Switzerland has added its name to the list of countries seeking World Trade Organization consultation with the United States regarding Section 232 tariffs on steel and aluminum products. The Swiss State Secretariat for Economic Affairs (SECO) initiated a dispute settlement procedure with the WTO today, July 10. Although Switzerland does not have a large metal […]
Are imports of motor vehicles and auto parts a threat to the security of the United States? More than three out of four respondents to last week’s Steel Market Update market trends questionnaire say no. Citing the same argument that it used to justify the tariffs on steel and aluminum under Section 232 of the […]
Global manufacturing is losing its momentum, said JP Morgan and IHS Markit in their latest Global Manufacturing PMI. The June PMI was at an 11-month low of 53.0 in June, still in expansion territory but at a gentler pace. Production grew at its slowest pace since July 2017 and new orders were at a 19-month […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: The steel product exclusion process is stuck. While more than 11,000 comments have been filed, the overwhelming majority of which are product exclusion requests, less than 100 (by my latest count) have been processed. Of […]
Manufacturers saw business rise in June at the fastest pace in four months. The ISM Manufacturing Index surpassed expectations by jumping to 60.1 percent from 58.7 percent in May. A reading above 50 indicates growth. New orders expanded for the 14th consecutive month, but inventories remained too low for a fourth month as suppliers struggled […]
Construction spending reached a record level of $1.309 trillion in May as monthly increases in residential and public investment outweighed a decline in private nonresidential outlays, according to an analysis of new government data by the Associated General Contractors of America. Association officials warned, however, that continued labor shortages and rising materials costs threaten future […]
Canada’s retaliatory tariffs will go into effect on July 1 in response to U.S. tariffs on steel and aluminum, said Foreign Minister Chrystia Freeland on Friday. The tariffs on $12.6 billion of U.S. goods are equivalent to the value of steel and aluminum products hit by the Section 232 tariffs. Freeland, accompanied by Industry Minister […]
Metals distributor and processor Ryerson Holdings is expecting stronger revenue in the second quarter due to an increase in tons sold and higher average selling prices. Year-over-year volume growth was evident in nearly all end markets, notably in commercial ground transportation, consumer durable equipment and industrial equipment, the company said. Pricing is continuing to improve […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: Commerce Secretary Wilbur Ross reported to the Senate Finance Committee last week that companies had submitted 20,003 product exclusion requests for steel and 2,503 for aluminum, seeking relief from tariffs on products they maintain are […]
Support is growing in the Senate to block President Trump’s use of Section 232 tariffs that have alienated the U.S. from its allies and the world, claims Sen. Bob Corker (R-TN). Corker has proposed a bill that would curtail Trump’s trade authority by requiring congressional approval for the imposition of tariffs for national security purposes. […]
Section 232 steel and aluminum tariffs are causing collateral damage in the case of one high profile White House-favored manufacturer. Harley-Davidson announced Monday that because of EU tariffs in response to U.S.-imposed steel and aluminum tariffs, the company will shift production of motorcycles for EU destinations from the United States to international facilities. EU tariffs […]
Turkey imposed retaliatory tariffs Thursday on $1.8 billion of U.S. goods in response to Section 232 tariffs on steel and aluminum. “Turkey is committed to active, robust and reciprocal trade relations with the US — but with the understanding that fairness cannot be one-sided,” Economy Minister Nihat Zeybekci said in a statement. “We cannot and […]
In testimony before a skeptical and sometimes combative group of senators Wednesday, Commerce Secretary Wilbur Ross did his best to defend the Section 232 tariffs on steel and aluminum and the controversial trade policies of the Trump administration. Despite his assurances that the process of reviewing product exclusion requests is on track, members of the […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: On Wednesday, during a Senate hearing on the Section 232 tariffs, Commerce Secretary Wilbur Ross offered some additional information on the volume of product exclusion requests he has received. As of June 20, there were […]
The European Commission announced that $3.2 billion in tariffs (€2.8 billion) on imports from the United States will go into effect on Friday, June 22. The “rebalancing measures” include steel and aluminum, agricultural goods and various other products and will remain in effect for as long as the U.S. tariffs on steel aluminum are in […]
India is fighting back against U.S. tariffs on aluminum and steel by imposing higher tariffs on $235 million of American goods. The tariffs increase duties on 29 items including chickpeas, walnuts, almonds, lentil and artemia (brine shrimp). India, the largest buyer of U.S. almonds, has increased the tariff by 20 percent on almonds and walnuts […]
Liberty Steel is set to reopen on Monday, June 25, in Georgetown, S.C. The wire-rod rolling facility, purchased by London-based Liberty House in December, will be renamed Liberty Steel Georgetown. Currently, the mill is in a testing phase, but is expected to begin production soon. United Steelworkers Union Local 7898 credits the recent tariffs on […]
I spent all day on Wednesday of this week in the Pittsburgh offices of the CRU Group. I was impressed with the people working out of Pittsburgh and was even more impressed with the size and scope of the company here in the United States and across the world. The company indexes all kinds of […]
A meeting of the Global Forum on Excess Steel Capacity scheduled for Wednesday in Paris has been postponed until September as trade tension intensifies among world leaders. The agenda for the ministerial meeting of the 33-member Forum was to include discussions on preferential policies that China and other countries apply to their steel industries, as […]
The Port of New Orleans is one of the top three U.S. ports for steel imports, taking in 2.48 million tons of steel in 2017. Steel imports represented 80 percent of the port’s breakbulk tonnage and 30 percent of its total cargo tonnage. Turkey was the largest importer of steel at the Port NOLA last […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: The Trump administration announced new tariffs on China on Friday, covering about $36 billion in imports (2017 figures). Two lists were released. The first list consists of 863 tariff lines that will be subject to […]
Dan DiMicco is the outspoken chairman emeritus of Nucor Corp., a trade advisor to the president and current chairman of the Coalition for a Prosperous America, so it’s no surprise he is a strong defender of the 25 percent tariff on $50 billion worth of Chinese goods announced by the Trump administration this week. In […]
Manufacturing in New York State expanded in June at a faster pace than April. The Empire State Manufacturing Index jumping 4.9 points to 25.0 and its highest reading since October, said the Federal Reserve Bank of New York on Friday. New orders and shipments made solid gains, driving increases to backlogs and delivery times. The […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest trade developments in Washington: • The Section 232 investigation into automobiles and auto parts is in the comment phase. The deadline for written comments is June 22. The hearing in the investigation is on July 19 and 20. If […]
Foreign-made automobiles and parts may soon be facing tariffs if the administration is successful in its investigation to determine whether imports of automobiles and auto parts threaten to impair national security. On May 23, the Commerce Department initiated a Section 232 investigation on imported automobiles and parts, noting that during the past 20 years imports […]
Association Officials Say the Threat of New Tariffs Has Already Led to Dramatic Increases in the Cost of Many Construction Materials, Warn Prices Will Grow as the New Trade Restrictions Take Effect Reprinted with permission of the Associated General Contractors of America, Wednesday, June 13, 2018: Construction costs accelerated again in May, with steep increases […]
Steel Market Update canvassed industry executives this week to gauge their expectations for steel prices and to see if they have felt any effects yet from the Trump administration’s tariffs on steel from Canada and Mexico. Most anticipate fallout from the tariffs in the coming weeks and months, including upward pressure on prices. Following are […]
Quebec will lend a helping hand to smaller Canadian companies in the aluminum and steel industry that will suffer from the Section 232 tariffs imposed by the United States. The province will offer C$100 million ($77.1 million U.S.) in loans and guarantees on loans after companies reported that contracts were being canceled by customers unwilling […]
Is Canada really guilty of the trade inequity that President Trump charges? We looked at two product targets of the administration—dairy and automobiles—to find out. The office of the U.S. Trade Representative estimates trade with Canada in 2017 totaled $673.9 billion–$341.2 billion in exports and $332.8 billion in imports, for a goods and services trade […]
I (and the SMU team) are firmly ensconced in trying to learn all we can about our new owners the CRU Group, while at the same time answering questions from them about our products and services and how we can provide the most value to our members. One of the first things that came up […]