NEWS

Business Communities concerned about announcement of tariffs on imports of steel and aluminum

Statements from Tom Donohue and Susan Danger

Business Communities on both sides of the Atlantic are deeply concerned about President Trump’s announcement to impose tariffs and limits on imports of steel and aluminum.

 

Statement from Tom Donohue, President and CEO of the US Chamber of Commerce, Washington:

“The U.S. Chamber is very concerned about the increasing prospects of a trade war, which would put at risk the economic momentum achieved through the administration’s tax and regulatory reforms. We won’t drive the economy to over 3 percent growth or continue to create jobs if we go down this path. We urge the administration to take this risk seriously and specifically to refrain from imposing new worldwide tariffs on steel and aluminum.
These new tariffs would directly harm American manufacturers, provoke widespread retaliation from our trading partners, and leave virtually untouched the true problem of Chinese steel and aluminum overcapacity. Alienating our strongest global allies amid high-stakes trade negotiations is not the path to long-term American leadership.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

 

Statement from Susan Danger, CEO of the American Chamber of Commerce to the EU, Brussels:

US government plans to impose tariffs and limits on imports of steel and aluminum on the basis of national security, authorized under Section 232 of the Trade Expansion Act of 1962, would fail to appropriately address legitimate concerns regarding global overcapacity.

It also risks deterioration in transatlantic economic and political relations that could threaten jobs, investment and security on both sides of the Atlantic.

AmCham EU shares the US government’s concerns regarding global overcapacity of steel and aluminum, which can hurt domestic jobs in the EU and the US and encourage unfair trading practices. However, this decision would unfairly target European manufacturers and would not address Chinese excess capacity, the root cause of the issue. As referenced by European Commission President Jean-Claude Juncker, the decision could lead to retaliatory measures by the EU against US companies and also could contravene World Trade Organization (WTO) rules. American companies employ more than 4.7 million workers in Europe, with aggregate US investment totaling more than €2 trillion in 2017.

Susan Danger, CEO, AmCham EU, said: “Addressing global overcapacity of steel and aluminum requires coordinated action by the EU and the US. Unilateral US government actions would fail to address this issue and instead risk harming America’s relationship with Europe, its staunchest ally.”

Disclaimer: Image courtesy of AmCham EU