Job Losses To Increase as a Result of New Tariffs on Allied Countries

Economist Laura Baughman of the Trade Partnership has issued an Updated Policy Brief on the estimated impacts of the Section 232 steel and aluminum tariffs.  This includes almost 13,000 job losses in the category of Fabricated Metal Products. This version, dated June 5, does two things: (1)           It reflects the current state of play of the … Continue reading Job Losses To Increase as a Result of New Tariffs on Allied Countries

Economic Firm Issues “Estimated Impacts of Tariffs on Steel & Aluminum”

Independent economists Dr. Joseph Francois and Laura M. Baughman of the Trade Partnership Worldwide, LLC have issued a Policy Brief which estimates the impact on the US economy of the tariffs and retaliation by trading partners.  The brief includes state-by-state job losses in every state.  Some highlights include: The tariffs and retaliation would increase US … Continue reading Economic Firm Issues “Estimated Impacts of Tariffs on Steel & Aluminum”

US Trading Partners Respond to Section 232 Tariff Actions

From the Law Firm of White and Case

On May 31, 2018 the Trump administration announced that it will no longer exempt steel and aluminum imports from Canada, Mexico, and the European Union (EU) from the tariffs the United States imposed on such products earlier this year, pursuant to Section 232 of the Trade Expansion Act of 1962.

The Trump administration’s Section 232 decision elicited an instant response from these close US allies and trading partners.  The precise nature of the Canadian, Mexican and European responses vary, but all involve retaliation against American exports in the form of new tariffs.  The retaliation joins similar action (or threats of action) by other US trading partners that had not been exempt from the Section 232 tariffs.  All current retaliatory measures are summarized in the following chart, which is based on official World Trade Organization (WTO) filings, government statements and published reports.

Most of these tariffs have not yet been implemented and will not immediately take effect due to both domestic legal procedures and applicable WTO rules.  Nevertheless, if each of the aforementioned eight WTO Members carries out its current retaliation threats against the United States, the total annual value of affected US exports and tariffs would reach approximately $39.4 billion and 6.8 billion, respectively.  It also remains to be seen whether other WTO Members join this group, thus further affecting US export interests and the global trading system.

Country Tariff Rates Products Targeted Annual US Export Value (Millions USD) Annual Tariff Value (Millions USD) Effective Date Source
China 15% -25% See Notification $2,750.00 $611.45 In effect as of 2-Apr-18 WTO Article 12.5 Notification
EU (Annex 1) 25% See Notification $3,200.00 $700.00 20-Jun-18 WTO Article 12.5 Notification

Press Release

EU (Annex 2) 10% -50% See Notification $3,800.00 $800.00 23-Mar-21 WTO Article 12.5 Notification

Press Release

India 5% -100% See Notification $10,006.00 $800.10 21-Jun-18 WTO Article 12.5 Notification
Japan N/A N/A $1,910.51 $439.94 18-Jun-18 WTO Article 12.5 Notification
Turkey 5% -40% See Notification $1,784.74 $266.54 21-Jun-18 WTO Article 12.5 Notification
Russia N/A N/A $3,158.10 $537.60 18-Jun-18 WTO Article 12.5 Notification
Canada 10% -25% See Notice $12,789.35 $1,966.32* 1-Jul-18 Official Notice of Intent
Mexico N/A See Official Announcement N/A $646.12* N/A Official Announcement
TOTAL $39,398.70 $6,768.07  

*Estimate based on the government’s stated intention to implement tariffs equal to the Section 232 tariffs imposed by the United States, i.e., 25% and 10% tariffs on U.S. imports of steel and aluminum, respectively, from the country at issue in 2017.

 

Section 232 Quotas for Korean Steel Imports

Customs and Border Protection (CBP) has issued a quota bulletin that sets out the sub-quotas for imports of steel products from South Korea under Section 232. The bulletin indicates the annual sub-quotas by steel product category and provides the “quota entry codes” (6-digit numbers that begin with “99”) to be used for entering quota merchandise … Continue reading Section 232 Quotas for Korean Steel Imports

Trump Revises Country Exemptions in New Proclamation

In a new Proclamation, published just four hours before the May 1 deadline for the expiration of Country Exemptions, the Administration announced changes to the Section 232 regime. Canada, Mexico and EU The exemptions for Canada, Mexico, and the members of the European Union (EU) are extended to June 1, 2018, so that the United … Continue reading Trump Revises Country Exemptions in New Proclamation

Steel Wire Industry Product Exclusion Requests, List on AWPA Website

More than 6000 Product Exclusion Requests and Objections have been submitted to the Department of Commerce, to date, with more than a hundred being submitted each day.  Only about 900 have been posted for comment. You can find a list of steel wire industry-related Exclusion Requests, with links to the original documents and comment deadlines … Continue reading Steel Wire Industry Product Exclusion Requests, List on AWPA Website

ITC’s Final Determination in AD/CVD Investigations of Wire Rod from Italy, Korea, Spain, Turkey, and the United Kingdom

The US International Trade Commission (ITC) has made its final determination in the antidumping (AD) and countervailing duty (CVD) investigations of carbon and certain alloy steel wire rod from Italy, Korea, Spain, Turkey, and the United Kingdom. The ITC made an affirmative determination of injury, which means that the US Department of Commerce (DOC) will … Continue reading ITC’s Final Determination in AD/CVD Investigations of Wire Rod from Italy, Korea, Spain, Turkey, and the United Kingdom

AWPA Provides Industry Product Exclusion Request List

As part of its support to AWPA members, AWPA will keep a running list of the Section 232 Product Exclusion Requests for wire and wire rod, updated daily.  The List of Steel Wire Industry Product Exclusion Requests can be found on the AWPA webpage, devoted to Section 232 materials.  The list provides a link to … Continue reading AWPA Provides Industry Product Exclusion Request List

Swiss Steel Exporter Sues US for Unconstitutional Section 232 Tariffs

(Excerpts from World Trade Online, March 29, Isabelle Hoagland) Severstal Export GmbH, a Swiss exporter of steel, and its US affiliate, Severstal Export Miami, are suing the Trump administration at the US Court of International Trade (CIT) for the unlawful imposition of tariffs and arguing the restrictions should not impact steel shipments already in transit. … Continue reading Swiss Steel Exporter Sues US for Unconstitutional Section 232 Tariffs

Korea To Be First Country With Steel Quota Agreement

(Excerpts from World Trade Online, Jenny Leonard and USTR Fact Sheet) After seven months of amendment talks, the United States and South Korea last Friday (March 23) reached an agreement in principle that includes … a product-specific quota to limit Korean exports of steel to the US, as well as a deal on currency, sources … Continue reading Korea To Be First Country With Steel Quota Agreement