#TrumpTariffs

Trump’s Tariffs Could Devastate the European Steel Industry, Warns Senior Executive

Europe’s steel industry is at risk of collapse due to Donald Trump’s newly imposed 50% tariffs, rising energy costs, and a flood of cheaper Chinese steel, according to one of Germany’s leading industrial firms.

Ilse Henne, a board member of ThyssenKrupp—a major player in steel, engineering, and chemicals—warned that the industry is facing an existential crisis following President Trump’s decision last week to double tariffs on steel and aluminum imports, increasing them from 25% to 50%.

When asked at a European Policy Centre conference in Brussels whether she feared the industry could be “wiped out,” Henne responded: “Of course.”

Speaking to The Guardian, Henne, who also serves as CEO of ThyssenKrupp Materials Services, said:

“Steel sits at the very beginning of the industrial value chain. When tariffs make steel significantly more expensive, it destabilizes the entire supply chain, which now must absorb those higher costs.”

Steel and aluminum are essential to industries ranging from defense and automotive to construction and consumer goods—used in everything from submarines and airplanes to kitchen appliances and housing materials.

“If the European steel industry disappears, the consequences will be severe,” Henne said. “A weak steel sector doesn’t just hurt steelmakers—it threatens every other stage in the value chain that relies on strong, stable steel production.”