Altmaier expressed hope, in an interview with the Rheinische Post newspaper on Saturday, that some German steel manufacturers would be exempt from the new US metal duties. According to the economy minister, some special types of German steel "can not be easily replaced by US production."
Therefore, US companies relying on this kind of steel will have no choice but to push up prices, which may pressure Washington to reconsider its decision and exempt some types of German steel from the 25 percent duties.
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Peter Altmeier also told the ARD broadcaster that the negative consequences of Washington's move on metal tariffs would, first of all, affect the US itself.
"It was not a clever decision," the minister added.
US Commerce Secretary Wilbur Ross's announcement that Washington would be imposing 25 percent tariffs on steel and 10 percent on aluminum imports from the European Union came on Thursday. Although the decision to introduce metal duties was made by the US President Donald Trump back in March, the EU was initially granted temporary exemption first until May 1 and then for one more month until June 1.
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In the wake of Washington's move, German Chancellor Angela Merkel warned that the US import tariffs risked leading to an "escalation spiral" in global trade. The EU condemned the introduction of duties by the US and pledged to impose retaliatory measures in order to protect its trade interests. The day before, the bloc launched a dispute settlement case at the World Trade Organization (WTO).
