Belgium: 'System may collapse' — EU hits out over 'damaging' tariff war

European Commissioner for Trade Cecilia Malmstrom announced that European steel and aluminium exports to the US became a subject to tariffs as she spoke in Brussels on Friday, a move which she described as 'pure protectionism.' «It is unfortunate because this is further weakening the transatlantic relations and it also increases the risk of severe turbulence in the markets globally,» said... Еще Malmstrom. «If players in the world do not stick to the rulebook, the system might collapse.» The commissioner also added that it would cause 'a lot of damage' to the steel and aluminium industries of both the EU and the US, especially with market saturation caused by China. «Our offer was that 'you [the US] take this gun away from us, we sit together as friends and equals and we discuss and eventually this could lead to negotiations.' We never got this. And now that door for the moment is closed,» added Malmstrom. On Thursday, Washington put tariffs on steel and aluminium imports from the European Union, Canada and Mexico, prompting this response from Brussels.

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