Trade Cases
G20 Officials Stress Importance of Free Trade
Written by Sandy Williams
March 19, 2018
Cryptocurrency policy took a backseat to global trade at the start of the 2018 G20 Summit. Officials gathered in Buenos Aires warned that U.S. protectionist policies may threaten global economic growth.
“The first risk is the risk of inward looking policies and protectionism,” said European Commissioner for Economic and Financial Affairs Pierre Moscovici on Monday.
G-20 members are concerned that Trump’s global tariffs on aluminum and steel, and expected new tariffs on Chinese technology and consumer goods, are leading to trade war.
“There is a solid understanding among the global community that free trade is important,” Haruhiko Kuroda, Japan’s central bank governor, told reporters.
U.S. Treasury Secretary Steve Mnuchin pushed back saying he could not sacrifice U.S. interests to ensure that the global free trade system works.
One U.S. official said that Mnuchin represents the president’s strong belief in free trade. “But the environment we’re in now, where the expectation is America totally subordinates its national interests in order for the free trade system to work, is just one we don’t accept. So, we’ve been very clear, we believe in free trade with reciprocal terms that lead to more balanced trade relationships,” he said.
Trade ministers from numerous countries are petitioning the U.S. to be exempted from the 25 percent tariff on steel and 10 percent tariff on aluminum.
Germany’s Economy Minister Peter Altmaier said discussions with Commerce Secretary Ross regarding an exemption for the EU were “constructive” and could make it “possible to find a solution that can still avoid a decline into a heavy trade conflict.” He added that it was unclear whether differences could be resolved by the March 23 deadline when the Section 232 tariffs will go into effect.
Sandy Williams
Read more from Sandy WilliamsLatest in Trade Cases
Trump threatens Canada, Mexico with 25% tariffs, China another 10%
President-elect Donald Trump threatened on social media Monday evening to impose tariffs of 25% on all US imports from Canada and Mexico.
Leibowitz on Trade: Tariffs and the metals trade
Are you still recovering from the election? If so, please get plenty of rest. Next year will require you to be awake and alert. Things are likely to change. We can’t be sure exactly how they will change yet.
Nippon respects HR dumping decision, expects lower rate in next review
Nippon Steel says it respects the US Department of Commerce’s findings in administrative reviews despite the agency recently assigning the Japanese steelmaker a higher dumping margin.
CRU: Trump tariffs could stimulate steel demand
Now that the dust has settled from the US election, as have the immediate reactions in the equity, bond, and commodity markets, this is a prime opportunity to look at how a second Trump presidency might affect the US steel market.
Rebar import duties to continue for 5 more years
Import duties on rebar from a handful of countries will continue to be collected for at least another five years.