Markets

Ford, GM Shares Drop as US Commerce Recommends Metals Tariffs

Ford, GM Shares Drop as US Commerce Recommends Metals Tariffs

It is the biggest global exporter of both steel and aluminum to the United States, so it has a significant stake in whatever President Donald Trump decides to do with a series of recommendations he received Friday.

On January 11, the Commerce Dept delivered the results of its investigation into steel and aluminum imports in what's called a "Section 232" review, which focuses on national security. U.S. Steel up 2 percent, and AK Steel up 1.1 percent.

Trump said the US steel and aluminum industries "are being decimated by dumping and from many countries". China is by far the largest producer and exporter of steel, and the largest source of excess steel capacity. "Other countries will retaliate, killing the very exports and American jobs this administration seeks to promote".

Among its key findings, the report found that the United States is the world's largest importer of steel - with imports almost four times greater than its exports.

Department's goal is to increase demand for American-made metals. "For example, there is only one remaining U.S. producer of the high-quality aluminum alloy needed for military aerospace". The president could also consider the countries' willingness to work with the United States to address global excess capacity and other challenges facing the USA aluminum and steel industries. The country's imports are almost four times the amount of exports, according to the report.

Speculation about possible USA action has roiled the metals industry.

US steel imports
With decision on steel, aluminum import restrictions looming, MEMA outlines impact for vehicle suppliers

The tariffs and quotas would be in addition to any duties already in place.

Ross was asked whether the 232 remedies could pose a risk to downstream workers, such as those in the automotive industry, if those plants moved out of the U.S. in reaction to the possible restrictions on aluminum and steel. The report recommends that a process be put in place to allow the DOC secretary to grant requests from USA companies to exclude specific products if the US lacks sufficient domestic capacity or for national security considerations.

Commerce Secretary Wilbur Ross told reporters on Friday that he has presented several options to the president. And only one company in the country produces the high-quality aluminum alloy used for military aerospace purposes.

Commerce noted that as of Thursday, the United States had two antidumping and countervailing duty orders in place on aluminum, both against China, and there are four ongoing investigations against China.

China, Hong Kong, Russia, Venezuela and Vietnam would be subject to the higher tariff on aluminum.

-Impose a quota on steel and aluminum imports from everywhere, limiting each country 63 percent of the steel and 86.7 percent of the aluminum they shipped to the US past year. Additionally, we are concerned that the secretary seems to have minimized the multiple concerns that downstream aluminum users have raised.

Microsoft's latest app moves photos from phones to PCs over WiFi
The tech giant has launched a new Photos Companion app for iOS and Android devices which has been in testing for some months. The firm also noted that users won't have to worry about network speeds and mobile data charges when they use the new app.


  • Mitt Romney officially announces that he's running for US Senate in Utah

    Mitt Romney officially announces that he's running for US Senate in Utah

    However, after Trump won the presidency in November 2016, he briefly considered picking Romney as his secretary of state. Romney was planning to make the announcement earlier this week, but postponed it due to the school shooting in Florida.
    NZ vs England 4th Tri Series T20 match in numbers

    NZ vs England 4th Tri Series T20 match in numbers

    With Australia already assured of a place in the final, New Zealand are now firm favourites to join them. The Kiwis may consider bringing in Mark Chapman and wicketkeeper Tim Seifert to play against England .
    Facebook losing younger users at faster pace

    Facebook losing younger users at faster pace

    But the proportion of social network users accessing Facebook will continue to decline over the forecast period, eMarketer said. American kids are ditching Facebook for other social media platforms, and 2018 might bring the largest online migration yet.
  • Ethiopian prime minister resigns

    Ethiopian prime minister resigns

    But, he has struggled to rise politically above the shadow of Meles who was the nation's prime minister from 1995 to 2012. But protests and violence are continuing in pockets of Ethiopia .
    Inspector General Conducting Probe of Timing of FCC Actions and Sinclair Deal

    Inspector General Conducting Probe of Timing of FCC Actions and Sinclair Deal

    For many years, chairman Pai has called on the FCC to update its media ownership regulations - one of which dates back to 1975. Sinclair followed up with a $3.9 billion deal to snap up Tribune , thanks to the new rules.
    Pizza And Cake Could Increase Your Risk Of Cancer

    Pizza And Cake Could Increase Your Risk Of Cancer

    Consumers of such foods are also more likely to smoke, be less active and ingest more calories, she added. A study of 105,000 people hinted the more of such foods people ate, the greater their risk of cancer .
  • Record Number of Afghan Civilian Casualties in 2017 Attacks

    Record Number of Afghan Civilian Casualties in 2017 Attacks

    Afghanistan has always been suffering from an unstable political situation due to the activity of different terrorist groups. The Taliban letter , however, insists that the U.S. strikes have no impact and that civilians were killed in the attacks.
    Chelsea vs Hull City | FA Cup Preview

    Chelsea vs Hull City | FA Cup Preview

    This was the first match that Antonio Conte chose to use three at the back and the rest, as they say, is history. For our prediction, we are going for a 2-1 win for the Blues at the best odds of 9/1 at BetVictor.
    Second judge blocks Trump from ending DACA

    Second judge blocks Trump from ending DACA

    The legal battle over DACA complicates a debate now underway in Congress on whether to change the nation's immigration laws. The ruling stems from a lawsuit filed by AG Healey and a coalition of 16 other attorneys general in the U.S.
  • Serena Williams Returns to Tennis, Baby Girl Cheers Her On

    Serena Williams Returns to Tennis, Baby Girl Cheers Her On

    It's her first match so I'm glad she got to see it", Serena said in an on-court interview. I feel like I'm on the right track.' She also added, 'I really don't know .
    Airbus says one third of Pratt-powered A320neo jets are faulty

    Airbus says one third of Pratt-powered A320neo jets are faulty

    The disclosure of new problems with the Pratt engines late last week marks a blow for the A320neo, Airbus's best-selling plane. In addition, it said it's working to assess an industrial and delivery plan to minimize customer disruption.
    In darkish occasions, add some glitter to Ash Wednesday: Pastor's View

    In darkish occasions, add some glitter to Ash Wednesday: Pastor's View

    A full schedule of Ash Wednesday services at the Cathedral can be found on the cathedral's website . That means it is observed for 40 days in the run-up to Easter , and is time when people fast.