Tag: tariffs

The Trump administration may be considering alternative tariff plans, but Trump said the report is "Fake News."

And just like that, we’re wrapping up the last SMU newsletter of 2024. We’re closing out our 19th year and looking with wide-eyed anticipation to what 2025 will bring.

Recovery continues but geopolitical risks remain for 2025

This CRU Insight discusses a few key topics our clients have been asking about as 2024 comes to a close and 2025 begins. This piece introduces these topics briefly now before we discuss them in more detail in a webinar in January 2025. In previous years, we have published a year-end Insight on our ‘Top […]

“New commodity-specific tariffs, mainly on steel and aluminum products, could widen price differentials and divert trade flows,” the credit agency forewarned.

The world has had a few shocks recently. The CEO of a major health insurance company was gunned down in Manhattan. The 50-year Assad dynasty in Syria was pushed out less than two weeks after rebels started an offensive. And President-elect Trump is promising tariffs on everything a month before he takes office. But one shock has been taking place for a lot longer than the last few weeks. The 70-year consensus on trade hasn’t just been challenged. It’s been repudiated.

“There’s no sugar coating it – 2024 has been a challenging year,” the economist for ITR said.

With just over a month to go until Inauguration Day on Jan. 20, President-elect Donald Trump has already signaled some of his policy choices that will affect the steel industry.

We focused on trade actions the second Trump administration might take in a prior column. Since then, we have learned more about the individuals who will be leading these efforts. Recent nominations reinforce the president-elect’s statements that tariffs will feature prominently in the second administration and that trade actions will be unveiled at lightning speed.

Transition to a new administration is always uncertain. This one is more uncertain than most.

Following the short-lived East Coast port labor strike in October, we now turn toward the Jan. 15 deadline to reach a long-term agreement.

“We are under constant threat from nonmarket economies who evade our trade laws," SMA said.

American and Canadian steel trade groups, as well as the government of Mexico, have responded to President-elect Trump's threat of imposing 25% tariffs on all US imports from Canada and Mexico and a 10% tariff on imports from China.

And so it begins (again). Not to be outdone by Thanksgiving, President-elect Donald Trump has threatened to impose tariffs of 25% on all imports from Canada and Mexico. He also threatened to hit all imports from China with tariffs of 10% - an amount that would come on top of a boatload of pre-existing duties and tariffs.

President-elect Donald Trump threatened on social media Monday evening to impose tariffs of 25% on all US imports from Canada and Mexico.

Are you still recovering from the election? If so, please get plenty of rest. Next year will require you to be awake and alert. Things are likely to change. We can’t be sure exactly how they will change yet.

China is one of the elephants in the room as the transition to Trump 2.0 continues. While the people and policies are still being formulated, it’s possible to detect a strategy for the new Trump administration. I think there are two imperative issues that the new administration needs to balance. The Trump strategy will, I believe, follow the following points. First, trade is one of the issues that got President Trump elected in 2016 and 2024—it nearly got him elected in 2020, save for the pandemic. If President Trump had won in 2020, I might be writing chronicles about the end of his eight years in the White House now instead of projecting what the next Trump administration would accomplish or break. Oh, well—that’s life. Trade will necessarily be a key feature of relations with China for the next four years.

The Canadian government announced a remission process for businesses for recently announced tariffs on Chinese steel and aluminum products and electric vehicles .

Ankara has placed anti-dumping duties of ranging from 6.10% to 43.31% on hot-rolled steel sheet from China, India, Japan, and Russia. Meanwhile, Malaysia has announced it will investigate allegedly dumped steel wire rod from China, Indonesia, and Vietnam.

China is challenging Canada’s decision to put tariffs on imports of Chinese steel, aluminum, and electric vehicles.

Former President Donald Trump has said he will place a 200% tariff on John Deere products imported into the US if the company makes good on previously announced plans to move some production to Mexico.

Ternium USA Inc. has requested a host of Section 232 tariff exclusions since the US reimposed the duties on Mexican steel earlier this summer. Domestic steelmakers, however, are pushing back.

https://www.brown.senate.gov/newsroom/press/release/sherrod-brown-casey-fetterman-biden-administration-level-playing-field-american-octg-industry

Canada has announced a 25% tariff on Chinese steel and aluminum, along with a 100% tariff on Chinese EVs.

Canada’s steel and aluminum industries joined forces to call on the government for the imposition of tariffs on steel, aluminum, and electric vehicles.

Nearly 1,200 people have registered for SMU Steel Summit, which is less than a month away now. That means we’re still on pace to meet or exceed last year’s record attendance despite a tough flat-rolled steel market over the last few months. So, a big thank you to everyone who already plans to go for your continued support. If you haven’t booked travel yet, don’t miss out on one of the greatest shows in steel – register here. (You can also check out the latest agenda here.)

Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.

Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.

I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).

Steel Dynamics Inc. executives provided further insight into operations at the company’s Sinton, Texas, flat-rolled steel mill on a second-quarter earnings conference call on Thursday morning. Despite a series of start-up woes, the company recently commissioned two new coating lines there, and the mill continues to ramp up production. The execs were also bullish on […]