The Hanoitimes - Customs officials have been ordered to collect cash deposits at rates as high as 456.23% on imports of the steel products produced in Vietnam using material from South Korea and Taiwan. The US Commerce Department decided to imposed import duties of more than 400% on steel imports from Vietnam, accusing some businesses of shipping products from the Southeast Asian nation to evade the levies in a further escalation of tension between the two trading partners, Bloomberg reported. Illustrative photo. In three preliminary circumvention rulings on Vietnamese steel, the Commerce Department said certain products produced in South Korea and Taiwan were shipped to Vietnam for minor processing before being exported to US as corrosion-resistant steel products and cold-rolled steel. Customs officials have been ordered to collect cash deposits at rates as high as 456.23% on imports of the steel products produced in Vietnam using material from South Korea … [Read more...] about US slaps 400%-plus import tariffs on Vietnam steel
Us slaps tariffs on chinese steel imports
WASHINGTON — The U.S. trade deficit shrank in April, but the politically sensitive deficit with China moved higher. The Commerce Department says the gap between the goods and services the U.S. buys and what it sells abroad fell 2.1% to $50.8 billion in April from March. Exports fell 2.2% to $206.8 billion. Imports dropped 2.2% to $257.6 billion. The deficit in the trade of goods with China rose 29.7% to $26.9 billion. President Donald Trump has sought to reduce America's persistent trade deficit, which he sees as a sign of economic weakness. He has slapped tariffs on foreign steel, aluminum, dishwashers, solar panels and on thousands of Chinese goods. The U.S. trade deficit in goods and services is running at $205.4 billion this year, up 2% from $201.3 billion in January-April 2018. … [Read more...] about US trade deficit shrinks to $50.8 billion in April
WASHINGTON — The United States and China have been trading punches over trade for months. And the slugfest has only intensified this month. Claiming that the Chinese had reneged on earlier commitments in trade negotiations, the United States on May 10 more than doubled tariffs on $200 billion in Chinese goods. Beijing lashed back by raising tariffs on $60 billion worth of American imports. And on Monday the United States spelled out plans to impose 25% tariffs on the $300 billion or so of Chinese stuff it hasn't already targeted — items ranging from sneakers to door chimes. The events have cast doubt on the conventional wisdom, dominant just two weeks ago, that the world's two biggest economies were edging toward a compromise on trade. Here's a look at what's happening: ____ WHAT ARE THE U.S. AND CHINA FIGHTING ABOUT? The United States accuses China of resorting to predatory tactics in a drive to give Chinese companies an edge in advanced technologies such as artificial … [Read more...] about Q&A: Is there a way out of the US-China trade fight?
By Bloomberg PUBLISHED: March 2, 2019 at 9:28 am | UPDATED: March 2, 2019 at 9:29 am By Brian Eckhouse and Joe Deaux | Bloomberg The Trump administration imposed a tariff on steel imports last year to get companies to buy more American metal. In some ways, the duty has the U.S. solar business doing the exact opposite. Consider the case of PanelClaw, a supplier of steel racks that hold solar panels in place. Since President Donald Trump slapped tariffs on steel and aluminum last year, the Massachusetts-based company has boosted its sourcing of completed racks from India, allowing it to skirt some of the duties that apply to raw metals only. While PanelClaw still acquires racks made domestically with American steel, the company can partly “avoid the tariff” by importing the rest, Chief Executive Officer Constantino Nicolaou said in a telephone interview. PanelClaw isn’t alone. California-based Nuance Energy, another solar-racking company, has also boosted overseas … [Read more...] about The unintended fallout of Trump steel tariff: Solar going abroad
DETROIT — America's auto industry is bracing for a potential escalation in President Donald Trump's tariff war with the world, one that could weaken the global auto industry and economy, inflate car prices and trigger a backlash in Congress. Late Sunday, the Commerce Department sent the White House a report on the results of an investigation Trump had ordered of whether imported vehicles and parts pose a threat to U.S. national security. Commerce hasn't made its recommendations public, and the White House has so far declined to comment. If Commerce did find that auto imports imperil national security, Trump would have 90 days to decide whether to impose those import taxes. Trump has repeatedly invoked his duty as president to safeguard national security in justifying previous rounds of tariffs. An obscure provision in trade law authorizes a president to impose unlimited tariffs on particular imports if his Commerce Department concludes that those imports threaten America's … [Read more...] about US automakers to Trump: Don’t slap tariffs on imported cars