aluminium | Common News Update

May182019 by adminNo Comments

US lifts steel and aluminium tariffs on Canada

Business

The US has reached a deal with Canada to lift tariffs on steel and aluminium imports in a move that could lead to approval for a new North American trade deal.In a joint statement, the US and Canada announced that a 25% tariff on steel imports, and of 10% on aluminium, will end in 48 hours. It is widely expected the US and Mexico will make a similar announcement soon.The US implemented the tariffs last year on grounds of "national security". Under the agreement, there will be no quotas on how much steel or aluminium the three countries buy from overseas.However, the US and Canada will monitor imports and if a country is determined to be buying in too much, one of the other nations can request a consultation and potentially re-impose tariffs. What does the...

US tariffs: Steel and aluminium levies slapped on key allies

Business

The US is to impose tariffs on steel and aluminium imports from key allies in Europe and North America.The US said a 25% tax on steel and 10% tax on aluminium from the EU, Mexico and Canada will start at midnight.The move immediately triggered vows of retaliation from Mexico, Canada and the EU, which called the tariffs "protectionism, pure and simple". The UK said it was "deeply disappointed" by the US decision, which followed weeks of negotiations.The tariffs will hit products such as plated steel, slabs, coil, rolls of aluminium, and tubes, raw materials which are used extensively across US manufacturing, construction, and the oil industry.EU trade commissioner Cecilia Malmstrom said it was a "bad day for world trade", while Eu...

US steel and aluminium imports face big tariffs, Trump says

Business

Media playback is unsupported on your devicePresident Donald Trump is to impose steep tariffs on steel and aluminium imports next week, hitting producers like Canada and China.He said steel products face a 25% tariff, with 10% on aluminium goods.The US imports four times more steel than it exports, and is reliant on steel from more than 100 nations.Mr Trump tweeted that the US was suffering from "unfair trade". But the move has hit US markets, with the Dow Jones index closing down 1.7%.The value of shares in American steel manufacturers jumped significantly after the announcement.The news is likely to provoke an angry reaction from China, and analysts have expressed fears of the prospect of new trade wars.Key US allies are also at risk of being hit with higher costs, but it is not clear if...