The European Community Shipowners Association (ECSA) has warned over planned US steel and aluminium tariffs saying a full-scale trade war will benefit nobody.
In line with US President Donald Trump’s election promises to protect US jobs the US is planning to impose a 25% duty on steel imports and 10% on aluminium.
“This protectionist decision of imposing 25% import duties on steel and 10% on aluminium will obviously have a negative impact on transatlantic relations and on global markets”, said Martin Dorsman, ECSA’s secretary general.
“The European Shipping Community is concerned with this development and the potential of full-scale trade war. It is clear that the tariffs might leverage to other products as we have already heard from the EU leaders’ responses. A full scale trade war will benefit nobody”, he added.
European shipowners own 40% of the world’s fleet and many do the majority of their trading outside of Europe.
“European shipowners call US and the counterparts to respect the principles of free trade and prevent a full scale trade war,” he said.