TRUMP’S NEW HARD-HITTING TARIFFS FREED AUSTRALIAN STEEL

  • Tuesday, May 01, 2018
  • Source:ferro-alloys.com

  • Keywords:U.S Steel
[Fellow]Ferro-Alloys.com: TRUMP’S NEW HARD-HITTING TARIFFS FREED AUSTRALIAN STEEL

TRUMP’S NEW HARD-HITTING TARIFFS FREED AUSTRALIAN STEEL

 

This year 25% tariffs on steel and 10% on aluminum shipped into the US is announced by Trump’s administration, not only this, temporary exemptions to several countries is given including Australia. After US President Trump affirmed, the companies would be freed from his hard-hitting new tariffs under the general agreement, the Australian steelmaker BlueScope says that they are ready to refocus and progress to get back to business. The exemptions expired this Tuesday, on which the White House confirmed the Trump’s administration had suspended decisions on levying tariffs on Canada, the European Union and Mexico, but then had in-principle settlements with Argentina, Australia and Brazil for indefinite exemptions. With this announcement, Mark Vassella, the managing director of BlueScope was very much pleased with the President’s declaration of permanent exemption. He added to it that it had been a much undetermined period of 15 months for BlueScope’s trans-Pacific trade. BlueScope has approximately $3 billion in local assets in US and recruits thousands of American workers.

Turnbull government and BlueScope leaders had been urging the White House for an exemption for the company, giving the reasons that BlueScope is not just a direct exporter as their steel from Australia was processed on advent and transformed into higher-value product at its US west-coast operations. The menace of import tariffs had higher concerns over BlueScope’s 300,000 tonnes of hot roiled coil which is exported to the US every year and bulks at its west-coast amenities.

Mr. Vassella said that they acknowledged unjust trade distresses but were never involved in the problem. In fact we are involved in solution-making as we provide Port Kembla steel to our own factories in US. Mr. Turnbull and Minister of Trade Steve Ciobo in a joint statement said that this exemption indicated the fair and just trade relationship strengthened the unbreakable friendship between US and Australia. Further they added that these exemptions would support the jobs in US and Australia and would safeguard trade relationship which would grow in a fair, just and reciprocal manner. Mr. Vassella said BlueScope was pleased with the pronounced team effort to secure this deal. The strongest campaign initiates of Mr. Trump was to resuscitate American heavy manufacturing and has summoned national security obligations as an objective to protect country’s domestic steel making capability.

 

 

  • [Editor:janita]

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