Thyssenkrupp has warned that Donald Trump’s steel tariffs could deepen Europe’s overcapacity problems by squeezing the bloc’s exports while prompting Chinese producers to flood the market with even more shipments.
Jens Schulte, chief financial officer of the steelmaker, told reporters on Thursday that the company would analyse “over the next couple of months” the indirect impact of the tariffs, which the US president announced on Monday.
Schulte said the tariffs, of 25 per cent on all imports of steel and aluminium into the US, could the world’s largest steel exporter to divert excess output to Europe.
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