US Steel, Alcoa shares jump after tariff proposal

17 Febrero, 2018, 02:04 | Author: Arnold Perez
  • US Steel, Alcoa shares jump after tariff proposal

They worry that slapping tariffs or quotas on imports could spark a trade war.

U.S. Commerce Secretary Wilbur Ross will reveal options for steel and aluminum tariffs on national security grounds at noon a.m. EST (1700 GMT) on Friday, the department said, the first insight into how the Trump administration may proceed to curb imports of the metals. The President has 90 days to decide on any action, which is April 11.

Companies can also seek appeals based on US production of steel and aluminum and specific national security-based considerations.

The department said Ross will not announce Trump's decision on how to deal with the surge in steel and aluminium imports, which U.S. producers have said are unfairly hurting them.

The targeted quota would include a quota by product on steel imports from other countries that would be equal to 100 percent of their 2017 exports to the USA, according to the report.

Among its key findings, the report found that the United States is the world's largest importer of steel - with imports almost four times greater than its exports.

In a report to US President Donald Trump, Commerce Secretary Wilbur Ross includes among the options a almost 24 per cent tariff on all products from China, Russia, Hong Kong, Vietnam and Venezuela. Their excess capacity alone exceeds the total USA steel-making capacity. The country's imports are almost four times the amount of exports, according to the report.

They also say that imposing sanctions on imports will drive up prices and hurt automakers and other companies that use steel or aluminum. These countries would not be allowed to export more steel to the United States this year than they did last year.

US Steel's share price on the New York Stock Exchange closed 14.8% above Thursday's close at $44.75/share.

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China this week appealed to President Trump to settle the steel and aluminum disputes through negotiation.

"Trump is one step away from taking historic action to defend American jobs and security", said alliance President Scott Paul.

A 63% quota of those countries' 2017 steel imports is recommended in the report.

Since the United States joined the World Trade Organization in 1995, it has only pursued two such investigations.

"If (Trump) goes the targeted route, Canada would be excluded", Ross told a conference call. "And so what we're talking about is tariffs and or quotas". For certain types of steel, such as for electrical transformers, only one US producer remains.

Such measures would encourage steel and aluminum producers to come back to the USA, he said.

Gerard wants to see the U.S.to create a new trade-enforcement unit to investigate for dumped product.

The department suggests a variety of ways the United States could act to restrict imports. "It'll make a decision, and I will make a decision that reflects the best interests of the USA, including the need to address overproduction in China and other countries".

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