27 July 2026 – Brussels has escalated matters once again in the midst of its still unresolved tariff dispute with the United States, provoking the anger of the US President over a sensitive issue and prompting the announcement of yet another Section 301 investigation into the EU. Base metals moved broadly sideways on Monday.
Base Metals Move Sideways on Monday
On the Asian SHFE, the base metals nickel, copper and aluminium traded steadily sideways on Monday.
Trading on the LME also began the week quietly, with slightly positive tendencies across the base metals.
After spot market prices for natural gas jumped to €63.50 on Friday, they fell by just over 7 per cent on Monday. Natural gas therefore remains at an elevated level, but the peak appears to have passed for the time being.
WTI crude oil prices also declined on Monday and were almost 7 per cent lower than on Friday. Despite some volatility, crude oil prices in July remain approximately 16 per cent below their April 2026 peak.
EU Escalates Tech Fines, US Readies New Section 301 Investigation
The Chronology of a Self Made Trap
Last week, Washington imposed tariffs of between 10 and 12.5 per cent on 60 economies, including the EU. Brussels’ response ranged from demonstrative composure to, in the case of EU foreign policy chief Kaja Kallas, open cluelessness.
Further Section 301 investigations are already under way. One concerns the EU and structural overcapacity. A second has been running against Germany since June over its regulation of pharmaceutical prices. Two open fronts, a tariff dispute that remains unresolved and a fragile Turnberry arrangement.
The Timing Is the Message
It was in precisely this situation that the Commission imposed fines on Google last Thursday: €460 million for favouring its own services in search results and €430 million for restrictions imposed on app developers. The combined total of €890 million represents the largest DMA penalty to date.
Whether the allegations stand up under competition law is a question for lawyers. The economic policy question is a different one. Anyone who, in the middle of an escalating tariff conflict and with two ongoing investigations hanging over them, chooses to impose a record fine on the most prominent American company is not merely enforcing the law neutrally. They are seeking confrontation and sending the bill to others.
The response was immediate. USTR Greer warned of a genuine risk to transatlantic trade stability. President Trump promptly announced another Section 301 investigation on Truth Social, this time targeting the cumulative penalties imposed on US technology companies, which are now said to total $18 billion.
Who Pays the Price for Brussels’ Show of Strength?
There is a precedent. In 2020, the US administration launched a Section 301 investigation into national digital services taxes, again under Trump. The tariffs were suspended in October 2021 as part of the OECD agreement. Brussels should not assume for a second time that the United States will show the same willingness to compromise or allow itself to be outmanoeuvred again.
The asymmetry of the impact is striking. Alphabet can pay €890 million out of petty cash. Another Section 301 tariff, however, would not hit Brussels Commissioners seeking to demonstrate toughness towards US technology companies. It would hit machinery manufacturers, suppliers and traders whose calculations depend on a difference of two percentage points.
Anyone who wishes to uphold a rules based economic order should enforce competition law where necessary. But anyone who mistakes trade policy for a demonstration of power while tens of thousands of exporters are left exposed in the firing line is not acting with sovereignty. They are acting recklessly.
Latest news
We at the Gerber Group have been trading in stainless steel worldwide for over 20 years. We are your experts when it comes to purchasing, import, logistics and services. Information is a vital part of this. Because only then can you and we make the right decisions. Do you have any questions? Contact us now.
Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
