The European Commission’s first trade monitoring report, released in June 2025, shows a dramatic surge in EU steel imports since early 2025, largely due to redirected trade flows following US tariff hikes. 

Stainless steel imports skyrocketed by over 1,000%, with prices plummeting nearly 90%. Alloy steel bars saw a 222% increase in volume and a 55% price drop. 

The EU warns of a growing “trade diversion” effect, as goods bypass the US to enter Europe, especially from China. While steel shows the sharpest impact, the Commission notes significant volume increases in metals, machinery, and chemicals. Experts say broader economic effects remain limited for now.