Sections SEARCH Skip to content Skip to site index Business Subscribe Log In Log In Today’s Paper Business | Tariffs on China Don’t Cover the Costs of Trump’s Trade War Advertisement Supported by ByAna Swanson and Jim Tankersley July 15, 2019 WASHINGTON — President Trump on Monday portrayed America as being on the winning end of his trade war, saying tariffs are punishing China’s economy while generating billions of dollars for the United States, an economic victory that will allow him to continue his fight without domestic harm. “We’ve taken in tens of billions of dollars in tariffs from China,” Mr. Trump told reporters during a “Made in America” product event at the White House. While China has taken $16 billion “off the table” by stopping its purchases of American agriculture, he said, the United States has “taken in much, much … [Read more...] about Tariffs on China Don’t Cover the Costs of Trump’s Trade War
Why tariff on steel imports
President Donald Trump's tariffs on foreign steel have sped the decline of some of the U.S. mills he vowed to help. Exuberance over the levies dramatically increased U.S. output just as the global economy was cooling, undercutting demand. That dropped prices, creating a stark divide between companies like Nucor Corp., which use cheaper-to-run electric-arc furnaces to recycle scrap into steel products, and those, including U.S. Steel Corp., with more costly legacy blast furnaces. Since Trump announced the tariffs 16 months ago, U.S. Steel has lost almost 70% of its market value, or $5.6 billion, and idled two American furnaces in mid-June that couldn't be run profitably at the lowest prices since 2016. Meanwhile, Nucor, down around 20%, has touted $2.5 billion in expansion projects. The president's actions likely "sped up" up an unavoidable "evolution," said Nucor Chief Executive Officer John Ferriola in an interview last month. "Are some companies are going to suffer? Absolutely." … [Read more...] about U.S. tariffs spark steel boom, hit firms with older furnaces
President Donald Trump has heightened tensions with China by escalating his tariffs on $200 billion in Chinese goods from 10% to 25%. As a tool of national policy, tariffs had long been fading into history, a relic of the 19th and early 20th centuries that most experts came to see as harmful to all nations involved. Yet more than any other modern president, Trump has embraced tariffs as a punitive tool — against Europe, Canada and other key trading partners but especially against China , the second-largest economy after the U.S. The Trump administration asserts, and many independent analysts agree, that Beijing has deployed predatory tactics to try to give Chinese companies an edge in such advanced technologies as artificial intelligence, robotics and electric vehicles. Beijing's tactics, the U.S. contends, include hacking into U.S. companies' computers to steal trade secrets, forcing foreign companies to turn over sensitive technology in exchange for access to China's markets … [Read more...] about What Are Trump’s Tariffs on China and How Do They Work?
The United States wants to tax $11.2 billion worth of EU goods — from airplanes to Gouda cheese — in what some experts say marks another attempt by the Trump administration to use tariffs to reshape global trade in its favor. The World Trade Organization ruled last year that the European Union provided illegal subsidies to plane maker Airbus. The U.S. tariff wish-list, released late Monday, reflects the Trump administration's calculation of the harm the EU subsidies have inflicted on the United States — and specifically to Boeing. A WTO arbitrator is expected to rule this summer on how much relief the U.S. is actually entitled to. Trade analysts say it isn't unusual for countries to present a tariff target list before the WTO arbitrator sets actual parameters. In the U.S. case, it allows the Office of the U.S. Trade Representative to collect public comments on the potential tariffs. And it lets the EU know which European industries might be hit and perhaps encourage a … [Read more...] about Trump’s $11B Tariffs on EU Goods Would Hit Cheese, Wine, Olives
GARY, Indiana (Reuters) - United States Steel Corporation founded Gary, Indiana in 1906 - naming it after co-founder Elbert Henry Gary - and the city’s fortunes have been closely tied to the company ever since. FILE PHOTO: A woman walks her dogs along the lake front at Marquette Park in Gary, Indiana, U.S., September 28, 2013. REUTERS/Jim Young/File Photo When the firm started losing business to cheap Asian imports in the 1970s, waves of layoffs followed as Gary became a haven of blight, crime and lost population. Last year, the city harbored hopes for a revival after President Donald Trump imposed tariffs on steel imports and the company planned a $750 million investment to modernize Gary Works, its largest North American plant. But it’s now clear those hopes will not translate into new steel jobs, even after the city and state offered the firm a $47 million tax break package. The whole point of the investment is to make the plant more efficient, so the … [Read more...] about U.S. Steel wins tax breaks from one of America’s poorest cities