Thursday, 27 February, 2020

Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit

Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit
Lamar Ellis | 10 July, 2017, 01:44

"It just opens the door to everyone else to do same thing, not just on steel", Reinsch said.

In addition to being intellectually dishonest, asserting that steel imports pose a threat to USA national security could be internationally destabilizing. Analysts point to China as the primary target of the sweeping review, though the announcement did not list any country as a specific target.

This afternoon in metals news, gold inches upward, partially stemming from concerns on the heels of a North Korean missile test; Germany, among others, waits to hear what the U.S. has to say about steel; and, in anticipation of protectionist policies from the Trump administration, U.S. Steel rose by 8% in June.

While the policy recommendations of those probes haven't been announced, some USA businesses are feeling pretty good about what those protectionist policies might do for them. A self-imposted Department of Commerce deadline came and went this past Friday with no announcement of the steel investigation's conclusion.

Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit

The global steel industry is braced for a crackdown on Chinese "dumping" by Donald Trump, who is expected to claim cheap imports are a threat to national security. Trump said in an early morning tweet.

In the statement, the US announced that "it will immediately cease the implementation of its current nationally-determined contribution and affirms its strong commitment to an approach that lowers emissions while supporting economic growth and improving energy security needs".

"A number of EU countries may be affected by a US measure, certainly more than countries such as China for which steel exports to the USA have mostly been blocked by massive anti-dumping actions", the European Steel Association, known as Eurofer, said.

But any USA restriction on steel imports would have a relatively muted effect on China, and would hit other countries much harder. Indeed, analysts have warned that tariffs could drive up steel prices for US manufacturers. He suggested putting on Chinese imports 45% tariff and said he would announce on his first day in the office that China was a currency manipulator, and he said proposing taxing imports from Mexico that he would rip up the trade deals and referred this as the Trans-Pacific Partnership, or TPP. Taking out his mobile phone, Macron said that when he bought it, he created a trade deficit with the US, but that when America built it, it created a trade deficit with China. The area will be a point of tension with China in particular amid US pressure on China to exert further pressure on North Korea, which successfully tested an intercontinental ballistic missile Tuesday.

UN Members Sign Nuclear Prohibition Treaty - With Notable Exceptions
Negotiators representing two-thirds of the 192-member United Nations finalized the 10-page treaty this week after months of talks. In October 2016, the UN General Assembly voted to negotiate and conclude a treaty prohibiting nuclear weapons .

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