EU Trade Commissioner Sefcovic says we have a transitional period ahead with the US on tariffs; on steel, says the US is looking into the issue of steel derivative tariffs and hopes for better news soon

• Should have more clarity from the US in 3-4 months

EU Trade Commissioner Sefcovic's comments indicate a transitional phase in US-EU trade relations, particularly regarding steel tariffs. This suggests that while there may be potential progress soon, significant uncertainty remains, which could impact steel prices and related commodities in the interim. Traders should monitor for developments in the next few months, as clarity might influence market sentiment and positions in steel and broader commodity sectors.