Editorial: New Developments in Steel and Metals Trade

Trade in steel and metals has traditionally been of particular importance.In Europe, it was even at the beginning of a peace project from which today's European Union (EU) emerged.The steel and metals industry is currently facing various far-reaching challenges that have a direct impact on global trade: one key issue is overcapacity, which is mainly due to Chinese steel production and is putting American and European steel manufacturers in particular under considerable pressure.In addition, the steel and metals sector is heavily affected by the necessary switch to more climate-friendly production, which is also accompanied by a sharp rise in energy prices, at least in Europe.Finally, steel and metals also play a central role in the current 'securitization' of national economic and trade policies, which raises the question of a secure (supra) national supply.These three challengesovercapacity, green transition and economic securityare leading to new trade policy approaches and reforms of existing measures.For example, the United States (US) have attempted to better protect the domestic steel sector through new tariffs and the takeover of US Steel Corp. by Nippon Steel Corp. has shown what role national security policy can play in this area.The EU has also introduced new measures, such as a Carbon Border Adjustment Mechanism (CBAM), and has published a 'Steel and Metals Action Plan' (SMAP).As one crucial element of the SMAP, the Commission has recently proposed a system of new tariffs and tariff quotas in view of the forthcoming expiry of the existing safeguard measures.Outside America and Europe, emerging nations such as India and Indonesia are increasingly shaping global trade in steel and metals.China is now a superpower, but its state capitalist system poses major challenges for global trade.