Trade Cases
Trump Said to Favor 24% Global Tariffs
Written by Sandy Williams
February 25, 2018
President Trump is favoring a 24 percent global tariff on steel imports, according to sources reported by multiple media outlets. Trump’s pick for Section 232 aluminum trade restrictions is a 10 percent tariff on all aluminum imports.
The rumors are contrary to analysts’ expectations of a more targeted tariff on imports. Broad-based tariffs are likely to be met with retaliation by global trading partners.
“As with every decision he makes, the security of the American people and the American economy will be the president’s primary concerns while he considers his potential options,” White House spokesman Raj Shah said in a statement. “President Trump is committed to achieving fair and reciprocal trade relationships that protect the American worker and grow our economy.”
Last week, the Pentagon issued a memo warning against broad measures that would impact key allies and favored a limited tariff on known abusers of trade. Economic adviser Gary Cohn and national security adviser H.R. McMaster are said to be against any action.
Although steel imports from China to the U.S. have dropped dramatically, the nation continues to be at the center of trade acrimony regarding steel overcapacity and alleged transshipment abuse. U.S. Trade Representative Robert Lighthizer is expected to meet with senior Chinese economic adviser Liu He next week in Washington to discuss trade disputes.
Sandy Williams
Read more from Sandy WilliamsLatest in Trade Cases
Industry piles on new Section 232 steel derivative inclusion requests
The Department of Commerce received 97 submissions from producers, manufacturers, and groups seeking Section 232 tariff coverage for steel and aluminum derivative products.
Price on Trade: New EU steel tariffs don’t mean the US should weaken its stance
Any steel imports into the EU that exceed the new, lower quota level would be subject to a 50% tariff, which represents a major increase from the EU’s current 25% out-of-quota tariff. This move would largely align the EU’s steel tariff rate with Canada and the United States.
Global steel forum sets 2026 framework deadline as US ups pressure on excess capacity
Global steelmakers sounded the alarm Friday over the deepening excess steelmaking capacity crisis. Ministers at the Global Forum on Steel Excess Capacity (GFSEC) in Gqeberha, South Africa, pledged to...
CRU: China’s indirect steel exports find new destination markets
The boom in China’s direct steel exports has not stopped this year, even with a rise in protectionist measures globally. The increase is driven by...
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.