EUROFER WARNS OVER JOB LOSSES RELATED TO USA METAL DUTIESMarch 16th, 2018
BY LIZ NEWMARK, in Brussels EUROPEAN steel association EUROFER’s communications director Charles De Lusignan told Metal Bulletin on March 13 that the impact of the USA’s steel and aluminium duties through a loss of US exports, combined with a surge of EU imports, could force EU steel producers to reduce production by more than 10 million tonnes.
This would mean direct job losses of up to 20,000 and indirect job losses of up to 140,000. For the US, he cited an assessment led by former acting director of the Office of Economics at the US International Trade Commission, Professor Dr Joseph Francois, that the tariffs could cost the US economy 146,000 jobs through retaliatory measures and increased metal costs (plus 33,000 in the steel industry, but minus 179,000 in the rest of the US economy).
“The US did this to create jobs, but although there will be some gains for steel factories, the tariffs will result in net losses,” he told Metal Bulletin. “So, in the end, no-one is the winner,” said Mr De Lusignan.