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Swedish steel exports may be hit hard as US raises tariffs on steel and aluminum imports

On February 10th local time, US President Donald Trump signed an executive order announcing a 25% tariff on all steel and aluminum imports into the US, with no exceptions or exemptions. This policy is expected to affect all countries, including Sweden. Swedish Foreign Trade Minister Benjamin Dusa said the tariffs could hit Swedish steel exporters hard, although such tariffs also hit U.S. industry and consumers hard, leading to higher prices and inflation. Swedish Finance Minister Elisabet Svantesson also expressed concern that it would hinder economic growth and make things more difficult for Swedish companies. In addition, Trump hinted at reviewing additional tariffs on cars, pharmaceuticals and semiconductor chips when he signed the presidential order. Mathias Ternell, head of trade policy at Jernkontoret, a trade association for the Swedish steel industry, said the European Union must ensure that existing safeguards are extended for as long as possible to prevent an influx of steel into the European market that would otherwise go to the U.S. According to him, 8 percent of the Swedish steel industry's total exports go to the U.S.

Trade friction churning steel exports under pressure

Wang Guoqing, director of Lange Steel Research Center, analyzed that under the influence of market supply and demand, trade friction and other related factors, China's steel exports in 2025 are under pressure, but will remain relatively high. According to customs statistics, in 2024 China exported 110.716 million tons of steel, an increase of 22.7% year-on-year; imports of steel 6.815 million tons, a year-on-year decline of 10.9%. Among them, in December 2024, China exported 9.727 million tons of steel, up 25.9% year-on-year, up 4.8% from a year earlier; imported 621,000 tons of steel, down 6.6% year-on-year.

Seminar on New Opportunities in Global Steel Trade, Focusing on Export Growth and Corporate Innovation

On February 17, 2025, China Iron & Steel Industry Association (CISIA) held a seminar on the situation of import and export trade of iron and steel products, in which Xiao Lu, Deputy Director General of the Department of Foreign Trade of the Ministry of Commerce (MOFCOM), engaged in an in-depth dialogue with representatives of Baosteel, Anshanshan Iron & Steel, and a number of other enterprises, discussing the future trend of iron and steel trade and the necessity of industry innovation.

U.S. resumes steel and aluminum tariffs on some trading partners

On the evening of 10 February EST, the United States Government announced the resumption of 232 steel and aluminum tariffs on formerly exempted trading partners and a further increase in import tariffs on aluminum products. This behavior violates multilateral trade rules and WTO rulings, and has an impact on the global supply chain.

South Korea Considers Imposing Tariffs on Certain Chinese Steel Products

On February 20, the Trade Commission of the Ministry of Industry, Trade and Resources (MITRAB) of South Korea initiated a preliminary investigation into Chinese imports of “carbon and other alloy steel hot rolled steel sheet and plate products” and made a preliminary finding of dumping, proposing provisional anti-dumping duties of between 27.91% and 38.02% on Chinese imports. The preliminary determination was 27.91% for Baosteel, 29.62% for Jiangsu Shagang, 38.02% for Xiangtan Iron & Steel, Sano International and Xiamen International Trade Holdings, and 31.69% for other suppliers in China.

UK introduces steel industry plan to counter US tariff threat

According to Reuters, as the U.S. imposes tariffs on steel imported into the U.S., the U.K. Department of Business and Trade released a development plan for the steel industry on Feb. 16 that will investigate issues facing the U.K. industry, such as unfair trade practices from other countries, and look at ways to attract and retain talent in the industry in Britain. Britain's business secretary has also said that he will try to persuade the U.S. government to lift tariffs on British steel and aluminum products.