If Joe Biden's administration meets with Europe in an effort to repeal Donald Trump's imposed duties on steel and aluminum imported from the EU, it will cause discontent on the part of the U.S. steel industry, writes the Financial Times.
The U.S. steel industry is resisting President Joe Biden's push to end the trade dispute with Europe. Thanks to a 25 percent duty on steel imports imposed in 2018, its producers in the U.S. have significantly improved their financial performance as prices for their products have risen.
Stock prices of leading U.S. steel companies have more than doubled in twelve months.
Last week, representatives of the steel industry and its unions sent an appeal to the U.S. president urging him not to abolish import duties, as this step would have a negative impact on the industry.
At the same time, companies that use steel in their production are experiencing significant difficulties due to rising steel prices. They said that for some types of American steel products they pay 40% more than for the same products of companies in Europe.
They are calling on Joe Biden to repeal import duties.