Steel Execs: Pres. Trump To Slap Quotas On Metals Imports To Tackle Deficits - FbiCables Network | The News that Shapes World Opinion

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Friday, April 20, 2018

Steel Execs: Pres. Trump To Slap Quotas On Metals Imports To Tackle Deficits

Steel industry executives said President Trump might impose quotas on steel trade with U.S. allies.
Steel executives welcomed the President’s decision to crack down on foreign dumping of cheap industrial metals.
FILE – In this Wednesday, Oct. 21, 2015 file photo, a worker manufactures metal parts in an auto parts factory in Rui’an near Wenzhou city in eastern China’s Zhejiang province. Chinese exporters of goods from electronics to motorcycle parts are scrambling to insulate themselves from U.S. President Donald Trump’s proposed tariff hike. (AP Photo/Erika Kinetz, Fie)
Following last week’s meeting with Trump administration officials, executives said tariff exempt U.S. allies will have to join a trade coalition against China.
Additionally steel imports from the allies could be limited to yearly quotas, boosting the competitiveness of U.S. steel makers.
Experts are expecting further bilateral negotiations between the I and its allies.
“If Japan hopes that the U.S. will lift its steel and aluminum tariffs, I am afraid that the U.S. will immediately ask Japan to open its automobile and agricultural products markets, which the U.S. has been coveting for a long time. We can imagine that the two countries are likely to build a new platform for dialogue, although it cannot be decided right now.” – Yoshino Takashi, professor at Waseda University
Meantime, U.S. steel makers said tariffs will only affect the industrial metal prices, while quotas are necessary to changing the levels of imports, and fixing U.S. trade deficits.

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