Egypt may lose $178mln to US steel tariffs

Other News Materials 10 March 2018 03:25 (UTC +04:00)

New US tariffs on steel imports could cost Egypt $178 million in lost profits, Sputnik reported, citing Egyptian media.

Two Egyptian companies – Ezz Steel and Kandil Steel – export roughly 173,000 tonnes of steel products to the United States, sources told the local El Watan newspaper on Friday.

A source in the Egyptian Trade and Industry Ministry told the daily that Cairo was considering asking the United States for an exemption.

US President Donald Trump signed a policy on Thursday that imposes 25-percent tariffs on steel imports and 10-percent duties on aluminium. Canada and Mexico are excluded while a free trade NAFTA deal is being renegotiated.

US trade partners in South America, the European Union, Japan, and South Korea said they regretted the new policy, while China warned about damage to global trade rules. Argentina said it would seek a waiver.