Daily Trends Now
Daily Trends Now


Trump considers global steel tariffs, potentially hitting Canada

Trump considers global steel tariffs, potentially hitting Canada

Shares in U.S. aluminum and steel companies from Alcoa (AA) to Nucor (NUE) surged, at least briefly, after the U.S. Commerce Department recommended that President Donald Trump impose a range of restrictions on imports from tariffs to quotas.

"We look forward to working with the president on a final decision that helps support continued growth in the USA aluminum industry", said Heidi Brock, President & CEO of the Aluminum Association. The tariffs and quotas would vary from country to country, with the highest ones going to aluminum from China and Russian Federation, among other countries, and the highest steel tariffs on imports from countries including Brazil, China and Russian Federation.

Trump has wide-ranging powers under Section 232 of the 1962 trade act to consider the domestic production needs and viability of the aluminum and steel industries, as well as infrastructure capability, in evaluating national security requirements, and "not just a narrow definition of defense", Ross said on the call to explain why he found that imports "threaten our national security".

A tariff of at least 53% on 12 countries' imports, Brazil, China, Costa Rica, Egypt, India, Malaysia, Republic of Korea, Russia, South Africa, Thailand, Turkey and Vietnam.

The President is required to make a decision on the steel recommendations by April 11, 2018, and on the aluminum recommendations by April 19, 2018.

The goal of these tariffs would be to increase domestic production of steel and grow the United States steel workforce.




Some steel stocks were stronger in morning trade.

The reports are now under consideration by the President, and no final decisions have been made with regard to their contents.

Aluminum stocks also bounced, led by an 8% jump for Century Aluminum. Although Trump campaigned on a protectionist platform, he has taken only modest action so far to restrict imports. U.S. Steel up 2 percent, and AK Steel up 1.1 percent. Aluminum is critical to the well-being of America's beer industry as more than half of the beer produced annually is packed in aluminum cans or aluminum bottles. "Other countries will retaliate, killing the very exports and American jobs this administration seeks to promote".

The reports recommend that Ross be allowed to grant requests from US companies to exclude specific products if the USA lacks sufficient domestic capacity or for national security considerations.

According to the Aluminum Association, there are five USA smelting facilities that are operating with three partial curtailments.

The department notes that employment in the aluminum industry fell by 58 percent between 2013 and 2016, while employment in the steel industry dropped 35 percent in the last 20 years. For example, there is only one remaining USA producer of the high-quality aluminum alloy needed for military aerospace.

follow

editors' picks

February 15, 2018
Google reportedly shipped 3.9 million Pixel and Pixel 2 devices in 2017
IDC Research Director Francisco Jeronimo tweeted that Google shipped 3.9 million units of the Pixel and Pixel 2 combined in 2017. Google seems to have improved its supply line issues with the Pixel 2 , which has consistently been in stock.

February 12, 2018
More than 120 aid workers accused of sexual assault
She said: "In the 21st century, it is utterly despicable that sexual exploitation and abuse continues to exist in the aid sector. She added that Oxfam staff had come forward with concerns about the recruitment and vetting of workers involved in the scandal.

February 12, 2018
NCAA Brackets Preview Projects Kentucky as No. 7 Seed in South
The committee placed the Spartans in the South Region, where Virginia and Cincinnati are the top two teams. Michigan State is ranked as the No. 11 overall seed, behind Clemson (No. 9) and Texas Tech (No. 10).

February 11, 2018
New snow ice warning issued by Met Éireann
A status yellow warning, issued by Met Éireann , says strong winds with gusts up to 110 kph are possible from 3pm this Saturday. Temperatures in the north will be 8C at their highest, with the south-west enjoying slightly higher temperatures of 12C.

February 10, 2018
Three law enforcement officers shot in Georgia
Two of the officers were taken from the scene to a hospital by helicopter, while the third was taken to a hospital by ambulance. The Georgia Bureau of Investigation said on its Twitter page Friday night that the suspect was 39-year-old Tierra Guthrie.

February 10, 2018
Two of the ISIS executioner 'Beatles' captured in Syria
The Londoners were the last members of a group of four Britons who are believed to have tortured and beheaded dozens of people. In January 2017, USA authorities named Kotey as a member of the cell and said they had imposed sanctions on him.

February 09, 2018
Should the United States hold an annual military parade?
We may have a clown auto administration, but guess what, it is in charge of the most powerful military the world has ever known. Is a national military parade a good idea? But the President found some support as well, mostly from his Republican corner.

February 08, 2018
Tottenham Hotspur vs Newport County, FA Cup replay
Both teams made a series of changes to their line ups from last weekend's league fixtures. Ahead of the replay on Wednesday, The Hard Tackle takes a closer look at the encounter.

February 07, 2018
Gen Bajwa attends funeral prayers of martyred army personnel in Peshawar
Prime Minister Shahid Khaqan Abbasi strongly condemned the attack and expressed his grief over the losses of security personnel. Prime Minister Abbasi said the war against terrorism will continue till the elimination of the last terrorist from Pakistan.

February 07, 2018
Jamie Carragher and Wayne Rooney look back at their confrontations
But three even remotely fruity remarks is way above the average strike rate for a current player in... It was a different style and at Arsenal he'll have players round him.