CNN: US Tariffs on Steel Would Hit China and Entire Global Trading System

The Trump administration, after complaining about China’s low prices for steel, has a deadline of April 11 for deciding on new steel tariffs. “However, China is not the top country from which the United States imports steel,” explains Julia Horowitz for CNN. “The United States imports most of its steel – 16% – from Canada. It imports 13% from Brazil, 10% from South Korea, 9% from Mexico and 9% from Russia, according to a Department of Commerce report from December 2017.” China exports less steel to the United States due to previous penalties. The US Department of Commerce offered recommendations of applying across-the-board tariffs or targeting select nations with tariffs or caps. Piling more penalties on China would not mean much, increasing the cost of many products for Americans, while across-the-board tariffs could invite retaliation in other industries including agriculture. The Trump administration may try framing the industry trade deficit as a national security issue. US steel producers, some with foreign ownership, are also exporters: 90 percent of US exported steel goes to Canada and Mexico. The United States can expect to be less competitive and pay more for steel products by rejecting supply chains. – YaleGlobal

CNN: US Tariffs on Steel Would Hit China and Entire Global Trading System

China is not among the 10 leading nations for US steel imports – and new tariffs and caps would disrupt supply chains, increase costs and invite retaliation
Julia Horowitz
Monday, February 19, 2018

Read the article on US steel imports and recommendations for tariffs from CNN.

Julia Horowitz is an associate writer on CNNMoney’s breaking news desk. She covers a wide variety business news, from labor issues to corporate earnings to the intersection of business and government.

Read about US steel imports and exports from the International Trade Administration, US Department of Commerce.

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