Published by: Julia Bolotova<>, Masha Belikova<>
4 Apr 2025 @ 11:33 UTC
European Union trade ministries will meet early next week to discuss views on trade with US, following the so-called liberation day tariffs announced on April 2, according to an official document issued by the EU on Friday April 4.

The meeting is scheduled for April 7, and is seen as an opportunity to assess the impact of the recent measures and discuss the potential for finding mutually agreeable solutions, which continues to be the EU’s preferred outcome, according to the document.
While a negotiated and constructive solution is the EU preference, the ministers will also discuss possible countermeasures should the situation warrant them, the statement said.
The Commission, in close collaboration with member states, is refining the EU’s response, especially concerning US tariffs on steel, aluminium and the automotive industry.
Still, any potential US measures in other sectors are also considered, along with the latest tariffs announced by the US of 20% for the EU.
Trade relations with China are also expected to be discussed during the meeting, Fastmarkets understands.
The background On April 2, the White House announced additional reciprocal tariffs affecting every US trade partner, including the EU.
As a result, all EU-origin imports to the US was slapped with 20% blanket tariffs, affecting an already-struggling European manufacturing sector, including the automotive industry.
While no additional tariffs on steel were added to steel at that time, the US had imposed tariffs of up to 25% on imports of steel, aluminium and certain products containing steel and aluminium from the EU and other trading partners back on March 12, as Fastmarkets reported.
The market is still digesting the tariffs and their overall effects on commodities. Meanwhile, industry sources speaking with Fastmarkets are already anticipating the potential impacts.
The upcoming virtual meeting will serve as a strategic dialogue with key industry stakeholders, aiming to: gather insights on the real and anticipated impact of US tariffs on EU steel and aluminium, explore sector proposals for an effective EU response, and help shape the next phase of EU trade defence policies, the statement from European steel association Eurometal on April 4 reads.
The EU steel industry was already in crisis, having been forced to close 9 million tonnes per year of capacity in 2024, while also announcing 18,000 job cuts, European steel association Eurofer said.
The latest steel tariffs will put further downward pressure on an already-struggling industry facing reduced margins, falling demand and rising production costs.
Europe’s steel sector remains at the heart of many regional economies, with approximately 500 production sites across 22 EU member states, the Commission said. According to EU data, the European steel sector contributes around €80 billion ($83 billion) to the EU’s gross domestic product (GDP) and supports more than 2.5 million jobs.
But declines in production volumes over recent years were also clear to see in the data. Steel production in the EU-27 was 129.50 million tonnes in 2024, according to the World Steel Association. Although this total was up by 2.6% from 2023, it was still down by 15.1% from the 152.50 million tonnes made in 2022.
In the agriculture sector, the increasing strength of the euro relatively to the US dollar has also affected demand for grains of Europe-origin, particularly in the competitive Black Sea market.
A Romania-based trader called the exchange rate a “disaster” that has “killed demand completely”.
From a pure currency exchange perspective, a cargo of 12.5% wheat from the Constanta-Varna-Burgas port offered at a €12 per tonne premium to the May Euronext wheat contract would be in euro terms €233.50 per tonne.
At the end of the previous week where the exchange rate was around 1.075, that would equate to $251 per tonne, while at the current exchange rate of 1.105, the same cargo would price at $257.93 per tonne.
That led to the situation where other Black Sea origin wheat remained stable, while EU origins went up. As an example, Fastmarkets assessed Romanian 12.5% on April 3 at $257.75 per tonne FOB CVB, given the overnight exchange rate. This was higher than Russian 12.5%, assessed at $254 per tonne FOB Russian Black Sea, which was already considered by the buyers as expensive origin.
EU traders said while existing contracts to destination markets such as north Africa were not under threat, the increased uncertainty and added volatility meant buyers were sidelining new deals.
“Customers will wait to see how the dust settles before buying so we lose a precious time, second trader said.
Traders also added that there was increasing uncertainty from a policy perspective and many were awaiting clarity from the EU and member states on tariffs.
Sam Balf in London contributed to this article.