Mexican Media Brands
U.S. Commerce Dept. Backs Tariffs on Aluminum, Steel
The U.S. Dept. of Commerce has recommended that the White House impose global duties of 24% on imported steel and 7.7% on foreign-made aluminum.
#economics #aluminum
Share
The U.S. Dept. of Commerce has recommended that the White House impose global duties of 24% on imported steel and 7.7% on foreign-made aluminum, Bloomberg News reports.
Last year President Donald Trump ordered a review of import prices on both materials under a section of a 55-year-old trade law relating to national security. Trump claims that domestic aluminum and steel producers are being “decimated” by foreign-produced metals dumped in the U.S. at below-market prices.
The Commerce Dept. delivered its assessment to the White House last month. Trump has until mid-April to decide what, if anything, to do. Critics warn sanctions may do little more than hike profits for local producers and would likely touch off a costly trade war with China and other major traders.
Commerce Secretary Wilbur Ross tells reporters his department also offered alternatives to imposing tariffs on all imported aluminum and steel. The options consist of quotas, select but steeper tariffs for certain countries, or a combination of the two. Trump also has the option of negotiating deals individually.
Bloomberg notes that steel imports rose last year in anticipation that new taxes on would raise steel prices in the U.S.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.