US sanctions
were intended to penalize China but intensified the devaluation of the
yuan, which registered the lowest price in months against the dollar
Trump accuses China of unfair competition and technology theft (Rawpixel / Thinkstock)
China posted a higher-than-expected increase in exports in July and its trade surplus with the United States fell slightly, two signs that Washington's tariffs on Chinese products have had a limited impact so far.
The Asian country last month recorded a surplus of $ 28.09 billion in trade with the United States, well ahead of a record $ 28.9 billion (revised) figure set in June, according to the country's Customs.
The colossal surplus, which increased by 11% compared to July 2017, "will not help to calm the escalation of tension between the two powers in the midst of the commercial war," says ANZ's Betty Wang.
These are the first figures on trade between the two countries since Washington began applying, in early July, tariffs of 25% on $ 34 billion in imported Chinese goods.
US President Donald Trump, who accuses China of unfair competition and theft of technology, hopes in this way to curb the imbalance of bilateral trade. Beijing responded with import tariffs of the same value on United States products.
"Chinese exports to the United States registered a slight slowdown, which suggests a certain impact of US tariffs," acknowledges Julian Evans-Pritchard of Capital Economics.
"But it has little effect at the moment on the overall growth of China's foreign trade," he explains.
With the rest of the world, China's exports rose 12.2% in July at an annual rate.
Despite the downward trend in exports to the European Union and the United States, China's two main partners, the movement accelerated in the case of developing markets, taking advantage of the drastic devaluation of the Chinese currency.
Irony of fate: American sanctions, which were intended to penalize Beijing, intensified the devaluation pressure of the yuan, which had the lowest price in almost a year against the dollar, which ultimately benefits Chinese exporters.
Imports of the Asian giant rose 27.3% year-on-year last month, up from 14.1% in June. Thus, the Chinese trade balance fell in July to 28 billion dollars, against US $ 41.5 billion the previous month.
Imports from Southeast Asia, the European Union and Australia grew 30%, 20% and 34%, respectively, "suggesting that China seeks other suppliers" outside the United States, notes Betty Wang.
But the general opinion is one of rapid change.
"We have not yet seen the full impact of US tariffs and we will have a better idea in August," says Iris Pang, an ING economist, quoted by Bloomberg.
In addition, the crisis remains: Washington confirmed on Tuesday that, as of August 23, it will apply tariffs of 25% on another 16 billion dollars of imported Chinese products. Beijing promises reprisals.
The "eye-to-eye" tariff strategy can have its limits because China imports almost four times less than it exports to the United States.
Trump accuses China of unfair competition and technology theft (Rawpixel / Thinkstock)
China posted a higher-than-expected increase in exports in July and its trade surplus with the United States fell slightly, two signs that Washington's tariffs on Chinese products have had a limited impact so far.
The Asian country last month recorded a surplus of $ 28.09 billion in trade with the United States, well ahead of a record $ 28.9 billion (revised) figure set in June, according to the country's Customs.
The colossal surplus, which increased by 11% compared to July 2017, "will not help to calm the escalation of tension between the two powers in the midst of the commercial war," says ANZ's Betty Wang.
These are the first figures on trade between the two countries since Washington began applying, in early July, tariffs of 25% on $ 34 billion in imported Chinese goods.
US President Donald Trump, who accuses China of unfair competition and theft of technology, hopes in this way to curb the imbalance of bilateral trade. Beijing responded with import tariffs of the same value on United States products.
"Chinese exports to the United States registered a slight slowdown, which suggests a certain impact of US tariffs," acknowledges Julian Evans-Pritchard of Capital Economics.
"But it has little effect at the moment on the overall growth of China's foreign trade," he explains.
With the rest of the world, China's exports rose 12.2% in July at an annual rate.
Despite the downward trend in exports to the European Union and the United States, China's two main partners, the movement accelerated in the case of developing markets, taking advantage of the drastic devaluation of the Chinese currency.
Irony of fate: American sanctions, which were intended to penalize Beijing, intensified the devaluation pressure of the yuan, which had the lowest price in almost a year against the dollar, which ultimately benefits Chinese exporters.
Imports of the Asian giant rose 27.3% year-on-year last month, up from 14.1% in June. Thus, the Chinese trade balance fell in July to 28 billion dollars, against US $ 41.5 billion the previous month.
Imports from Southeast Asia, the European Union and Australia grew 30%, 20% and 34%, respectively, "suggesting that China seeks other suppliers" outside the United States, notes Betty Wang.
But the general opinion is one of rapid change.
"We have not yet seen the full impact of US tariffs and we will have a better idea in August," says Iris Pang, an ING economist, quoted by Bloomberg.
In addition, the crisis remains: Washington confirmed on Tuesday that, as of August 23, it will apply tariffs of 25% on another 16 billion dollars of imported Chinese products. Beijing promises reprisals.
The "eye-to-eye" tariff strategy can have its limits because China imports almost four times less than it exports to the United States.
China resists trade war in July with increased exports
By Unknown
The tariffs take
effect the same day that the US plans to start charging a further 25%
on tariffs over $ 16 billion on Chinese products
The number of product categories subject to tariffs has risen to 333, but the final value is the same (Jason Lee / Reuters)
BEIJING - China will impose additional tariffs of 25 percent over $ 16 billion on imported US goods, from fuel and steel to automobiles and medical equipment, China's Ministry of Commerce said amid escalating trade disputes between the two largest economies in the world.
The tariffs take effect Aug. 23, the ministry said on the same day that the United States plans to start charging a further 25 percent in tariffs on $ 16 billion worth of Chinese products.
The United States has published its final list of products subject to new tariffs the day before.
China's final list, announced on Wednesday, differs from the previous version published in June, which included crude oil. The number of product categories subject to tariffs has risen to 333 from 114 in the June version, although the final figure is the same.
The US action that led to Chinese retaliation was the latest move by President Donald Trump to put pressure on China to negotiate trade concessions after Washington imposed tariffs on $ 34 billion worth of products last month. China has vowed to retaliate against any US lawsuit.
"This is a pretty foolish practice," China's Ministry of Commerce said of US actions on Wednesday, while presenting China's retaliatory tariffs.
To compensate for the space left on the list of tariffs with the exclusion of crude oil, China has added fish meals, waste wood, paper and waste, metal scrap and various types of bicycles and cars among other products.
Last week, China proposed additional tariffs on $ 60 billion worth of US products, after Trump raised the initially planned tariffs by 10 percent over $ 200 billion in imports from China to 25 percent.
So far, China has imposed or proposed the adoption of tariffs on 110 billion dollars in US products, representing the vast majority of American products that it imports annually. High-value US products, such as crude oil and large aircraft, are not yet on any list.
A spokeswoman for the US Trade Representative was not immediately available to comment on China's retaliation announcement or whether it would lead to a new round of tariff threats over 200 billion Chinese products.
The US trade representative conducts a public consultation period for fares by September 5, which may reach 25 percent. It would take a few more weeks to review the list and schedule customs changes to begin charging.
The number of product categories subject to tariffs has risen to 333, but the final value is the same (Jason Lee / Reuters)
BEIJING - China will impose additional tariffs of 25 percent over $ 16 billion on imported US goods, from fuel and steel to automobiles and medical equipment, China's Ministry of Commerce said amid escalating trade disputes between the two largest economies in the world.
The tariffs take effect Aug. 23, the ministry said on the same day that the United States plans to start charging a further 25 percent in tariffs on $ 16 billion worth of Chinese products.
The United States has published its final list of products subject to new tariffs the day before.
China's final list, announced on Wednesday, differs from the previous version published in June, which included crude oil. The number of product categories subject to tariffs has risen to 333 from 114 in the June version, although the final figure is the same.
The US action that led to Chinese retaliation was the latest move by President Donald Trump to put pressure on China to negotiate trade concessions after Washington imposed tariffs on $ 34 billion worth of products last month. China has vowed to retaliate against any US lawsuit.
"This is a pretty foolish practice," China's Ministry of Commerce said of US actions on Wednesday, while presenting China's retaliatory tariffs.
To compensate for the space left on the list of tariffs with the exclusion of crude oil, China has added fish meals, waste wood, paper and waste, metal scrap and various types of bicycles and cars among other products.
Last week, China proposed additional tariffs on $ 60 billion worth of US products, after Trump raised the initially planned tariffs by 10 percent over $ 200 billion in imports from China to 25 percent.
So far, China has imposed or proposed the adoption of tariffs on 110 billion dollars in US products, representing the vast majority of American products that it imports annually. High-value US products, such as crude oil and large aircraft, are not yet on any list.
A spokeswoman for the US Trade Representative was not immediately available to comment on China's retaliation announcement or whether it would lead to a new round of tariff threats over 200 billion Chinese products.
The US trade representative conducts a public consultation period for fares by September 5, which may reach 25 percent. It would take a few more weeks to review the list and schedule customs changes to begin charging.
China decides to impose additional tariffs on US $ 16 billion in US products
By Unknown
Measure had been
anticipated by the White House, amid the trade dispute with China,
which seeks to reduce the United States trade deficit with the country
China and the US: Washington began imposing additional tariffs on July
6 at $ 34 billion in imports from China (Jason Lee / Reuters)
The United States will apply, as of August 23, 25% tariffs on a total of $ 50 billion of Chinese imports, in response to its "unfair trading practices," the US Commerce Department said in a statement.
The measure had been anticipated by the White House amid a trade dispute with China that seeks to reduce the US trade deficit with the country.
Washington began imposing additional tariffs on July 6 at $ 34 billion worth of Asian imports.
The new provision extends the measure to an additional $ 16 billion in Chinese products.
According to official information, 279 products will be affected in response to "unfair trade practices in China, such as forced technology transfers and intellectual property rights," the statement said.
The list of goods on which the tariff will weigh will be published in the official bulletin.
The Trump government accuses Beijing of "depriving US companies of the ability to exploit licenses," the ministry said.
It also denounces "cybernetic intrusions in US commercial digital networks to gain unauthorized access to important business information."
The United States will apply, as of August 23, 25% tariffs on a total of $ 50 billion of Chinese imports, in response to its "unfair trading practices," the US Commerce Department said in a statement.
The measure had been anticipated by the White House amid a trade dispute with China that seeks to reduce the US trade deficit with the country.
Washington began imposing additional tariffs on July 6 at $ 34 billion worth of Asian imports.
The new provision extends the measure to an additional $ 16 billion in Chinese products.
According to official information, 279 products will be affected in response to "unfair trade practices in China, such as forced technology transfers and intellectual property rights," the statement said.
The list of goods on which the tariff will weigh will be published in the official bulletin.
The Trump government accuses Beijing of "depriving US companies of the ability to exploit licenses," the ministry said.
It also denounces "cybernetic intrusions in US commercial digital networks to gain unauthorized access to important business information."
US will apply 25% tariffs on over $ 16 billion of Chinese products
By Unknown
The sanctions
are a consequence of the US withdrawal from the nuclear agreement with
Iran and seeks to isolate the country economically
WASHINGTON (Reuters) - The United States has confirmed on Monday that it will again impose the first round of sanctions on Iran and warned it would be "fully" deployed to increase economic pressure against Ayatollahs and prevent them from continuing to fund " in the region.
"This government intends to fully comply with the sanctions and as soon as they come into force to economically pressure the Iranian regime, curb its evil activities and, finally, open a new path leading to the prosperity of the Iranian people," he said today a senior US official.
The resumption of sanctions is a consequence of the United States withdrawing from the 2015 nuclear deal with Iran and seeks to isolate the country economically, forcing foreign companies to reduce or close their business in the country.
The United States will again penalize trade in gold, precious metals and other materials, including aluminum and steel, will again impose sanctions on Iran's auto industry and ban transactions related to the rail system. In addition, Washington will prevent Tehran from acquiring dollars and imposing sanctions on those who buy or facilitate the issuance of Iranian money.
These sanctions were suspended after the signing of the nuclear agreement in July 2015 by Iran and G5 + 1, consisting of Russia, China, the United Kingdom, France, Germany and the United States, then chaired by Barack Obama, one of the the initiative. In May, his successor, Donald Trump, decided to withdraw from the pact and announced the resumption of sanctions, the first part of which will enter into force in the next few hours and on November 4 will be implemented the remainder, which includes the sale of oil and financial transactions with the Central Bank of Iran.
According to the top US official, about 100 companies have already announced their desire to leave the Iranian market, especially because of uncertainty in the energy and financial sectors. So far, the most affected are multinationals, such as Airbus, Peugeot and Siemens.
The European Commission has taken a number of measures to protect its companies from extraterritorial sanctions in the United States, such as the so-called "blocking statute".
WASHINGTON (Reuters) - The United States has confirmed on Monday that it will again impose the first round of sanctions on Iran and warned it would be "fully" deployed to increase economic pressure against Ayatollahs and prevent them from continuing to fund " in the region.
"This government intends to fully comply with the sanctions and as soon as they come into force to economically pressure the Iranian regime, curb its evil activities and, finally, open a new path leading to the prosperity of the Iranian people," he said today a senior US official.
The resumption of sanctions is a consequence of the United States withdrawing from the 2015 nuclear deal with Iran and seeks to isolate the country economically, forcing foreign companies to reduce or close their business in the country.
The United States will again penalize trade in gold, precious metals and other materials, including aluminum and steel, will again impose sanctions on Iran's auto industry and ban transactions related to the rail system. In addition, Washington will prevent Tehran from acquiring dollars and imposing sanctions on those who buy or facilitate the issuance of Iranian money.
These sanctions were suspended after the signing of the nuclear agreement in July 2015 by Iran and G5 + 1, consisting of Russia, China, the United Kingdom, France, Germany and the United States, then chaired by Barack Obama, one of the the initiative. In May, his successor, Donald Trump, decided to withdraw from the pact and announced the resumption of sanctions, the first part of which will enter into force in the next few hours and on November 4 will be implemented the remainder, which includes the sale of oil and financial transactions with the Central Bank of Iran.
According to the top US official, about 100 companies have already announced their desire to leave the Iranian market, especially because of uncertainty in the energy and financial sectors. So far, the most affected are multinationals, such as Airbus, Peugeot and Siemens.
The European Commission has taken a number of measures to protect its companies from extraterritorial sanctions in the United States, such as the so-called "blocking statute".
US confirms sanctions against Iran and warns full deployment
By Unknown
The Iranian
president, who is under pressure from the economic crisis and the
devaluation of the currency, should appear in plenary within a maximum
of one month
Facing the economic crisis, Rohani has changed the president of the Central Bank and plans to reshape the executive's economic team (Denis Balibouse / Reuters)
Tehran - Iran's parliament on Wednesday convened President Hassan Rohani to respond to Members' questions about the economic problems that have once again sparked popular protest.
Of the 290 MPs in Parliament, 92 have asked Rohani to appear, or more than one-quarter, the mayor of the Chamber, Ali Lariyani, said.
The leader, who has been under pressure due to the economic crisis in Iran and the devaluation of the national currency, should appear in plenary within a maximum of one month.
Rohani will be questioned about the government's failure to curb unemployment and rising prices, continued sanctions on the banking system, severe economic recession and sharply declining rial value.
Faced with a poor economic situation and devaluation of more than 50 percent of the rial, Rohani has changed the president of the Central Bank of Iran and plans to reshape the executive's economic team.
The crisis has generated discontent among the population, which has exploded in protests since yesterday, mainly in the city of Isfahan.
Isfahan's chancellor Rasul Yahanguirí explained to the newspaper "Doniye Eqtesad" that the complaints are mainly due to currency fluctuations.
Protesters are asking the authorities for measures and solutions to other problems related to taxes and payments.
Yesterday and today protests took place in Shapur district and gathered hundreds of people, according to videos released on social networks, which also showed similar demonstrations in the city of Karaj.
In recent months Iran has been the scene of protests and strikes from various sectors - currently for the second time there are truckers - due to the poor economic situation, which is worsening with the entry into force of the sanctions imposed by the United States between August and November.
At the end of December last year, a wave of protests rocked most of the country's cities also motivated by rising cost of living, which led to criticism of the Islamic Republic's own system.
Facing the economic crisis, Rohani has changed the president of the Central Bank and plans to reshape the executive's economic team (Denis Balibouse / Reuters)
Tehran - Iran's parliament on Wednesday convened President Hassan Rohani to respond to Members' questions about the economic problems that have once again sparked popular protest.
Of the 290 MPs in Parliament, 92 have asked Rohani to appear, or more than one-quarter, the mayor of the Chamber, Ali Lariyani, said.
The leader, who has been under pressure due to the economic crisis in Iran and the devaluation of the national currency, should appear in plenary within a maximum of one month.
Rohani will be questioned about the government's failure to curb unemployment and rising prices, continued sanctions on the banking system, severe economic recession and sharply declining rial value.
Faced with a poor economic situation and devaluation of more than 50 percent of the rial, Rohani has changed the president of the Central Bank of Iran and plans to reshape the executive's economic team.
The crisis has generated discontent among the population, which has exploded in protests since yesterday, mainly in the city of Isfahan.
Isfahan's chancellor Rasul Yahanguirí explained to the newspaper "Doniye Eqtesad" that the complaints are mainly due to currency fluctuations.
Protesters are asking the authorities for measures and solutions to other problems related to taxes and payments.
Yesterday and today protests took place in Shapur district and gathered hundreds of people, according to videos released on social networks, which also showed similar demonstrations in the city of Karaj.
In recent months Iran has been the scene of protests and strikes from various sectors - currently for the second time there are truckers - due to the poor economic situation, which is worsening with the entry into force of the sanctions imposed by the United States between August and November.
At the end of December last year, a wave of protests rocked most of the country's cities also motivated by rising cost of living, which led to criticism of the Islamic Republic's own system.
Iranian parliament calls Rohani to explain economic crisis in the country
By Unknown
The collection
of Brazil with the payment of special participation by oil companies
reached 8.2 billion reais in the second quarter, informed the ANP
Rio de Janeiro - Brazil's revenue from the payment of special participation by oil companies, due only in fields with large production volume, reached a record 8.2 billion reais in the second quarter, the National Petroleum Agency , Natural Gas and Biofuels (ANP).
The volume was 26 percent higher than the one registered in the period between January and March, when it had also been a record, pointed the autarchy.
Of the resources obtained from PE, 50 percent will be distributed to the Union, 40 percent to states and 10 percent to municipalities.
The State of Rio is the one with the highest collection, with 2.5 billion Reais, followed by São Paulo (400 million) and Espírito Santo (300 million).
The special participation is an extraordinary financial compensation owed by oil and natural gas exploration and production concessionaires to large-volume production fields.
Rio de Janeiro - Brazil's revenue from the payment of special participation by oil companies, due only in fields with large production volume, reached a record 8.2 billion reais in the second quarter, the National Petroleum Agency , Natural Gas and Biofuels (ANP).
The volume was 26 percent higher than the one registered in the period between January and March, when it had also been a record, pointed the autarchy.
Of the resources obtained from PE, 50 percent will be distributed to the Union, 40 percent to states and 10 percent to municipalities.
The State of Rio is the one with the highest collection, with 2.5 billion Reais, followed by São Paulo (400 million) and Espírito Santo (300 million).
The special participation is an extraordinary financial compensation owed by oil and natural gas exploration and production concessionaires to large-volume production fields.
Arrecadao with large fields of oil and gas beats new record
By Unknown
Data on US GDP growth pointed to growth at the annualized rate of 4.1% in the second quarter of 2018
US: Fed to meet on Tuesday and Wednesday (Carlo Allegri / Reuters)
São Paulo - US Treasury Secretary Steven Mnuchin said on Sunday that the US economy's fastest pace of growth is sustainable and should continue for years to come.
"I do not think this is a phenomenon of one or two years, I think we are definitely in a period of four or five years of sustainable growth of at least 3%," Fox News said in an interview.
Last Friday (27), data on the growth of the Gross Domestic Product (GDP) of the United States were announced, which pointed to growth at the annualized rate of 4.1% in the second quarter of 2018, at the strongest pace in almost four years.
The advance was driven by the recovery in consumer spending, exports and corporate investment.
Economists estimate that the number of the second quarter would be a peak. In addition, they point out that the Federal Reserve has lower growth projections, both for this year and for the coming years.
But Mnuchin said that last year the market projected a growth of 2% in 2018 and the government had already forecasted a 3% expansion. "We are starting to see projections up, our projection of 10 years is 3% and we are comfortable, we are reaching those numbers," he said.
The US Treasury Secretary was also asked about President Donald Trump's recent inquiries into the Fed's flagrant rise in interest rates, which sounded a warning signal among observers about the independence of the central bank. For Mnuchin, Trump's statements were "only comments" indicating that the "president has a concern". According to him, the US president "absolutely" supports the Fed's independence. "We, as an administration, support the independence of the Fed, and the president has made it clear that this is the Fed's decision."
Mnuchin said it is the Fed's responsibility to raise interest rates as the economy grows faster. "The market expects interest rates to continue to rise. The only question is how much and for how long? We think the Fed will be very careful in managing the economy, "he said.
The Fed will meet Tuesday and Wednesday. Rates have increased twice this year in
response to strong growth in the US economy, low unemployment and a slight rise in inflation.
US: Fed to meet on Tuesday and Wednesday (Carlo Allegri / Reuters)
São Paulo - US Treasury Secretary Steven Mnuchin said on Sunday that the US economy's fastest pace of growth is sustainable and should continue for years to come.
"I do not think this is a phenomenon of one or two years, I think we are definitely in a period of four or five years of sustainable growth of at least 3%," Fox News said in an interview.
Last Friday (27), data on the growth of the Gross Domestic Product (GDP) of the United States were announced, which pointed to growth at the annualized rate of 4.1% in the second quarter of 2018, at the strongest pace in almost four years.
The advance was driven by the recovery in consumer spending, exports and corporate investment.
Economists estimate that the number of the second quarter would be a peak. In addition, they point out that the Federal Reserve has lower growth projections, both for this year and for the coming years.
But Mnuchin said that last year the market projected a growth of 2% in 2018 and the government had already forecasted a 3% expansion. "We are starting to see projections up, our projection of 10 years is 3% and we are comfortable, we are reaching those numbers," he said.
The US Treasury Secretary was also asked about President Donald Trump's recent inquiries into the Fed's flagrant rise in interest rates, which sounded a warning signal among observers about the independence of the central bank. For Mnuchin, Trump's statements were "only comments" indicating that the "president has a concern". According to him, the US president "absolutely" supports the Fed's independence. "We, as an administration, support the independence of the Fed, and the president has made it clear that this is the Fed's decision."
Mnuchin said it is the Fed's responsibility to raise interest rates as the economy grows faster. "The market expects interest rates to continue to rise. The only question is how much and for how long? We think the Fed will be very careful in managing the economy, "he said.
The Fed will meet Tuesday and Wednesday. Rates have increased twice this year in
response to strong growth in the US economy, low unemployment and a slight rise in inflation.
US secretary says he believes growth of 3% for 5 years
By Unknown
The 20,000
requests for exemptions the Commerce Department received illustrate the
chaos and uncertainty triggered by Trump's trade war.
Steel: U.S. Steel and Nucor are two of the largest US steel producers (Domingos Peixoto / Site EXAME)
Washington - US companies trying to get tariff exemptions on imported steel are accusing US steelmakers of spreading inaccurate and misleading information and fear that this could hurt their claims.
NLMK USA President Robert Miller said the objections raised by US Steel and Nucor in their request for exemption are "literal untruths." According to him, the company, which imports huge steel plates from Russia, has already paid $ 80 million in taxes and will be forced out of business if it is not waived from the 25% tariff.
U.S. Steel and Nucor are two of the largest US steel producers. "They should be ashamed of themselves," said Miller, who employs more than 1,100 people at mills in Pennsylvania and Indiana. The resentment of the executive, echoed by several other companies, is evidence of the strong reaction to how the Commerce Department is evaluating requests to avoid the duty on steel imports. They fear the agency will be influenced by opposition from U.S. Steel, Nucor and other domestic steel suppliers, who say they have been unfairly affected by a surplus of imports and support the Trump tariff.
Miller was angered by Nucor and U.S. Steel's insistence that the steel plate that NLMK USA imports is readily available in the United States. "That's not true," he said.
Your company is not the only one looking abroad for a product described as being consistently missing in the US. California Steel Industries, a California-based plant, has described the shortage of plaques as "acute" on the country's West Coast and has stated that its exemption request is critical to its survival.
In its defense, U.S. Steel stated that its objections are based on detailed information on the dimensions and chemical composition of the steel included in the orders. "We read what's publicly posted and we respond," said spokeswoman Meghan Cox. Nucor did not respond to requests for comments.
The 20,000 applications for exemption the Commerce Department received illustrate the chaos and uncertainty triggered by Trump's trade war against allies and opponents of the United States. It's a battle that critics of its trade policy, including a number of Republican lawmakers, have warned is wrong and will ultimately hurt US companies.
Trump and European leaders agreed last Wednesday not to increase trade disputes, but tariffs on imported steel and aluminum remain in effect as the US and Europe seek a broader trade agreement.
Metal taxes would continue to hit other US trading partners, such as Canada, Mexico and Japan, even if the US and the EU make a deal.
Source: Associated Press
Steel: U.S. Steel and Nucor are two of the largest US steel producers (Domingos Peixoto / Site EXAME)
Washington - US companies trying to get tariff exemptions on imported steel are accusing US steelmakers of spreading inaccurate and misleading information and fear that this could hurt their claims.
NLMK USA President Robert Miller said the objections raised by US Steel and Nucor in their request for exemption are "literal untruths." According to him, the company, which imports huge steel plates from Russia, has already paid $ 80 million in taxes and will be forced out of business if it is not waived from the 25% tariff.
U.S. Steel and Nucor are two of the largest US steel producers. "They should be ashamed of themselves," said Miller, who employs more than 1,100 people at mills in Pennsylvania and Indiana. The resentment of the executive, echoed by several other companies, is evidence of the strong reaction to how the Commerce Department is evaluating requests to avoid the duty on steel imports. They fear the agency will be influenced by opposition from U.S. Steel, Nucor and other domestic steel suppliers, who say they have been unfairly affected by a surplus of imports and support the Trump tariff.
Miller was angered by Nucor and U.S. Steel's insistence that the steel plate that NLMK USA imports is readily available in the United States. "That's not true," he said.
Your company is not the only one looking abroad for a product described as being consistently missing in the US. California Steel Industries, a California-based plant, has described the shortage of plaques as "acute" on the country's West Coast and has stated that its exemption request is critical to its survival.
In its defense, U.S. Steel stated that its objections are based on detailed information on the dimensions and chemical composition of the steel included in the orders. "We read what's publicly posted and we respond," said spokeswoman Meghan Cox. Nucor did not respond to requests for comments.
The 20,000 applications for exemption the Commerce Department received illustrate the chaos and uncertainty triggered by Trump's trade war against allies and opponents of the United States. It's a battle that critics of its trade policy, including a number of Republican lawmakers, have warned is wrong and will ultimately hurt US companies.
Trump and European leaders agreed last Wednesday not to increase trade disputes, but tariffs on imported steel and aluminum remain in effect as the US and Europe seek a broader trade agreement.
Metal taxes would continue to hit other US trading partners, such as Canada, Mexico and Japan, even if the US and the EU make a deal.
Source: Associated Press
Increased dispute between US steelmakers and steel importers
By Unknown
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