BERLIN, March 7 (Xinhua) -- There could be "drastic consequences" for the German and European steel industry if U.S. President Donald Trump's plans to impose new tariffs on steel and aluminium imports are implemented, German Steel Federation (WV Stahl) warned on Wednesday.
Even though German steel exports to the U.S. are comparatively low, Trump's proposal still threatens to divert a large amount of steel and cause a spiral into protectionism, said federation president Hans Juergen Kerkhoff, citing by German news agency dpa.
Kerkhoff said that he hopes to avoid trade diversions and that now is the time to make quick decisions.
Last week, President Trump announced his plan to impose 25 percent tariff on imported steel and 10 percent on aluminum to protect domestic industries.
"A tariff of 25 percent would probably completely close the important U.S. market for German suppliers," Kerkhoff added.