STA, March 5, 2018 – The American Chamber of Commerce in Slovenia (AmCham) has expressed regret about the US administration's plans to impose tariffs on steel and aluminium imports, which it says would unfairly target European manufacturers.
AmCham Slovenia warns of the risk that the unilateral decisions will harm "cross-atlantic economic and political links, which could jeopardise jobs, investment and security on both sides of the Atlantic. US companies employ more than 4.7 million workers in Europe."
The chamber shares the US administration's concern about global steel and aluminium surplus capacities as a potential threat to jobs in the EU and in the US that could give rise to unfair trade practices.
However, the chamber also warns that the US tariffs move could prompt retaliatory measures from the EU and lead to violations of trade rules of the World Trade Organisation.
"The global steel and aluminium overcapacity calls for a coordinated response from the EU and US. Unilateral US government actions would fail to address this issue and instead risk harming America's relationship with Europe, its staunchest ally," AmCham EU director general Susan Danger said.
Describing trade and investment as a two-way road, AmCham Slovenia director general Ajša Vodnik said it was important that the US and the EU as the biggest trade and investment partners "find a joint response and address the challenges together".
The comments come after US President Donald Trump announced he was planning to levy penalties of 25% on imported steel and 10% on aluminium imports as of this week.
Europe as well as Canada, Brazil, Mexico and China announced counter-measures, fuelling expectations about a global trade war. Slovenian steel and aluminium manufacturers are moderately concerned.