White House Considering 24% Tariff on Steel, Aluminum Imports could be 10%


US President, Donald Trump has said that relationship with China could be derailed over trade disputes as Beijing is absolutely killing the United States.

The talks are to be led by US Trade Representative Robert Lighthizer, who is to meet with senior Chinese economic adviser Liu He (劉鶴), the official said.

In the memo, which referenced a December interagency review of the commerce recommendations, he said that since direct defense needs account for only about 3 percent of USA production, the proposed curbs would not damage the Pentagon's ability to get steel and aluminum to meet national defense requirements. As it is, many USA industries have urged the administration to take care since high import tariffs would raise the cost of supplies for major sectors of the economy.

The US Commerce Department recently recommended imposing heavy tariffs on China and other countries to counter a global glut in steel and aluminium.

Trump has long sought a way to a more balanced trade relationship with China and threatened to impose a big "fine" against China to protect American intellectual property.

The prospect of a global tariff sent steel shares rising after hours with US Steel Corp and AK Steel Holding Corp up more than 3 percent.

The Commerce Department on February 16 recommended that Trump impose stiff curbs on steel imports from China and other countries and offered the president several options, ranging from global and country-specific tariffs to broad import quotas.

A blanket tariff on steel would cover every steel and aluminum product entering the U.S. market from China, the world's largest steel producer. "I have no idea when between now and then he will make his decision".

"No final decisions have been made".

Meanwhile, the president has made reciprocal trade a priority in his economic agenda.

"If there is important news, China will issue it in a timely manner", Geng added. Commerce Secretary Wilbur Ross said the measures are meant to be broad and are created to prevent targeted nations from circumventing the limits by shipping through a third country.

The organizations cited 2015 census data showing that steel mills employed roughly 140,000 Americans and added $36 billion to the economy, while "steel-consuming industries, including manufacturers who rely on steel imports, employ 6.5 million Americans and add about $1 trillion to US gross domestic product (GDP)".

Tensions have escalated between Beijing and Washington in recent months, with China reporting a record 275.8 billion USA dollar trade surplus with the United States, contrary to President Trump's goal to narrow the U.S. trade deficit with China.