TAIPEI, Taiwan — generating not bad on a campaign promise, President Trump on Thursday announced plans to introduce 25 percent tariffs on imported steel in addition to 10 percent tariffs on aluminum next week.
Speaking at a White House meeting, Trump said which for decades, “disgraceful” trade policies have impacted the steel in addition to aluminum industries. “When our country can’t make aluminum in addition to steel,” he said, “You almost don’t have much of a country.”
The announcement jolted markets. Steel stocks jumped on the news, while automakersretracted. The Standard & Poor’s 500 Index in addition to Dow Jones Industrial Average remained down on Friday.
however one market which won’t be moved much, if at all: Chinese steel.
“many Chinese steel mills, transporters, in addition to traders have actually given up on the U.S. market as an export destination,” said Shanghai-based Linda Lin, editor of the China Steel Service at consulting firm CRU.
The U.S. can be the planet’s largest steel importer, relying on shipments by more than one hundred countries in addition to territories. Details regarding the tariffs were not presented, in addition to This particular’s unclear if certain trade partners will receive preferential treatment. During the meeting, though, Trump did single out China.
For the Chinese steel manufacturers, however, the news was inconsequential. Although China can be the planet’s largest steel exporter, This particular can be only the 11th-largest source country to the U.S., accounting for just 2 percent of total U.S. imports last year.
Given This particular low base, “We think This particular can be a negative for the planet steel industry as a whole, however as for China, we don’t think This particular can be any worse,” Lin said.