"President Trump’s decision to impose tariffs on steel and aluminum imports is very unfortunate. It will hurt Swedish industry both directly and indirectly", says Carola Lemne, Director General of the Confederation of Swedish Enterprise.
As of today, the US will impose a 25 % tariff on steel imports and 10% tariffs on aluminum imports.
- This is a destructive escalation of the trade friction between the Us and Europe. If we continue down this road, there is a risk of a full-blown trade war, warns Carola Lemne.
The EU has decided to retaliate with measures of its own, specifically targeting production in States where support for President Trump is strong. Meanwhile, Trump is already considering extending tariffs also to foreign cars, claiming that American car imports may pose a threat to national security. The EU, on the other hand, is questioning the American approach and maintains that it does not respect the global trading rules as established within the World Trade Organization (WTO).
- There are good reasons for the US to work closely with the EU to ensure that all WTO members comply with the rules, and do not create unfair competition by subsidizing their own economies. Europe and the US should strive to remove tariffs on both sides instead of adding new ones that will only hinder trade and investment.
Sophia Bengtsson
Internationell handel