By CRU Principal Economist Lisa Morrison On Dec. 13, U.S. Trade Representative, Robert Lighthizer, released a statement indicating that the U.S. and China had come to terms on a “phase 1” trade deal. The opening sentence of the USTR press release states, “The United States and China have reached an historic and enforceable agreement on […]
A new report by the World Trade Organization shows trade restrictions by WTO members are at historically high levels. Between mid-October 2018 and mid-October 2019, the trade coverage of import-restrictive measures implemented by members was estimated at $747 billion, an increase of 27 percent from the prior year and the highest level since October 2012. […]
The World Trade Organization is down to one appellate judge due to the efforts of the U.S. to undermine the organization. The effectiveness, and continued viability, of the WTO is now under question, say trade experts. The Trump administration has blocked all appointments to the seven member Appellate Body that rules on trade disputes among […]
The United States, Mexico and Canada have finally reached consensus on a new North American trade agreement. In an announcement on Tuesday, the office of U.S. Trade Representative Robert Lighthizer said the USMCA “will support mutually beneficial trade leading to freer markets, fairer trade, and robust economic growth in North America.” Lighthizer and Canadian Deputy […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: I have received questions from several people about the ins and outs of product exclusions. I thought I’d give a brief summary of the subject and the opportunities and the problems that may arise. Section 301 (China) Product […]
Editor’s note: President Trump’s surprise decision to impose 25 percent tariffs on steel and aluminum imports from Argentina and Brazil stunned the industry and leaves many questions unanswered. Paul Nathanson, executive director of the Coalition of American Metal Manufacturers and Users (CAMMU), addressed the issue in the following op-ed: President Trump announced via tweet on Monday that […]
President Trump stunned the market with an early-morning tweet Monday calling for new Section 232 tariffs on steel imports from Brazil and Argentina, which he accused of currency manipulation. No word yet on whether the White House will make the tariffs official, or even if they would be legal. But the prospect of higher priced […]
This morning President Trump tweeted that due to the decline in the Brazilian and Argentinian currencies, he intends to place 25 percent tariffs on steel and a 10 percent tariff on aluminum from both countries. His tweet has created a great deal of confusion in the U.S. steel markets. Steel Market Update is attempting to […]
By CRU Principal Analyst Josh Spoores, from the CRU Steel Monitor President Trump sent three tweets this morning that said, effective immediately, he would restore the steel and aluminum tariffs on Brazil and Argentina because the countries “have been presiding over a massive devaluation of their currencies, which is not good for our farmers.” No […]
Editor’s note: The following commentary in support of the Trump administration steel tariffs was contributed by Barry Zekelman, chairman and CEO of Zekelman Industries, the largest steel pipe and tube manufacturer in North America. We often hear that the Trump administration’s steel tariffs are hurting the U.S. economy. News commentators certainly think so. They talk […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: As the Section 232 tariffs continue, their market effects continue to pile up. The tariffs cause effects on investment and employment, both for steel producers and their customers. Tariffs reduce imports of steel, for example, but they increase […]
The U.S. ambassador to the World Trade Organization singled out China on Tuesday for its withdrawal from the Global Forum on Steel Excess Capacity. In comments delivered at the WTO Committee on Subsidies and Countervailing Measures, Ambassador Dennis Shea said it was “regrettable” that China chose to terminate its membership in the Global Forum. “Unfortunately, […]
The Coalition of American Metal Manufacturers and Users (CAMMU) and other trade associations are calling for sunset provisions to be included in any comprehensive Section 232 tariff reform legislation considered by Congress. A letter sent today to Senate Finance Committee Chairman Charles Grassley and Ranking Member Ron Wyden emphasizes the damage Section 232 tariffs are […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The world has grown accustomed to the World Trade Organization. A world without a means to settle disputes through negotiations or, if agreement is impossible, binding dispute resolution, is a hallmark of the WTO system. From 1948 to […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Happy Thanksgiving! That most American of holidays gives us a chance to appreciate the blessings we have as Americans. Our tradition almost forces us to eat turkey as part of that ritual—along with a lot of other neat […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The China tariffs, the steel and aluminum tariffs, the safeguard tariffs on solar panels and washing machines all have a feature in common: some form of product exclusion. This means that imported products covered by these measures may be […]
A memo from the Commerce Department Office of the Inspector General suggests that the Section 232 exclusion process may be favoring the companies that file objections to exclusion requests. The watchdog agency found evidence of unofficial communications that may be giving objectors undue influence in tariff decisions. The Bureau of Industry and Security is charged […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The presidential campaign heats up. The impeachment investigations continue. Polarization is in the air. Today, I note a trend that’s pertinent to all this—increasingly, pundits and commentators are discussing the futility of our current polarization. I recommend a […]
Steel industry trade associations from across the globe united in calling for increased efforts to tackle excess steel capacity. The group of 19 associations praised the OECD Steel Committee for highlighting the challenges facing the industry and urged the G20 to extend the mandate of the Global Forum on Steel Excess Capacity. The 87th Session […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: New developments cascaded on us in the past week. I will focus, as is my habit, on those related to international trade and commerce. Trade-related developments called into question a number of initiatives in Congress and the administration. Impeachment looked […]
By CRU Analysts Chris Bandmann and Alexander Ordosch In response to events in Syria, U.S. President Donald Trump has announced that the U.S. tariffs on Turkish steel imports will be restored to 50 percent, after they had been revised down to 25 percent in May. What are the likely impacts of this decision? Turkish Exports […]
Tariffs on steel imports from Turkey will be doubled to 50 percent, declared President Trump, in punishment for Turkey’s military offensive on Kurds in northern Syria. The current tariffs imposed under Section 232 will be increased by executive action, said the White House. Trump’s decision last week to withdraw troops from Syria left the U.S.-allied […]
By CRU Senior Economist Yizhe Daniel Xie The two-day trade negotiations between the U.S. and China ended last Friday. China promised to purchase $40-50 billion worth of agricultural products from the U.S., liberalize its financial market, and take steps to address U.S. concerns on intellectual property and the RMB exchange rate. In exchange, the U.S. […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: A natural question came up this week: What impact will the recent launching of an official impeachment inquiry against President Trump have on trade? We can already see some impacts. USMCA (NAFTA 2.0) continues to have rough sledding […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: As Washington continues to descend into trench warfare over Ukraine, Joe Biden, defense aid and subpoenas, the world continues to turn. It seems likely that soon, impeachment will take up all the oxygen and the ordinary business of government […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: These times can try our patience. This week was such a time. It featured a cornucopia of fast-paced events. They will probably end up affecting us all. I want to focus on two big issues: impeachment and foreign […]
Mexico will renew its tariffs covering imports of over 200 steel products for the next five years, but will decrease the rates on most products to 5 percent by September 2023. The tariffs apply to countries with which Mexico does not have a free trade agreement. The current tariff is 15 percent, but will fall […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: On Friday, the Office of the U.S. Trade Representative published three notices in the Federal Register announcing new exclusions from the China-related tariffs imposed beginning in July 2018. As you will recall, there are four published lists of goods […]
The U.S. Department of Commerce has released an enhanced version of its popular interactive Global Steel Trade Monitor. Improvements to the monitor now allow users to create graphs and charts to compare changes in trade patterns between two steel trading countries or two groups of steel products at one time. Having the ability to conduct […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Last week, in the latest news on dispute settlement proceedings in the WTO concerning the Section 232 “national security” tariffs and quotas, the WTO panelists announced that a panel report would not be circulated to the parties to […]