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US against EU push to censure Iran for nuclear activity

  • Spanish Market: Electricity, Metals
  • 27/05/24

US president Joe Biden's administration is opposing a European push — spearheaded by France — to rebuke Iran for advances in its nuclear program at the UN nuclear watchdog the IAEA's board of governors meeting in June, a diplomatic source with knowledge of the matter told Argus.

"The US isn't enthused about the European effort to censure Iran at the IAEA's member state board meeting in early June," the diplomat said. "But there is a general European atmosphere that is exploring options and measures regarding Iran's nuclear program."

The Biden administration is concerned about the need to manage tensions with Tehran, particularly at what is a highly sensitive moment, the source said.

"Bear in mind, this board of governors meeting is happening around 10 days after the helicopter crash killed (Iran's president Ebrahim) Raisi and (foreign minister Hossein) Amir-Abdollahian" both of whom were primary interlocutors with IAEA director General Rafael Grossi on the nuclear file, the source said.

"There is currently a vacuum in Tehran. Timing is bad," the source said, explaining the US position.

A US State Department spokesman could not be reached for immediate comment.

Concerns among western officials have grown over Iran's nuclear activity in recent years. Former US president Donald Trump in 2018 pulled the US out of a 2015 nuclear deal, resulting in an erosion of strict limits that the agreement had placed on Iran's nuclear program.

Iran, in 2019, began breaching the restrictions and then pushed far beyond them. Tehran has enough highly enriched fissile material for three nuclear weapons, according to the IAEA. Iran is enriching uranium to up to 60pc purity, close to the near 90pc considered to be weapons grade, according to the IAEA.

Grossi in March said inspections in Iran were not what they should have been and called for additional monitoring capabilities, given the depth and breadth of the program.

"On Iran, recent negative developments haven't gone unnoticed. Nuclear threats by Iranian officials, and Grossi's recent interview all sent negative signals," the source said.

The Biden administration has always maintained that it is seeking a diplomatic solution for Iran's nuclear program. And since the conflict between the Gaza-based Palestinian militant group Hamas, backed by Iran, and Israel broke out, the US has attempted to stop the spillover of the conflict into the wider region.

US and Iranian officials have met at least twice for indirect talks in Oman this year.

What are the options?

"There is real concern nowadays within the international community that no one exactly knows where Iran is at the moment when it comes to nuclear enrichment," the source says. The IAEA has lost its "continuity of knowledge" in relation to the production and inventory of centrifuges, rotors and bellows, heavy water and uranium ore concentrate.

"But the options are limited," the source said. The most the IAEA can do if a state is out of compliance with its obligations under the Non-Proliferation Treaty Safeguards Agreement is to report its concerns to the UN Security Council.

Since June 2020, The IAEA's board of governors has adopted three resolutions regarding Iran's cooperation regarding the non-proliferation agreement.

"Two reports are to be published ahead of the meeting in June. Their outcome will set the scene on whether another resolution will adopted or not," the source said.


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08/07/25

Tokyo unlikely to yield on car levy despite US pressure

Tokyo unlikely to yield on car levy despite US pressure

Tokyo, 8 July (Argus) — The Japanese government is unlikely to offer concessions to the US for an automobile deal in stalled trade talks between the countries, even after Washington announced plans to raise tariffs on Japanese imports. Each government has its own interests to defend, the country's minister for trade and industry (Meti) Yoji Muto said on 8 July, reiterating that the automobile sector is a key industry for the Japanese economy and is vital to national interests. Muto reiterated Tokyo's intention to pursue a resolution through negotiations, but without compromising its core economic priorities. This suggests that there is little space for Tokyo to accept auto tariffs imposed by the US. This comes after US president Donald Trump announced plans to impose additional tariffs of 25pc on all imports from Japan from 1 August, slightly higher than the initial rate of 24pc set in April. Trump threatened to impose an even higher levy if Tokyo moves to retaliate against the measure. "We have had years to discuss our trading relationship with Japan, and have concluded that we must move away from these long-term, and very persistent, trade deficits engendered by Japan's tariff, and non-tariff policies and trade barriers," Trump said in his official letter to the Japanese government. "Our relationship has been, unfortunately, far from reciprocal." Tokyo and Washington have held seven trade talks on the US tariff since mid-April without reaching an agreement. Japan was initially seen as a frontrunner among other US trading partners in the negotiation, but progress has stalled partly because of disagreements over the auto sector. The Trump administration has long expressed strong dissatisfaction against the imbalance in US-Japan car trade. Japan exported around 1.3mn automobile units to the US market in 2024, and only purchased 14,724 units of US vehicles during the same period, according to Japanese customs and industry group the Japan Automobile Manufacturers Association, respectively. Tokyo has declined to disclose the details of the ongoing negotiations, but the country's prime minister Shigeru Ishiba in mid-June reiterated that the automobile sector is vital to Japan's national interests, underscoring the car sector as a key sticking point in the trade talks. By Yusuke Maekawa and Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Multilateralism should steer climate finance: Brics


07/07/25
07/07/25

Multilateralism should steer climate finance: Brics

Sao Paulo, 7 July (Argus) — Developed countries must fully engage in climate finance to support developing countries trying to meet Paris agreement goals, top Brazilian officials said at the Brics summit held in Rio de Janeiro on 6-7 July. "One decade after the Paris agreement, [the world] lacks resources for a fair and planned transition," Brazilian president Luiz Inacio Lula da Silva said. "Developing countries will be the most affected by losses and damages, while they are also the ones that have fewer ways to fund mitigation and adaptation," Lula da Silva said during his keynote address Monday. The Brics summit discussed climate finance in anticipation of the UN Cop 30 climate summit , which will be also be held Brazil, in November. The group issued a declaration that reinforced its commitment to uphold multilateralism as a solution for climate actions, while it also emphasized developed countries' responsibility towards developing countries to financially enable just transition pathways and sustainable development aligned with the Paris agreement. The Cop 29 summit in Baku, Azerbaijan, in November 2024 managed to reach an agreement to allocate $300bn/yr in resources for climate action. But delegates to the upcoming UN Cop 30 summit are targeting at least $1.3bn/yr in public and private funds to tackle climate change, focusing especially on countries that are already dealing with extreme weather conditions and lack financial resources to mitigate it. The Brics also announced a memorandum of understanding on the Brics Carbon Markets Partnership focused on capacity building and multinational cooperation to support climate strategies such as mitigation efforts and emergency resource mobilization. The declaration opposes unilateral protectionist measures, arguing that they "deliberately disrupt the global supply and production chains and distort competition." Climate justice, the fight against desertification, strengthened climate diplomacy and subsidies to environmental services were the main topics of discussion during the Brics summit, Brazil's environment minister Marina Silva said. Brazil will launch its own initiatives to promote climate finance in Cop 30. One program already launched is the Tropical Forest Forever Facility (TFFF) fund that aims to raise $125bn to preserve 1bn hectares of global tropical forests across 80 developing countries. Brics' development bank NDB will target 40pc of its investments to promote sustainable development, such as energy transition. The bank has approved $40bn in investments for clean energy, environment protection and water supply, it said last week. Brazil accounts for $6.4bn of total investments, gathering resources to 29 projects under climate actions, according to the institution. Brazil currently holds the presidency of the Brics, which also includes Russia, China, India and South Africa. Saudi Arabia, Egypt, UAE, Ethiopia, Indonesia and Iran are also members. Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia, Nigeria, Vietnam and Uzbekistan act as partner nations. Heated speech During his keynote address, Lula criticized the International Monetary Fund (IMF) as an institution that promotes unilateralism and stressed his support for reforming institutions of the UN to promote multilateralism and political equity for developing countries. He also mentioned that 65 of the biggest banks in the world committed to a $869bn investment to the fossil fuels sector last year. "Market incentives run contrary to sustainability," he said. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Eurometal conference focuses on protectionism/autarky


04/07/25
04/07/25

Eurometal conference focuses on protectionism/autarky

London, 4 July (Argus) — The themes of trade protection and greater self-sufficiency dominated discussions at Eurometal's 75th anniversary conference in Luxembourg this week, where sentiment remained distinctly downbeat. European mills are suffering from high import penetration and softening demand. Axel Eggert, director-general of European steel association Eurofer, said 128pc of traditional import flows can enter the market duty-free, while demand has fallen by 30mn t in recent years, giving imports an outsize share. In "normal" market environments, imports would decline alongside demand, rather than increase, Eggert added, suggesting domestic capacity utilisation was close to 65pc, a level at which it is difficult to turn a profit. Illustrating the difficulties of the sector, Tata Steel is axing one in three white-collar jobs and one in five blue-collar jobs, as it looks to find a more sustainable footing. Tata's Ijmuiden plant is the lowest cost slab plant in western Europe. Eurometal itself is lobbying for import measures on steel intensive goods, as demand for product sold by its members has been affected by cheaper imports of components and finished products from Asia. Eurometal represents steel distributors and importers. Its president, Alexander Julius, reiterated calls for evidence from members, and the wider supply chain, of difficulties caused by downstream imports. On the sidelines of the conference, one automotive supplier said there was no chance for European businesses to compete with Asia. He cited Chinese electric vehicles being sold at around $20,000, much cheaper than western alternatives. China's strong grip over the battery supply chain gives it an advantage that will be difficult to overcome, he said. The European Commission understands the plight of the industry and is eager to act, but executional performance is the big key, speakers and attendees said; bureaucracy in the EU and its intention to remain WTO-compliant hampers speedy implementation of policies, delegates said. Anthony de Carvalho, head of the OECD's steel unit, said policymakers are much more aware of the situation facing the industry and have real ambition to take tangible actions — one-fifth of trade measures are being circumvented, according to WTO analysis. Europe will remain less competitive than other geographies, according to Antonio Marcegaglia, head of Europe's largest coil importer, Marcegaglia. He supported the need for stricter safeguards and tariffs, but also said Europe needed to avoid isolationism, given its high energy costs and likely need to depend on imports of certain products, such as direct reduced iron. Marcegaglia said decarbonisation was an "ideological agenda" that had not fully considered the impact on industry, while also challenging the benefit such policies had on financial market participants, while leaving the actual industry hamstrung. Marcegaglia also said there will likely be big cuts in Chinese production, as the country cannot rely on low-priced exports, given increased trade barriers. Julian Verden, managing director of London trader Stemcor, remained outspoken in his support for imported product. In response to Eggert's presentation, he said the safeguard was "designed to create an ideal market for the producer" and was much too punitive, especially without real-time quota tracking. Another speaker told Argus that competitiveness at a local level is defined by the global market, and that tariffs can only be a temporary reprieve where companies should work on their own efficiency and competitiveness. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US to lay out tariff demands in coming days: Trump


04/07/25
04/07/25

US to lay out tariff demands in coming days: Trump

London, 4 July (Argus) — The US will lay out its tariff demands on foreign trade partners in the coming days, President Donald Trump said today. From tomorrow, 5 July, Trump will send letters to 10-12 countries a day, with the aim that all countries will be "fully covered" by 9 July, Trump said. That rate will not cover the amount of tariff deals still to be done by the US, which to date has struck three deals — of 10pc with the UK and China and of 20pc with Vietnam. "[The tariffs will] range in value from maybe 60pc or 70pc tariffs to 10pc and 20pc tariffs," Trump said. Countries will start paying them on 1 August, he said. Since 5 April Washington has been charging a 10pc extra tariff on imports — energy commodities and critical minerals are exceptions — from nearly every foreign trade partner, and those rates could go higher after 9 July. Trump has justified those tariffs by citing an economic emergency caused by allegedly unfair trade practices in foreign countries, and his administration is engaged in talks with foreign governments with the nominal goal of lowering their trade barriers. By Haik Gugarats and Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU long steel imports surge


04/07/25
04/07/25

EU long steel imports surge

London, 4 July (Argus) — EU customs data for July show a sharp increase in imports of rebar and wire rod from origins under safeguard restrictions, particularly Turkey, suggesting high volumes of overall imports compared with previous quarters ( see charts ). As already low EU construction demand slows for the summer, large inventories of competitively priced imported material are likely to exert significant pressure on prices in the bloc once trade picks up, if not before. A total of 440,000t of rebar and wire rod from Turkey, Egypt and Algeria were cleared at EU ports in the first days of July as the quarterly quotas reset, compared with 310,000t imported in April this year and 249,000t in July 2024. Tightening restrictions on imports from Egypt and Algeria over the past 12 months, now leaving the duty-free quotas for each origin capped at 27,500t for rebar and 15,000t for wire rod, have prompted a sharp surge in purchases from Turkey, which ultimately has overcompensated for the lower north African volumes. This week's cleared volumes included 184,000t of rebar from Turkey, nearly doubling from a quarter earlier and increasing fivefold on the year, as well as 167,000t of wire rod and rebar in coils from Turkey, which was a more moderate increase of 39pc on the year. The 184,000t of rebar from Turkey will be subject to a 12.05pc duty, leading to a rough estimate of €510-560/t for the cfr price, plus duty, given that the bulk of it was booked at the end of April at $525-560/t fob Turkey. This week's Turkish wire rod clearance will be subject to a 10pc duty, while the 31,410t of wire rod cleared from Algeria will carry a 12.9pc duty. There are no data so far on the volume of Indonesian wire rod clearing customs at EU ports this week, as the material is now not under a quota restriction. But large volumes, almost certainly close to 100,000t and potentially more than 200,000t, were booked for July clearance at $550-570/t cfr EU and will not be subject to an import duty. By Brendan Kjellberg-Motton EU rebar imports '000t EU wire rod imports '000t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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