United States tariffs raise risk Canada will face foreign steel dumping

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"We are very concerned about the actions were taken by China and the dumping of steel and aluminum on the global market", Trudeau said following a tour of a steel and aluminum plant.

Herman says Canada can use the Customs Tariff Act to apply temporary surcharges on steel imports from countries caught trying to do this, as well as tightening up the system that issues permits for any steel imports which he says is more a formality than a check on the system at the moment.

The United States bought just 1.1 per cent of China's steel exports previous year compared with 12 per cent for South Korea and 5 per cent for Japan, according to the US International Trade Commission. Critics say Trump's tariffs on steel and aluminum coming into the country will usher in a trade war, and it will harm America.

Mr. Trudeau spoke by telephone with Mr. Trump on Monday to thank him for the "special consideration extended to Canada" while stressing that the steel and aluminum industries are critical to jobs on both sides of the border, his office said in a statement.

That doesn't quite jibe with how other investors have been reacting to the Trump administration's imposition of tariffs created to raise steel industry utilization to 80% or better, boost domestic steel sales, and grow steel industry profits. A week later, as expected, he signed proclamations calling for restricting those imports.

The EU has warned that it stands ready to slap "rebalancing" tariffs on about 2.8 billion euros ($3.4 billion) worth of United States steel, agricultural and other products, like peanut butter, cranberries and orange juice. He has taught global trade law, and microeconomics.

When President George W. Bush raised steel tariffs in 2002, U.S. gross domestic product declined by $30.4 million, according to the U.S. International Trade Commission. Tellingly, numerous major USA military contractors - without any reliable source of aluminum being produced domestically - depend heavily upon imported Canadian aluminum to drive their operations.

A 25 percent tariff is considered quite steep. The move will certainly come as a huge burden to Korean steelmakers.

Approximately seven percent of the UK's steel output, or 350,000 tonnes, was exported to the U.S. in 2017.

Brussels initially promised to retaliate by imposing similar measures.

Total steel production rose 5.7 per cent past year compared with 2016 to a record 831 million tonnes, according to the Chinese Cabinet's planning agency, the National Reform and Development Commission. But there is still room for further negotiations.

European countries, many of which are North Atlantic Treaty Organisation allies, argue that they should also be exempt, and EU officials including European Commission President Jean-Claude Juncker have said that retaliatory tariffs include measures against classic American products such as bourbon. He was to also visit three Canadian steel cities this week to reassure workers. The U.S. granted Australia an exemption on March 9, a day after Trump signed the tariff measure, citing that the country poses no threat to U.S security. Their reach is in almost every sector of the US economy - and that gives the tariffs a wide and worrying reach.

"A tariff is a tax, plain and simple", said Matthew Shay, president and CEO of the NRF. The last time a president slapped tariffs on steel offers an illuminating lesson - and cautionary tale - for Trump's new policy.

Xi has charmed the trousers off Trump, who appears envious of the Chinese government's military parades, press controls and disregard for human rights. But we still have to watch the responses from the nations that are subject to the new action.

"But of course the European Union also continues the preparations to ensure a firm and proportionate response in line with the WTO rules in the event United States measures should be applied", he added.

Slapping tariffs on slab imports drives up CSI's costs while sparing steel mills that don't need slabs, executives said.

A Commission spokeswoman would not comment on why the individual items on the list had been chosen, though said that it was still being discussed with European governments. On a similar note, China showed its determination to lead the counteraction of WTO members affected by the new US tariff policy.

US Trade Representative Robert Lighthizer met with European Trade Commissioner Cecilia Malmström over the weekend to establish whether the bloc would be hit by the measures. The profession generally views trade as helpful to both partners and the history or tit-for-tat trade tariffs as a good reason to avoid making the same mistake again.

Of those imports, South Korea, Japan, China and India accounted for 6.6 million tonnes. "The risk that the steel tariff could cause a tariff war is real". That's set off a race for US allies to plead for special treatment, while China has warned of "strong" measures to protect its interests. It was not clear when or where the meeting would take place.

So Trump's ham-fisted attempts to protect one American industry seem likely to deal a blow to many others.