US Commerce Secretary Rose said on Friday that the Commerce Department "has found that the quantity and conditions of steel and aluminum imports are likely to undermine national security." The news prompted metal prices and the shares of Alcoa, Century Aluminum and US Steel Corp Rising tariffs may affect consumer prices in all areas, ranging from beer cans to cars.
Bloomberg reports that the United States imposes a minimum of 53% tariff on steel imports from Brazil, China, Costa Rica, Egypt, India, Malaysia, South Korea, Russia, South Africa, Thailand, Turkey and Vietnam and imposes quotas on steel imports from all other countries Management equivalent to 100% of their exports to the United States in 2017
Steel import quotas from all countries do not exceed 63% of their exports to the United States in 2017.
For aluminum imports from China, Russia, Venezuela, Vietnam and Hong Kong, the tariff is 23.6%
Aluminum quotas for 2017 exports of 86.7%.
Last month, the proposals were sent to U.S. President Trump, who just said this week he is considering tariffs and quotas to protect U.S. industries from metal dumping, with beverage and car makers and Trump Of Republican lawmakers opposed the idea that it would endanger manufacturing jobs in the United States, with shares of Ford Motor and General Motors falling on Friday after the news broke.
A few weeks ago, the White House just released its anti-dumping policy on photovoltaic panels and washers, but unlike those cases, Friday's proposal was driven by a less clear part of the 1962 Trade Law, The President of the United States will be able to introduce tariff measures without the approval of the National Assembly if the United States considers the import threatens national security.
Rose told reporters at a press conference about the findings of the Commerce Department that Rose proposed that the United States impose 24% and 7.7% of the global tariffs on imports of steel and aluminum, respectively, and that Trump has the right to choose between the options of this type Choice, and even negotiate with the manufacturer to find a solution.According to the trade law, Trump will decide by mid-April whether to take any trade measures.
MOFCOM's recommendations were welcomed by US steelmakers and manufacturers, who urged Trump to take immediate steps to protect jobs and safety.
Tariffs on such widely used commodities may trigger retaliation from China, the world's largest producer of steel and aluminum, which may also push up US production and consumer prices and exacerbate its ties with Japan, India, Germany and Canada and other allies, the Group of Twenty has also warned that such a move may trigger a trade war.