The Tarriff Hype.
- Thread starter petros
- Start date
This is Buddy, in Airforce 1, today, flying to the Super Bowl in New Orleans.
Markets react to Trump's tariffs on steel and aluminium imports — Reuters
U.S. President Donald Trump said on Sunday he will [USN:L1N3P006W TEXT:"introduce"] new 25% tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties. He also said he will announce reciprocal tariffs on Tuesday or Wednesday.
If all the countries (except China, fuck the CCP) that Trump is tariffing got together to launch specifically targeted counter-tariffs it would hurt the US way more than any of the other countries individually. Especially if those tariffs hit things those countries already produce enough of to meet domestic demand or have alternate sources they can quickly acquire that aren't made in China.This is Buddy, in Airforce 1, today, flying to the Super Bowl in New Orleans.
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These aren’t dated from last week. "These threats appear legitimate and within Trump's power to implement on the basis of national security. The old playbook can't be used because China is no longer a significant supplier of steel to the U.S. after the 2018 tariffs. Instead, the impact will be more pronounced on countries like Canada, Mexico, the EU, Japan, South Korea, Taiwan, and Brazil.
Markets react to Trump's tariffs on steel and aluminium imports — Reuters
U.S. President Donald Trump said on Sunday he will [USN:L1N3P006W TEXT:"introduce"] new 25% tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties. He also said he will announce reciprocal tariffs on Tuesday or Wednesday.apple.news
What's funny is all the Youtube videos about how Canada cut off oil to the US to start selling it to China (or Japan, depending on the video) for 0% tariff. Problem there is we only have one (twinned) pipeline to export oil to anywhere other than the US and it hasn't got the capacity to take all the extra from the US exports. Not to mention the fact we've been selling oil to China for at least a year now.
On which products? Does it have to do with transshipments (crossdocking) goods in transit through a Canadian port of entry enroute to US again like 2018-2019 or is it a flat surtax on all Canadian ingots, pipe and rolled coil right out the gate?This is Buddy, in Airforce 1, today, flying to the Super Bowl in New Orleans.
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These aren’t dated from last week. "These threats appear legitimate and within Trump's power to implement on the basis of national security. The old playbook can't be used because China is no longer a significant supplier of steel to the U.S. after the 2018 tariffs. Instead, the impact will be more pronounced on countries like Canada, Mexico, the EU, Japan, South Korea, Taiwan, and Brazil.Markets react to Trump's tariffs on steel and aluminium imports — Reuters
U.S. President Donald Trump said on Sunday he will [USN:L1N3P006W TEXT:"introduce"] new 25% tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties. He also said he will announce reciprocal tariffs on Tuesday or Wednesday.
And for God's sake, I sure hope they did a GBA+ on this.
No idea yet…& the same for everybody else. Again, all that was said was all steel and aluminum imports into the US at 25%, on a Sunday…so, who are the suppliers of aluminum and steel to the US?
Canada was the top steel supplier to the United States, followed by Brazil, Mexico, South Korea and Vietnam, according to data from the American Iron and Steel Institute.
The United States also gets about two-thirds of its primary aluminum from Canada, according to the Aluminum Association. Primary aluminum is produced directly from mined ore.
The aluminum and steel tariffs will be today’s announcement. Tomorrow will be something else, or more of the same, who knows…? Trump has made several confrontational trade-related threats since he took office.
While traveling Sunday on Air Force One to the championship game in New Orleans, Trump said that he would on Monday (today now) announce a 25% tariffs on all steel and aluminum imports into the U.S., including from Canada and Mexico and a plan for reciprocal tariffs later in the week. Now we wait & see, again.
Trump will formally announce steel and aluminum duties Monday, including on Canada — The Canadian Press
U.S. President Donald Trump said he will formally announce 25 per cent tariff
So pretty vague. Would it harm our industries or genders?No idea yet…& the same for everybody else. Again, all that was said was all steel and aluminum imports into the US at 25%, on a Sunday…so, who are the suppliers of aluminum and steel to the US?
Canada was the top steel supplier to the United States, followed by Brazil, Mexico, South Korea and Vietnam, according to data from the American Iron and Steel Institute.
The United States also gets about two-thirds of its primary aluminum from Canada, according to the Aluminum Association. Primary aluminum is produced directly from mined ore.
The aluminum and steel tariffs will be today’s announcement. Tomorrow will be something else, or more of the same, who knows…? Trump has made several confrontational trade-related threats since he took office.
While traveling Sunday on Air Force One to the championship game in New Orleans, Trump said that he would on Monday (today now) announce a 25% tariffs on all steel and aluminum imports into the U.S., including from Canada and Mexico and a plan for reciprocal tariffs later in the week. Now we wait & see, again.
Etc…
Trump will formally announce steel and aluminum duties Monday, including on Canada — The Canadian Press
U.S. President Donald Trump said he will formally announce 25 per cent tariff
Without particulars? Who knows? Its GBA+ impact that has my shit in a knot.
By sounds of it it Section 232 all over again.
It didnt work last time. Perhaps this time its to reduce US finished product exports? With the obvious isolationistic trend going down it might just be.
The Economic Effects of the Trump and Biden Section 232 Tariffs
Broadly, economists have reached negative conclusions regarding the impacts of the recent Section 232 tariffs on the economy. Lydia Cox and Kadee Russ, using an estimate derived from a Federal Reserve Board paper, calculated that the Section 232 tariffs reduced manufacturing employment by about 75,000 jobs.[19] Kyle Handley and other economists looked at the impacts of the import tariffs on export growth in the U.S. and found that companies exposed to the Section 232 tariffs experienced reduced export growth. This occurred because the cost of their inputs rose due to the tariffs, which hindered firms’ ability to increase their exports. For each 1 percent increase in the tariffs on steel and aluminum, export growth fell by 0.11 percent.[20]The Peterson Institute for International Economics concluded that the tariffs would only create about 8,700 jobs in the steel industry and would come at a high cost as well. The Section 232 tariffs would raise aggregate income in the steel industry by about $2.4 billion in 2018 but raise costs for steel consumers by about $5.6 billion. This implies a cost of nearly $650,000 for every job created.[21]
Contrary to the intentions of the policy’s creators, it is even less clear that the tariffs have aided the communities they were designed to help. Economist David Autor and his coauthors examined the impacts of the Trump administration’s tariffs on commuting zones with industries that faced protection and found that the tariffs failed to raise employment across these communities. They noted that the jobs “saved” in the protected industries were completely offset by jobs lost in the “customer” industries that used tariffed goods as inputs into production. On the steel and aluminum tariffs specifically, they had this to say: “The adverse spillover effect to customer industries may be particularly important for firms that rely on steel and aluminum inputs, given that US tariffs on these products applied to most trade partners and allowed little room for trade diversion.”[22]
The aluminum tariffs in particular have disproportionately harmed certain industries. For example, the beverage industry saw its costs rise by $2.2 billion nearly six years after the tariffs were imposed, with 94 percent going to U.S. rolling mills, U.S. smelters, and Canadian smelters, and the remainder going to the U.S. Treasury, according to one analysis by the research group HARBOR Aluminum.[23] Ford and General Motors estimated that the tariffs cost them about $1 billion each the first year they were in effect—roughly $700 per vehicle produced.[24]
In many cases, firms may face the tariff-burdened price even if the type of aluminum itself is not covered by Section 232. This occurs because firms that use aluminum as inputs typically buy it in bulk, often scrap or recycled content, based on a specific pricing formula. Although recycled content is supposed to be exempt from the tariffs, aluminum producers charge what is known as the “Midwest Premium” price, a benchmark price that accounts for regional variations in supply and demand.[25]
For example, following the immediate announcement of the tariffs, the Midwest Premium price rose by 11.8 percent, larger than the 10 percent tariff on primary aluminum.[26] While broader supply and demand factors determine the price of aluminum, this provides suggestive evidence that aluminum producers may raise prices in excess of tariffs.
The totality of evidence suggests that the costs of tariffs have largely been borne by U.S. consumers and firms. Federal Reserve Board economist Mary Amiti along with other academics found complete pass-through to U.S. consumers and firms the first year the steel tariffs were in effect. In the following years, the pass-through rate fell 50 percent, implying that half of the costs were borne by foreign exporters of steel—mostly the EU, South Korea, and Japan. Although certain exporters lowered prices somewhat in response to the tariffs, U.S. firms and consumers still paid higher prices than they would have without the tariffs.[27] Imports of covered steel declined by 39 percent in the two years following the tariffs, prior to the COVID-19 pandemic, while imports of covered aluminum declined by 24 percent over the same period (Figure 1). Covered steel imports continued to fall until September 2020 and then rebounded significantly, but have since fallen to their 2018 levels. Notably, imports of covered steel recovered much more rapidly than overall U.S. imports, which exhibited a similar upward trajectory as the pandemic began winding down. Covered aluminum imports began rising sharply in early 2021 after bottoming out in August 2020 and continued to increase until the summer of 2022, having now also fallen to their 2018 levels.
This time UAE is the real target?
Article from 2018.
Russia is out of the picture...
Aluminium remains one of major exports of the United Arab Emirates. In the face of Trump’s 10% global tariff on aluminium, UAE is reeling under fear as the tariff is expected affect a solid portion of its aluminium export. The Emirates’ main aluminium producer is Emirates Global Aluminium (UAE), created by the merger between Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) in 2013. EGA turned out a record 2.5 million metric tons of primary aluminium in 2017.
The U.A.E. is the United States’ third-most-prolific source of aluminium, after Canada and the Russian Federation. EGA is one of the largest producers of value added products or ‘premium aluminium’. About 80 per cent of EGA’s production is value-added products and it exports 90% of its high purity aluminium and aluminium alloys globally.
We can look at the UAE’s aluminium export data (alloyed and non-alloyed) from last three years to understand the general trend as well as its export to the USA. As updated by U.S. Census Bureau, USA imported about 633,000 tonnes of total aluminium from UAE in 2017 and imported about 37,000 tonnes in December 2017. It remains the third global supplier of aluminium to USA after Canada and Russia. Interestingly, China comes in the fourth position.
The United Arab Emirates (UAE) is a full member of the BRICS group, which also includes Brazil, Russia, India, China, and South Africa. The UAE joined in January 2024.
Why the UAE joined BRICS?
Article from 2018.
Russia is out of the picture...
UAE's aluminium export to USA on upward trend, the country hopeful on tariff exemption
23 Mar 2018 AL CircleAluminium remains one of major exports of the United Arab Emirates. In the face of Trump’s 10% global tariff on aluminium, UAE is reeling under fear as the tariff is expected affect a solid portion of its aluminium export. The Emirates’ main aluminium producer is Emirates Global Aluminium (UAE), created by the merger between Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) in 2013. EGA turned out a record 2.5 million metric tons of primary aluminium in 2017.
The U.A.E. is the United States’ third-most-prolific source of aluminium, after Canada and the Russian Federation. EGA is one of the largest producers of value added products or ‘premium aluminium’. About 80 per cent of EGA’s production is value-added products and it exports 90% of its high purity aluminium and aluminium alloys globally.
We can look at the UAE’s aluminium export data (alloyed and non-alloyed) from last three years to understand the general trend as well as its export to the USA. As updated by U.S. Census Bureau, USA imported about 633,000 tonnes of total aluminium from UAE in 2017 and imported about 37,000 tonnes in December 2017. It remains the third global supplier of aluminium to USA after Canada and Russia. Interestingly, China comes in the fourth position.
The United Arab Emirates (UAE) is a full member of the BRICS group, which also includes Brazil, Russia, India, China, and South Africa. The UAE joined in January 2024.
Why the UAE joined BRICS?
- The UAE wants to strengthen its role as a global trade hub
- The UAE wants to support emerging and developing nations
- The UAE wants to contribute to multilateral economic cooperation
- The UAE participates in meetings with other BRICS members, such as the BRICS Finance Ministers' Meeting and the BRICS Sherpas/Sous-Sherpa Meeting
- The UAE works with other BRICS members to develop sustainable projects
- The UAE works with other BRICS members to address global economic governance
- The UAE works with other BRICS members to address climate change
- The UAE's Minister of State for Financial Affairs is a Governor on the Board of Governors of the BRICS New Development Bank
- The UAE's Assistant Minister for Economic and Trade Affairs is the UAE's BRICS Sherpa
- The UAE's membership in BRICS increases its diplomatic and economic options
- The UAE's membership in BRICS allows it to deepen economic ties with other members
So.... the UAE has until Mar 4 to take in Palestinians.
Arab countries decry Israeli premier’s proposal to establish Palestinian state in Saudi Arabia
Palestine, Egypt, UAE, Sudan call Israeli prime minister's scheme a violation of both the kingdom's sovereignty and international law by forcing Palestinians out of their homelands - Anadolu Ajansı
www.aa.com.tr
UAE Affirms Unwavering Position to Safeguard Palestinian Rights
The United Arab Emirates affirmed its commitment to support regional peace and stability, and its historic and steadfast position to safeguard the rights of Palestinians.
www.mofa.gov.ae
UAE says it will not back post-war Gaza plans without Palestinian state
Top diplomat says his country is not ready to take part in post-war efforts unless Palestinian state is established.
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Canada, whose abundant hydropower resources aid its metal production, accounted for nearly 80% of U.S. primary aluminum imports in 2024.
Or else what (?) with respect to every nation that exports alum signed proclamations raising the U.S. tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals. A White House official confirmed the measures would take effect on March 4.
The tariffs will apply to millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea and other countries that had been entering the U.S. duty free under the carve-outs.
The move will simplify tariffs on the metals "so that everyone can understand exactly what it means," Trump told reporters. "It's 25% without exceptions or exemptions. That's all countries, no matter where it comes from, all countries."
Trump later said he would give "great consideration" to Australia's request for an exemption to the steel tariffs due to that country's trade deficit with the U.S.
Trump also will impose a new North American standard requiring steel imports to be "melted and poured" and aluminum to be "smelted and cast" within the region to curb U.S. imports of minimally processed Chinese and Russian metals that circumvent other tariffs.
The action also extends the tariffs to downstream products that use foreign-made steel, including fabricated structural steel, aluminum extrusions and steel strand for pre-stressed concrete, a White House official said.
"The steel and aluminum tariffs 2.0 will put an end to foreign dumping, boost domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America's economic and national security," Trump's trade adviser Peter Navarro told reporters, “There’s now 21 days until March 4th to accomplish this.”
(Steel imports accounted for about 23% of American steel consumption in 2023, according to American Iron and Steel Institute data, with Canada, Brazil and Mexico the largest suppliers)
As he signed the order at the White House, Trump said he would follow Monday's action with announcements about reciprocal tariffs on all countries that impose duties on U.S. goods over the next two days, and said he was also looking at tariffs on cars, semiconductors and pharmaceuticals.
Asked about threats of retaliation by other countries against his new tariffs, Trump said: "I don't mind."
Trump raises tariffs on aluminum, steel imports in latest trade war salvo — Reuters
President Donald Trump moved to substantially raise tariffs on steel and aluminum imports on Monday, cancelling exemptions and duty-free quotas for major suppliers Canada, Mexico, Brazil and other countries in a move that could boost the risk of a multi-front trade war.
About 90 per cent of the aluminum produced in Canada comes from Quebec and about 60 per cent of the aluminum used in the United States in turn comes from Quebec.
Steel imports accounted for about 23% of American steel consumption in 2023, according to American Iron and Steel Institute data, with Canada, Brazil and Mexico the largest suppliers.Quebec, supplier of most of America's aluminum, finds itself in Trump's crosshairs — National Post
About 60 per cent of aluminium used in the U.S. comes from Quebec, but President Trump just whacked it with a 25-per-cent tariff
This’ll learn up the UAE & in turn the BRICS? Is Trump in the first 25 seconds of your video threatening the UAE by stating Canada should become the 51st state to avoid tariffs?
The "crack" of aluminum.Canada, whose abundant hydropower resources aid its metal production, accounted for nearly 80% of U.S. primary aluminum imports in 2024.
Or else what (?) with respect to every nation that exports alum signed proclamations raising the U.S. tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals. A White House official confirmed the measures would take effect on March 4.
The tariffs will apply to millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea and other countries that had been entering the U.S. duty free under the carve-outs.
The move will simplify tariffs on the metals "so that everyone can understand exactly what it means," Trump told reporters. "It's 25% without exceptions or exemptions. That's all countries, no matter where it comes from, all countries."
Trump later said he would give "great consideration" to Australia's request for an exemption to the steel tariffs due to that country's trade deficit with the U.S.
Trump also will impose a new North American standard requiring steel imports to be "melted and poured" and aluminum to be "smelted and cast" within the region to curb U.S. imports of minimally processed Chinese and Russian metals that circumvent other tariffs.
The action also extends the tariffs to downstream products that use foreign-made steel, including fabricated structural steel, aluminum extrusions and steel strand for pre-stressed concrete, a White House official said.
"The steel and aluminum tariffs 2.0 will put an end to foreign dumping, boost domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America's economic and national security," Trump's trade adviser Peter Navarro told reporters, “There’s now 21 days until March 4th to accomplish this.”
(Steel imports accounted for about 23% of American steel consumption in 2023, according to American Iron and Steel Institute data, with Canada, Brazil and Mexico the largest suppliers)
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As he signed the order at the White House, Trump said he would follow Monday's action with announcements about reciprocal tariffs on all countries that impose duties on U.S. goods over the next two days, and said he was also looking at tariffs on cars, semiconductors and pharmaceuticals.
Asked about threats of retaliation by other countries against his new tariffs, Trump said: "I don't mind."
Trump raises tariffs on aluminum, steel imports in latest trade war salvo — Reuters
President Donald Trump moved to substantially raise tariffs on steel and aluminum imports on Monday, cancelling exemptions and duty-free quotas for major suppliers Canada, Mexico, Brazil and other countries in a move that could boost the risk of a multi-front trade war.
The U.A.E. is the United States’ third-most-prolific source of aluminium, after Canada and the Russian Federation. EGA is one of the largest producers of value added products or ‘premium aluminium’. About 80 per cent of EGA’s production is value-added products and it exports 90% of its high purity aluminium and aluminium alloys globally.
Maybe a "thanks for getting UAE aluminum out of the way Don - signed Canada" is in order?
Think unification and a common dollar.
3 birds one stone
Palestine issue.
BRICS issue
Secure North American source issue.
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