US President Donald Trump’s administration rocked the global steel market in 2018, with the introduction of a 25% tariff on steel imports that changed trade flows and set off a chain reaction of retaliatory tariffs and additional safeguard measure from other countries. With the tariffs still in place, 2019 is looking to be another turbulent year for steel as the US heads into fresh trade negotiations with major markets including Japan and the EU. Meanwhile, the trilateral deal with Mexico and Canada reached in 2018 still has details to be ironed out. In the first two years of his presidency, Trump has relied heavily on tariffs as leverage to rebalance US trade and negotiate new trade agreements. In December he even referred to himself as a “Tariff Man” on Twitter, a moniker befitting his trade policies. Since January 2018, the Trump administration has placed tariffs on solar panels, washing machines and tariffs of 10%-25% on $250 billion worth of Chinese goods. The Department of Commerce is also conducting Section 232 investigations into automobile and uranium imports, which could lead to further tariffs should the department find imports of these products are a threat to US national security. That was judged… continue reading
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Source: CTRM Center