The European Commission has launched a “safeguarding” review of its steel and aluminum industries in response to America’s section 232 review of the same. While the EU has been promised an exemption from U.S. duties through May 1, that has not yet set in stone. EU imports of the U.S. products covered by the section 232 review were $1.5 billion in the 12 months to January 31. While that was only 8% of total U.S. exports they had expanded 25% on a year earlier. The case may also target China, posing some risk to improved relations shown in recent talks between Chancellor Merkel and Pres...