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Due to the US Department of Commerce's recommendation last week to increase import tariffs or quotas on imported steel, domestic steel stockists urgently announced a price increase of 10-30%. Before President Trump makes a decision on April 11, the US steel market will be volatile. US Secretary of Commerce Ross announced on February 16 an investigation report on imported steel and aluminum products, recommending that US President Trump impose high tariffs or implement import quotas.
In April last year, Trump directed the US Department of Commerce to investigate imported steel and aluminum products in accordance with Section 232 of the Trade Expansion Act of 1962. The US Department of Commerce has submitted these two reports to the White House on January 11 and 19 this year, respectively, and Trump will make decisions based on the reports before April 11 and 19. Rose said in a telephone briefing on the 16th that Trump is considering the relevant report and has not yet made a final decision. He said that Trump can adopt the recommendations in the report of the Ministry of Commerce or make adjustments to his recommended measures, and also has the right not to take any action. A report released by the US Department of Commerce on the same day stated that the quantity and situation of imported steel and aluminum products posed a threat to US national security, and proposed three recommended measures. For steel products, the Ministry of Commerce recommends that Trump can impose at least 24% tariffs on all imported steel, or from Brazil, China, Costa Rica, Egypt, India, Malaysia, South Korea, Russia, South Africa, Thailand, Turkey, and Vietnam12 Steel imports from each country are subject to a tariff of at least 53%, and the import quotas of steel from other countries or regions are set at 100% of their export volume to the United States in 2017. The third alternative proposal is to implement steel on all countries or regions. Import quota, which is 63% of the scale of exports to the United States in 2017. For aluminum products, the Ministry of Commerce recommended that Trump can impose at least 7.7% tariffs on all imported aluminum products, or 23.6% tariffs on aluminum products imported from countries or regions such as China, Hong Kong, Russia, Venezuela, and Vietnam. And set the import quota of aluminum products in other countries or regions to be 100% of the scale of their exports to the United States in 2017. The third proposal is to implement import quotas for aluminum products in all countries or regions. 86.7%. According to the Wall Street Journal, the proposed measures of the US Department of Commerce have been opposed by many lawmakers, including Republican lawmakers who support free trade, as well as companies worried that increased tariffs will trigger a trade war and a series of domestic product price increases. Wang Hejun, Director of the Trade Remedy and Investigation Bureau of the Ministry of Commerce, spoke about the US national security investigation report on imported steel and aluminum products (February 17, 2018) February 16, 2018, Washington time, the US Department of Commerce announced the import of steel to the US The National Security Survey (Survey 232) of Aluminum Products believes that imported steel and aluminum products have seriously damaged the industry in the United States and threatened the safety of American countries. The US Department of Commerce accordingly proposed to President Trump to implement import restrictions such as tariffs and quotas on imported steel and aluminum products. Wang Hejun, director of the Trade Relief Investigation Bureau of the Ministry of Commerce, made a statement on this. Wang Hejun said that China is highly concerned about the US's 232 investigation on imported steel and aluminum products. The conclusion of the US investigation is totally groundless and completely inconsistent with the facts. Most steel and aluminum products imported from the United States are civilian low-end products. During the investigation, stakeholders in countries and regions such as the European Union, Canada, Russia, China, South Africa, South Korea, and Vietnam all proved to the United States that their exports to the United States Of steel and aluminum products have not compromised the safety of American countries. Wang Hejun pointed out that the US has taken hundreds of countermeasures against most imported steel and aluminum products, and has provided excessive protection for domestic products. The imported steel and aluminum should not be taken lightly on the grounds of "national security" The product will then take restrictions. The scope of "national security" is very wide, lacking a unified definition, and can easily lead to abuse. If countries follow the US approach, it will have a serious impact on the international trade order. Wang Hejun emphasized that in recent years, the global economic recovery has been weak, and demand growth has been slow, and the steel and aluminum industries of various countries are facing difficulties. The foundation of the current global economic recovery is still not stable, and countries should face it together and discuss solutions in cooperation, instead of taking advantage of neighbors as unilateral trade restrictions. China urges the United States to refrain from using trade protection tools, abide by multilateral trade rules, and make positive contributions to the international economic and trade order. If the final decision of the United States affects China's interests, China will definitely take necessary measures to safeguard its legitimate rights.
