U.S. steel tariffs spark EU trade fallout, cost billions in losses

The United States' 25-percent tariff on all steel and aluminum imports, effective since March 12, has severely impacted EU steel producers, while American consumers are being forced to foot the bill for the protectionist policy.

As a cornerstone of Europe's traditional industries and economic foundation, the steel sector reported staggering losses. Data from the European Steel Association (EUROFER) revealed that the U.S. is the second largest export market for EU steel producers, accounting for 16 percent of total steel exports in 2024. However, steel exports to America have already plummeted since the tariff implementation.

"We have lost one million tons. We are talking of a value of around about two billion euros (about 2.26 billion U.S. dollars) which we have lost, and of course that leads to capacity reduction and job losses in Europe," explained Axel Eggert, Director General of EUROFER said in an exclusive interview with China Central Television.

Eggert criticized U.S. measures, emphasizing that they go beyond mere trade disputes to present strategic challenges to Europe's industrial framework.

European industry leaders are pressing the EU for a decisive response, asserting that the tariffs not only undermine the U.S.' goal of revitalizing steel production but are poised to trigger unintended negative consequences.

"We are expecting measures by the European Union to support our industry. That needs to be a firm reaction. So this would have a huge impact on U.S. steel users as well because they depend on steel imports from the European Union. There are a number of grades and products the U.S. steel industry is not producing. The costs for the U.S. steel users will increase by 25 percent if they cannot resource from the U.S. domestic market. And that is worrying for U.S. steel consumers," Eggert said.

U.S. steel tariffs spark EU trade fallout, cost billions in losses

U.S. steel tariffs spark EU trade fallout, cost billions in losses

U.S. steel tariffs spark EU trade fallout, cost billions in losses

Iranian Foreign Minister Seyed Abbas Araghchi said on Monday that the situation in Iran is "under total control" following violence linked to protests that spiked over the weekend.

Addressing foreign diplomats in Tehran, the foreign minister noted that armed terrorist groups had infiltrated the protests, attempting to divert them from their legitimate course. He claimed that evidence has been gathered showing Iranian security forces being shot at, with the aim of causing further casualties. He accused the United States and Israel of exploiting the unrest to interfere in Iran's internal affairs.

Araghchi further stated that the government is closely monitoring developments on the streets, emphasizing that "the situation has come under control." He also affirmed that internet services, curtailed during the unrest, would be restored after coordination with security agencies.

The government has engaged in dialogue with merchants and protest representatives and initiated reforms to address grievances related to price hikes and currency depreciation. Iran has taken a series of actions and measures to respond to the demands of peaceful demonstrators, the foreign minister said.

Earlier on Sunday, Araghchi said that clear evidence links recent riots and vandalism of public facilities in Iran to the Israeli intelligence agency Mossad. This came after former U.S. Secretary of State Mike Pompeo mentioned Mossad agents operating on Iran's streets in a social media post. The Iranian foreign minister asserted that police are being attacked by "terrorists" acting under the direction of Israeli operatives, whom Pompeo publicly acknowledged.

The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and U.S. sanctions.

Iranian foreign minister says situation "fully under control," accuses Israeli intelligence of stoking unrest