International news within the industry of mining and metal, Nov, 13 2018
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Chinese steel on its way to the United States is redirected to Europe

Steel mill in full action. Photo: Creative Commons, credit: skeeze
Steel mill in full action. Photo: Creative Commons, credit: skeeze
Published by
Markku Björkman - 18 Jun 2018

Since US President Donald Trump introduced new tariffs on steel and aluminum and raised prices for a number of Chinese processed goods, Chinese steel exports to the United States have been redirected to ports on the European market.

We have already begun to feel the increased supply of steel, says Mathias Ternell in the Jerntorget trade association to the New York Times.

- This is what Swedish and European companies are most worried about, he says.

At the same time, figures show that activity at ports and freight terminals, especially in Europe and Asia, has increased after two years of growth, the newspaper writes.

According to economics economist at Indosuez Wealth Management, Marie Owens Thomsen, only the idea of a possible trade war and increased protectionism were sufficient for the world economy to fall into the emergency brake. The opposite seems to be the case.

- An existential crisis is threatening the world economy, she says.