Finland regrets U.S. tariff decision

Minister for Foreign Trade and Development Anne-Mari Virolainen described on Thursday the U.S. introduction of tariffs on steel and aluminum imports as "very regrettable".

Virolainen said in a written statement that the grounds for the restrictions are artificial as steel and aluminum from the EU area do not threaten the U.S. national security.

She pointed out that the measures do not solve the problem of overcapacity in production either. She said the work for finding a solution must be continued internationally despite the U.S. decision.

Finland is concerned with the impact of the measures on the competitive edge of European enterprises and on employment both in Europe and the U.S. subsidiaries of Finnish companies in the U.S. give employment to 34,000 people there, and 70,000 people will be indirectly impacted.

"We cannot bypass also wider repercussions on global trade and the international trade system," Virolainen noted. She said the EU is now assessing the situation and "possible decisions" will be taken soon.

The ministry release specified that the newly announced U.S. measures target 1.8 percent of the Finnish exports to the United States.

Some 2.4 percent of Finnish steel exports went to the United States in 2017, the ministry release noted. In steel goods the share was 4.6 percent, and in aluminium goods 0.5 percent.

The largest categories in Finnish exports to the U.S. are forest industry products, measuring equipment, special machines, electrical machines and mineral oil products.