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Investing.com -- The European Union (EU) has measures in place that can lessen the effects of tariffs imposed by the former U.S. administration and the Chinese steel over-supply on the EU’s steel industry, according to Ilse Henne, a board member of Thyssenkrupp (ETR:TKAG). Henne made these comments at a conference with EU trade chief Maros Sefcovic on Thursday.
One such measure is the complete halt of Russian steel imports. The EU has already banned steel imports from Russia in response to its invasion of Ukraine, with plans to gradually phase out shipments. However, Henne pointed out that some Russian steel is still entering Europe, amounting to three to four million tons per year. She suggested that stopping these imports entirely could be a viable strategy to support the EU steel industry amidst the tariffs and supply glut.
"Security starts in making sure that industries survive today. And for the steel industry, that means simply applying a number of defense instruments that we already have," Henne said.
In addition to these measures, the EU is also in the process of negotiating a trade agreement with India, with the goal of finalizing the deal by the end of this year. India’s federal trade minister, Piyush Goyal, stated in April that India is working to gain more access for its steel exports to various markets, including the EU.
However, Henne warned that Europe is on the brink in its negotiations with India. She expressed concern over the potential for Indian steel to flood the market, following in the footsteps of Chinese deals.
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