Sunday, 24 March, 2019


Australia won't join USA steel WTO action

Bennie Garza | 12 March, 2018, 19:37

Whereas the tariffs will impact steel and aluminum made into ingots or sheets, the materials purchased by Air Brake are not as processed and are molded into certain shapes needed to build its products.

US coking coal exports could be a victim of US President Donald Trump's blanket 25% tariff on the country's steel imports, but even though the US is the second largest seaborne supplier of coking coal after Australia, the impact on the global market will be limited, market sources said. Right now, only Canada and Mexico are exempt from the added taxes but other countries can apply for an exemption.

"We have our economic relationship, we have our security relationship", he said. The action will go into effect in 15 days. A better way to cultivate a stronger domestic steel and aluminum industry is to increase federal funding for infrastructure projects that will boost demand for these and many other products. The tariff is collected by customs officials and goes to the government.

Beyond volumes, the type of United States coking coals exported could also change, as USA steelmakers could shift towards procuring more high quality U.S. coals in view of higher steel prices. "While we strongly urge the President to reconsider this action, at minimum we hope that the administration will look to create an efficient exemption process for qualified USA companies in order to alleviate the harm that will be caused by the imposition of this tariff".

"That is why the Associated General Contractors of America will continue to take every possible step to convince the administration and Congress to reconsider these costly new tariffs and instead enact the kind of new infrastructure proposal that will rebuild our steel and aluminum industries while strengthening our overall economy".

Japan said it would study the move's impact on Japanese companies before responding further. According to data from S&P Global Platts a small amount of the 2% of imported steel that came into the US past year was from China.

The European Union said it could respond with their own tariffs for American products which would include oranges, bourbon, denim, cranberries, peanut butter and motorcycles.

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