Defying threats of retaliation from the Chinese, Bloomberg reports that President Trump is pushing for a global tariff of 24% on all steel imports, a decision that will anger nearly every industrial manufacturer based in the US, while at the same time helping revive the fortunes of US steel producers.
The rates were first proposed by Commerce Secretary Wilbur Ross last week.
The commerce department released reports on the U.S. Department of Commerce’s investigations into the impact on our national security from imports of steel mill products and from imports of wrought and unwrought aluminum. These investigations were carried out under Section 232 of the Trade Expansion Act of 1962, as amended. All classified and business confidential information in the reports was redacted before the release.
Specifically, the department, found that the quantities and circumstances of steel and aluminum imports “threaten to impair the national security,” as defined by Section 232.
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The US Military is using massive amounts of aluminum (the most prevalent metal in the earth's crust).
ReplyDeleteI assume the Military will still have all the access it needs for aluminum.
Otherwise the steel prohibition will make for a lot of profiteering among the US producers.
This will entice American companies to rev up mining, open the steel and aluminum mills and give Americans JOBS instead of sitting around doing drugs.
ReplyDeleteMAGA!!!
There is something wrong here. China has wised up and does not want to process our debris that we do not have the infrastructure to address beyond landfills.
ReplyDeleteHigher consumer prices for us and billions made by a select few "friends" of Trump.
ReplyDelete716 something tells me you have spent about 30 seconds on google researching the problem and now you believe in your own "expert" opinion. Too funny
ReplyDelete