Trump seeking to slap steep tariff on Chinese imports says report

China’s trade minister Zhong Shan said that the US trade deficit with China is overestimated by about 20% citing research by a panel tasked with investigating the discrepancy between the two nations’ accounts of their trade balance

That's a long shot - Trump has railed against the USA trade deficit since entering the race for the presidency in 2015 - but we hope he will, as do many Oklahomans who will be impacted. "That's why we - if possible - want to avoid a trade war".

Granted, other stocks aren't quite so richly priced, and not so likely to suffer - AK Steel stock, for example, sells for only an EV/EBITDA ratio of about 7, and Alcoa lands at 4.

Prime Minister Justin Trudeau says he has an array of measures, including tariffs, to prevent the world's producers of cheap steel from using Canada as a back door to slip the metal into the United States.

Shortly after Trump took office, the Information Technology & Innovation Foundation (ITIF), a USA technology think tank whose board includes representatives from top companies such as Apple, Amazon, Cisco, Google, and Intel, called for coordinated worldwide pressure on Beijing. That's ridiculous. Uncle Sam can compel our manufacturers to make defense needs a priority - but not foreign producers.

The largest sources for the material are Japan and Brazil, she said, adding that US tire producers will lose business to foreign competitors if their steel costs rise. Should our nation's victory in war hinge on them?

In contrast, during the entire time those Section 201 tariffs were in place, and while investors watched their effectiveness continually eroded, U.S. Steel stock's valuation declined, bottoming in Q2 2003 - about 15 months after the tariffs were announced. That's now. But in a major military conflict, those needs would soar.

Steel tariffs, however, don't follow this pattern.

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Producers that have to buy steel at inflated prices will charge consumers more.

The steel industry has had several things working in its favor.

Trump and his trade officials have signalled in the past they are looking for more access to Canada's dairy market within a renegotiated NAFTA deal. The former holds that differential tariffs applied to WTO members are impermissible except in defined circumstances (such as free trade agreements); by letting Canada and Mexico and, possibly, other countries escape, the Proclamations establish discriminatory treatment that is inconsistent with the MFN requirement. The WTO agreements set out "Security Exceptions", that exclude "any action which [a member state] considers necessary for the protection of its essential security interests. such traffic in other goods and materials as is carried on directly or indirectly for the goal of supplying a military establishment". The unit production cost soars - whether it's cupcakes or steel. Brussels has drawn up a provisional list of items that would be subject to stiff new taxes in response to Trump including, steel products, jeans, bourbon, peanut butter, Harley-Davidson motorcycles, orange juice and blueberries - to which an equivalent tariff would apply - as well as several other items.

Do the math. While imported steel will cost more, imports will drop from one third to one fifth of all steel used here.

But a key problem is that overcapacity and low steel prices are also real, Warrian said.

The other bonus: jobs. The U.S. has already imposed anti-dumping and countervailing tariffs on 88 percent of South Korean steel products. Mathematically, that means fewer jobs for steel and aluminum workers. There's no concrete evidence that would happen. Mexico and Canada won an exemption - for now - by holding out the possibility of better NAFTA terms for the U.S. The European Union is also willing to talk, despite some harsh anti-Trump rhetoric. It will also consider filing a complaint with the World Trade Organization, or WTO, through global cooperation. This free-trade rhetoric is disguised anti-Americanism. South Korea had actually requested that the U.S. exempt it from the new steel tariff, in consideration of the ongoing negotiations to revise the Korea-U.S. FTA and their bilateral alliance. Because duh, everyone knows you prove yourself a tough negotiator by making a ridiculously teeny opening ask.


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