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China Will Not Be The Only Country Affected By U.S. Steel Tariffs

Feb 24, 2018

President Donald Trump and his government announced a survey of steel and aluminium imports in April. It attempts to determine whether imports pose a threat to national security.

These proposals call for tariffs on a number of countries, although the trump card can determine the exemption of a particular country based on the economic or security interests of the United States.

The president could also consider the willingness of a country to work with the United States to address global overcapacity and other challenges facing the US aluminium and steel industry.

The United States is the world's largest importer of steel. The largest steel shipper in the United States is Canada. May involve large Asian exporters and U.S. allies in South Korea and Japan.

China was not among the top 10 sources of U.S. steel imports between January and September 2017, according to the Ministry of Commerce.

China's Ministry of Commerce said the U.S. investigation report was "groundless". If the final decision is to affect the country, Beijing will take the necessary steps to protect its interests, the ministry added.

According to Reuters, the South Korean trade ministry said in a statement that it had met with top executives of steel makers and agreed to conduct outreach work before Washington made a final decision.

In addition, Seoul plans to raise a dispute with the World Trade Organization in 2016 against a high anti-dumping duty imposed by the United States against the country's steel products.

Instead of focusing on punitive actions such as tariffs, he told CNBC that it would be more effective to combine overcapacity with other countries ' goals than to cause trade disputes.

"It is clear that the world's capacity has surpassed ... It is also clear that China is very guilty here. China is the culprit, and China is the country that has caused the biggest overcapacity. I think the answer to that is basically: to solve problems, to go beyond ability, "Baucus said."

U.S. Steel stocks jumped immediately after the Ministry of Commerce reported.

In a Tuesday note, Nomura said U.S. steelmakers would become more profitable if Trump accepted all suggested measures. The move will also accelerate the integration and streamlining of non-US countries.

The ACE must respond to the steel and aluminium reports on April 11 and 19 respectively.


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