26 May 2025 – Stainless steel prices in Asia continued to rise at the start of the week. The US Midwest Aluminum Premiums rose last week. And did the new tariff hammer threat from the United States come about due to EU inaction?
Stainless steel prices up at the start of the week in Asia
Spot market prices for stainless steel rose slightly at the start of the week. Prices for the 300 series rose by between 0.4% and 1.3%. Overall, stainless steel prices have thus risen by more than 3% since the end of April. Prices for nickel, important raw material for stainless steel production, are currently showing a stable sideways movement overall.
Aluminum US Midwest Premiums up last week
US aluminum premiums rose again last week and moved sideways at a high level until the weekend. A significant decline is still not expected here.
Tariff hammer against EU – due to inaction?
Negotiations between the EU and the US on the threat of US punitive tariffs on EU exports are at a standstill. This has been apparent for some time – not only because of the lack of news, but also because the points on the negotiating table are always the same:
- More US gas imports to Europe
- Reduction of tariffs on industrial goods, cars and certain agricultural products
- Reduction of non-tariff trade barriers, e.g. mutual recognition of conformity tests for cars
Trump threatens 50% tariffs from June
US President Donald Trump increased the pressure shortly before today’s negotiation date: 50% tariffs on EU goods are to take effect from June 1, 2025 – if the EU does not finally deliver. After a phone call with EU Commission President Ursula von der Leyen, the deadline was extended to July 9. Officially, to allow for a “good deal”.
EU remains calm – but hardly moves
The EU remains demonstratively calm. But hardly anything is happening in terms of realpolitik. The proposals on the table are old – and not very attractive from a US perspective.
And Germany? Rarely present
It is striking that neither Chancellor Friedrich Merz (CDU) nor Finance Minister Lars Klingbeil (SPD) have been in Washington so far. Possible reason: both parties had publicly positioned themselves against Trump during the US election campaign – a mistake that could now cost Europe dearly.
Time for Chancellor Merz to take responsibility
A phone call is not enough. As head of government of Europe’s largest economy, Merz can no longer hide behind Brussels. A visit to Trump is overdue – also to avoid the impression that Germany has not understood the seriousness of the situation.
The fact that Klingbeil is said to have “got on brilliantly” with US Treasury Secretary Scott Bessent at the G7 summit (source) is nice – but completely irrelevant in view of the threat of 50% tariffs.
However, Trump’s message is clear: the EU should finally move – before it gets really expensive.
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