see reduced demand due to price hikes. Mild Steel Chequered Coil, used for safety - related applications, might also face the brunt, potentially affecting infrastructure development. Overall, these tariffs disrupt the supply chain and can impede economic growth on both sides of the trade.
trade war and ultimately damage the global economy
U.S. President Trump announced on the 10th that he would impose a 25% tariff on all U.S. imports of steel and aluminum, and signed a memorandum on the 13th requiring relevant departments to determine "reciprocal tariffs" with each foreign trading partner. The U.S. reckless wielding of the "tariff stick" was criticized by politicians and business people from many countries attending the 61st Munich Security Conference (MUAN), who believed that such unilateralism and protectionist practices could trigger a trade war and ultimately damage the global economy.
A number of representatives made statements of condemnation.
At the "Trade War and Peace" theme discussion held by the MUAN on the 15th, the moderator of the conference, Ngaire Woods, dean of the Blavatnik School of Government at the University of Oxford, pointed out that in the past month, the word "tariff" has frequently made major news headlines, arousing strong concern from the international community.
Canadian Foreign Minister Melanie Joly said that Canada's economic dependence with the United States is highly dependent, and the U.S. tariffs are "shocking to everyone" and an "existential threat" for Canada, which could lead to the loss of hundreds of thousands of Canadian jobs and drive up unemployment. She called on the international community to work together to address the threat of tariffs, saying that the American people will eventually feel the rising cost of living from the tariffs, which will push for policy adjustments.
German Vice Chancellor and Economy Minister Robert Habeck pointed out that the US tariffs are inherently unilateral, and that Europe needs to unite to address this challenge. He stressed that trade conflicts should be resolved through dialogue and consultation, not through trade barriers.
Marosh Shevčović, the European Commission's commissioner for trade and economic security, said that there was no justification for the United States to impose tariffs on EU products. This will not only threaten bilateral trade relations, but will also have a negative impact on the U.S. economy itself. He pointed out that tariffs are essentially "taxes" on American consumers, which will push up commodity prices, exacerbate inflation, and reduce people's living standards.
Shevčović also said that the EU is working on internal reforms to improve competitiveness, and that the increase in external trade barriers will pose a threat to this process.
Jon Huntsman, vice chairman of Mastercard, said that the tariffs would undermine broader trade rules, that the stability of the global trading system is critical for multinational companies, and that maintaining free trade and global connectivity is the key to ensuring economic prosperity.
Friedrich Merz, chairman of the Christian Democratic Union of Germany, stressed the importance of free trade and open markets at another event on the same day, saying that he hoped to lower trade barriers as soon as possible, "We do not recognize trade conflicts, let alone see trade wars."
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