Customs Demands Bigger Bonds as Tariffs Bite
Stephen Wang is counting the costs of President Donald Trump's trade war. He had to put down 12 times more cash as a guarantee to U.S. customs that he would pay the bill for tariffs on the Chinese-made pumps, valves and motors he imports.The cost of the guarantee - a U.S. customs bond - has shot up, an additional hit to importers already facing steep customs bills adding up to tens of billions of dollars for tariffs imposed by the Trump administration on incoming Chinese goods…
U.S. Allies Facing Steel Import Quotas Could Be Worse Off
U.S. government moves to negotiate steel import quotas with its allies in exchange for tariff exemptions could leave them worse off than countries who have to pay the levy.Washington set tariffs of 25 percent on U.S. steel imports in March, but has since granted the European Union, Canada and Mexico temporary exemptions until June 1.It has also agreed permanent exemptions for Brazil, Australia, Argentina and South Korea in return for quotas.South Korea, for example, agreed to quotas restricting its steel sales to the United States by 30 percent…
China Places Duties on Steel
It appears the battle over steel continues. In the wake of the U.S. lifting its own 20-month tarriff on steel imports late last year, China, the world's top steel importer, has reportedly placed a hefty import duties on high-grade metal used by the shipbuilding sectors, according to a Reuters report. The U.S. lifted its tarriff in the face of a potential trade war over the matter. China reportedly implemented the new tariffs after it concluded that there was dumping of cold-rolled steel by Russia, South Korea, Ukraine, Kazakhstan and Taiwan. South Korea's POSCO, the world's fourth-largest steel maker, will be exempted as Chinese authorities concluded it was not selling its cold-rolled products below market prices, Reuters reported.
