Tariff winners and losers: US Steel spikes, Ford retreats

Tariff winners and losers: US Steel spikes, Ford retreats

Tariff winners and losers: US Steel spikes, Ford retreats

"The continued rising levels of imports of foreign steel threaten to impair the national security by placing the USA steel industry at substantial risk of displacing the basic oxygen furnace and other steelmaking capacity", report stated.

The goal of these tariffs would be to increase domestic production of steel and grow the USA steel workforce. "And we presented the President with a range of alternatives that goes from a big tariff on everything from everywhere, to very selective tariffs from a very selective group of countries".

Steel and aluminum are vital to the nation's security and to our crumbling roads, bridges and other infrastructure. Trump take action based on the recommendations he receives, or he may opt not to take any action.

Speculation about possible USA action has roiled the metals industry.

The U.S. administration has delivered a series of recommendations to President Donald Trump, and he must decide on a course of action by April. The third alternative was a quota on all imports from all countries of up to 86.7 percent of their 2017 exports to the United States. No matter what he decides to impose, tariffs will be an incremental boost to companies like U.S. Steel, which has struggled with billions in losses over the past decade. China, as the largest steel-producing country, is the largest source of excess steel capacity.

Any action to limit imports is likely to end up raising the price of steel, which could destabilize US industries from automakers to food packagers.

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Other countries would be subject to a quota limiting their tariff-free access to their 2017 steel exports to the United States.

At today's reduced military spending, military consumption of aluminum is a small percentage of total consumption and therefore is insufficient by itself to preserve the viability of the smelters. According to the latest industry data, Chinese primary aluminum capacity grew by 9 percent in 2017 while capacity in the rest of the world declined by about 0.5 percent. Those measures, which could be announced in the following weeks, are aimed at saving USA steel and aluminum producers, who have struggled to compete with a flood of cheap metals from overseas, particularly from China.

Both companies reversed gains after Commerce Secretary Wilbur Ross proposed a 24 percent global tariff on steel shipments coming into the USA and a 7.7 percent duty on aluminum imports.

"Aluminum used to make beer cans is not a national security threat".

At least a 53% tariff on steel imports from Brazil, China, Costa Rica, Egypt, India, Malaysia, Korea, Russia, South Africa, Thailand, Turkey, Vietnam, with a quota by product on steel imports from all other countries equal to 100% of their 2017 exports to the U.S.

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