DUESSELDORF (Reuters) -U.S. tariffs on steel have only a limited direct effect on Thyssenkrupp Steel Europe, the company said on Wednesday, but the increase in import duties brings with it pressure on trade relations more broadly, it warned.
“The company’s main sales market is in Europe and exports of steel products to the U.S. are low in volume,” the company said in an emailed statement to Reuters.
“Nevertheless, the further increase in tariffs represents an enormous burden for transatlantic trade. Increased diversion effects would further increase import pressure on Europe,” it said, after the U.S. doubled tariff rates on most imported steel and aluminium on Wednesday.
(Reporting by Tom Kaeckenhoff, Editing by Rachel More, Editing by Madeline Chambers)
