US Could Impose New Tariffs on China This Week

22 March, 2018, 01:15 | Author: Roderick Gutierrez
  • China import

The study comes as many forecasts say the controversial import tariffs would largely hurt downstream sectors of the economy that use raw steel and aluminum to make consumer products such as automobiles and beverage cans.

The further exemptions raised by Lighthizer would mean that the top four steel exporters to the United States, and four of the top seven aluminum exporters, would be left out of the tariffs, according to USA government data and Panjiva, a research firm owned by S&P Global.

A global trade war would have much harsher economic consequences, possibly hitting the dollar, US stock markets and currencies as varied as the Mexican Peso and the Australian dollar, according to analysis from investment bank Morgan Stanley.

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.

Trump imposed the tariffs under a little-used provision in US trade law that allows such measures in the case of threats to national security.

Trump followed through on threatened steel and aluminum tariffs, but then allowed countries to seek waivers.

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

As in Newtonian physics, for each action through major tariff measures, there can be an "equal and opposite" reaction, not only in counter tariffs but also in the altered purchasing patterns of major enterprises in the affected nations, particular by state-owned or highly regulated enterprises in those nations, such as major airlines that buy "big ticket" US -made planes and their equipment and related services.

Need buying strategies for steel?

Broad tariffs on Chinese goods would "trigger a chain reaction of negative consequences for the United States economy", a coalition of more than 40 business groups led by the Information Technology Industry Council said Sunday in a letter to Trump. "We hope this important means to balance China-U.S. trade will not be missed because that would be missing the good opportunity for making more money".

Amaral, who has met with several members of the U.S. Congress to plead Brazil's case, said he is "confident" that ultimately the country will be spared the U.S. tariffs.

On Monday, the trade representative's office declined to comment on whether such clarifying rules are coming. "But we don't see any specific procedures for doing so", said Clement Leung, Hong Kong commissioner for economic and trade affairs.

Eurofer estimates up to 13 million tonnes of steel that would have gone to the United States could be redirected due to Trump's tariffs, and says most of it could head to European Union markets. Guge said his company will work on the product-exclusion application this week.

"This looks much more like a president who is excessively eager to apply tariffs than a well-calculated move to defend American interests", Phil Levy, who was a trade adviser to President George W. Bush told the Washington Post. "Commerce knows how to do that, ' he said".


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