Trump Readies a Hefty Penalty on China

Trump intends to impose duties of 25% on imported steel and 10% on aluminum imports

Trump intends to impose duties of 25% on imported steel and 10% on aluminum imports

The mill is a subsidiary of NLMK, one of Russia's largest steelmakers. But, is Trump's tariff package feasible?

Businesses may submit requests to the Office of the Secretary of Commerce for an exclusion if the affected parties can argue that the the USA can't produce enough needed steel or aluminum materials or those are not able to be produced to the quality needed. We are NOT going to say that "not resigning from Office" was at the top of the list.

On March 8, Trump signed an executive order that placed a 25% tariff on imported steel and a 10% tariff on imported aluminum that is scheduled to go into effect on March 23.

"There are real concerns about Chinese behaviour on intellectual property, for example, but there are much more effective ways to address them", he said.

But with time running out, no official guidance on how to apply has been made public, leaving diplomats baffled.

"No one will emerge a victor from a trade war", Li told a news conference at the conclusion of China's annual parliamentary meeting. "That's an important one", he said. That and other trade actions from the Trump administration, have triggered talk of a global trade war.

It was only Monday that an online form was made available for companies to file for product exclusions, and the Commerce Department said it would take 90 days to review the detailed applications - meaning that US -based auto producers, appliance-makers and other companies will have to pay the tariffs and hope that they will be reimbursed if they later receive exemptions.

Japan's economy minister and foreign affairs minister have met directly with U.S. Trade Representative Robert E. Lighthizer.

But the administration still has not spelled out in any detail what trading partners must do to secure a country exemption.

He said Beijing plans to "further bring down overall tariffs", including removing tariffs on 'much-needed anti-cancer drugs'. "Our hope is end by the end of April we (will) have this part of the process resolved". So, when his national security advisers urged the President of United States to not congratulate Russian President Vladimir Putin on his re-election he did exactly the opposite, Netizens couldn't help but notice.

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"They want to cut deals with everybody". China has said it will strike back if the US presses ahead, although it has stressed targeted measures. That rationale has irked several of the countries targeted, such as Japan, South Korea and Germany, which are steel suppliers and longtime American allies.

About 40 million tonnes of steel are imported into the European Union each year.

Trump exempted from the tariffs Canada, the US market's leading source of steel, and Mexico, ranked fourth, at least while talks aimed at renegotiating the North American Free Trade Agreement make progress.

Expectations of the anti-China tariffs have alarmed dozens of U.S. business groups, who warned on Sunday they would raise prices for consumers, kill jobs and drive down financial markets.

Edward Alden, a trade expert at the Council on Foreign Relations, said he doubts that many other countries will evade Trump's new taxes.

MEMA has publicly opposed President Trump's tariff plan, saying in a statement, "The burden of these tariffs, as always, will be passed on to the American consumer".

Brazil offers a good illustration of the complexity involved in clamping down on market distortions that most analysts blame on China's excessive production of industrial metals.

Need buying strategies for steel?

But Australia accounts for only a tiny share of all US imported steel - $380 million, or just 1.3 percent, in 2017. She said that "The timing is bad, the measure is bad for the U.S. and Korea going together on the North Korean nuclear issue". White House Chief Economist Gary Cohn reportedly clashed with the president over the matter, ultimately deciding to resign because of it.

"We are up for seeking an exemption". Guge said his company will work on the product-exclusion application this week. "Commerce knows how to do that, ' he said".

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