Commerce Dept. announces new steel tariffs on China, Mexico

Commerce Dept. announces new steel tariffs on China, Mexico


LIZ: WE HAVE SOME BREAKING NEWS AND I DO WANT TO MARK THE DOW JONES INDUSTRIALS AND THE S&P AND WHERE THEY STAND RIGHT NOW. WE DO HAVE THE DOW UP 216, S&P UP 28. HERE’S THE NEWS. THE U.S. COMMERCE DEPARTMENT HAS JUST ANNOUNCED IT IS IMPOSING PRELIMINARY ANTI-DUMPING TARIFFS ON CERTAIN STEEL COMING IN FROM CHINA AND MEXICO. SPECIFICALLY, IT IS, I UNDERSTAND, THE KIND OF STEEL THAT IS USED IN BIG STRUCTURAL EFFORTS HERE. A 141% DUTY ON THE STRUCTURAL STEEL AND A 31% DUTY ON MEXICAN STRUCTURAL STEEL. SO CHINA GETTING HIT THE HARDEST HERE. AGAIN, A TARIFF OF 141% ON INCOMING STEEL USED FOR BIG STRUCTURES FROM CHINA. THE COMMERCE DEPARTMENT SAYS NO CANADIAN FABRICATED STRUCTURAL STEEL HAS BEEN DUMPED IN THE U.S. MARKET SO IT ESCAPES THIS, BUT THE PRESIDENT HAS BEEN OPEN TO SAYING QUITE CONSTANTLY THAT THE U.S. STEEL INDUSTRY HAS BENEFITED FROM THIS WHILE STEEL STOCKS ARE MOVING HIGHER AT THE MOMENT, WE DID KNOW OF COURSE THAT U.S. STEEL HAD CLOSED A PLANT IN AUGUST AND THEN I BELIEVE JUST BACK IN JULY, THEY HAD LAID OFF ABOUT 200 OTHER WORKERS IN GARY, INDIANA. WE ARE WATCHING WHAT APPEARS TO

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About the Author: Oren Garnes

100 Comments

  1. America is great yadada, but these tariffs are mainly political, with little economic benefit. It's basically forcing an inefficiency by making foreign steel more expensive to help domestic steel makers who can't make steel as cheaply because of lack of efficiency and higher wages. But this also hurts our auto and construction industry because now they are buying steel at a higher rate. Not to mention the counter-tariffs China are imposing because the trade war. Tariffs in general are bad news that's why the stocks crashed when trump first announced them.

  2. Lol and no one pays attention to who profits from these Steel tariffs. It’s funny how that man owns the largest steel manufacturing company in the world and doesn’t even operate in the US and it’s also funny how he happens to sit on the board of Goldman Sachs. Every time Steel tariffs are mentioned , his stocks go up. And all over this President’s cabinet and his appointees are Goldman Sachs. Just like Former President “Barry” (until he wanted to sound black to get the Black community behind him and finally called himself Barack) Obama has Citigroup all over his. As does every other candidate and President in the past and in the future

  3. The little man baby is at it again funny watching on sharpiegate  why can't he just say I screw up  but no such a failed attempt .

  4. I read an article some years ago describing how China was intentionally making inferior steel for the U.S. to degrade our infrastructure. I'm not sure if that was ever proven but jst reading that had me in the belief that America should be making its own steel – National Security & stuff

    Good job Mr. President

  5. Just like all the rest of his stuff. If your so pro Americans, then take everything made in China out the white house,and replace with good ol American made stuff.😋😁

  6. " Commerce Department announces increased costs on products imported to America, passed on to consumers" There, fixed it for you.

  7. good that the president is standing up against china…… china should be ruined so that their dream of being a super power will not materialize…. it would be a scary thought to be china as the super power….. they are a bully now that they are not the super power how much more if they become one!!!!

  8. Don’t forget, that means you are gonna pay more next time you buy steel 😁
    And if you are rich you can afford, but if you middle class just trying to live, it’s gonna be hard

  9. Canadians are letting China dump steel, waving all tariffs on it and ruining Canadian steel companies while allowing China to keep 2 Canadian hostages there with no negotiations. Thats our leaders!!

  10. “where watching what appears to be crosswinds” lol. The idea that we’re hurting China is laughable. They’ll just take their business elsewhere

  11. Our current trade deficit is at 54 billion. We lost 30 billion of soy bean we use to sell to china. We recently bailed out farmers to the tone of 27 billion at tax payer expense. And by Trumps own words we got 1 billion worth of Tarrifs back from China. How is this good economic policy? Im estimating that soon were going to have to bailout the steel industry as well. Because china can wait it out till next election comes.

    With the housing market, retail, and car sales plus other indicators not showing goods signs of a healthy economy it's a given. Apart from the slow down in manufacturing. Not just here in the states but across the world this trade war is having negative effects in global market growth. 👍👏👏👏

    Tarrifs are a tax that we the consumer and tax payer in the end pay for not the countries trump impose this tax on.

  12. Yea he’s raising prices on everything that comes in to the USA this isn’t good for Americans. If you think tariffs are good you’re crazy

  13. I can't stand how they throw in 'a plant has been closed in Indiana' right at the end. The plant will be closed for 6 months while major investments have been made at other plants especially in Pittsburgh. They have also had to shift a lot of funds to help rebuild the Clairton facility which was damaged by fire earlier this year.

  14. What no one knows here is that computer programs are used to calculate dumping margins. That 141% might be the result of some fudged figures. We shall see if it persists.

  15. ALL of you have missed where the real problem lies, its not who is president or how long as 8 years is max but not so these congressmen who benefitted off of all of this, and still are , its time to limit these rich people who think they are our royalty. these men know nothing about your problems or mine.

  16. If anyone is interested I can point them to the web site where you can download the computer programs to calculate dumping margins. They are generic versions and need real sources of data.

  17. People need to stop apologizing for loving their country, nation, homeland, your barrio, your people…whatever you want to refer as….is your country and nobody should make you feel bad for saying it aloud….fk em all if they get triggered by that. They have issues.

  18. what is this steel stuff cuz im confused and she said canadian in the thing im canadian and i live in canada so…idk

  19. Obama became president to divide us and get rich. Trump is already rich and wants everyone else to succeed. What other president donates his paycheck?

  20. Any guess on who will be paying for those tariffs ?
    No is not Trump or the corporations.
    The consumer. Prices on cars, appliances, anything that is made of steel will cost more.

  21. Sure steel industry is back, but they are propped up by governmental assistance. This means everyone using the steel will suffer, like the auto industry. Consumers will pay more for cars made in the U.S..

  22. To be honest, Chinese steel is weak. Mexico? Who knows? The only be steel better than American Steel is German steel.

  23. The amount of economic illiteracy in this comment section is simply alarming.

    For the record the last time the US imposed tariffs this freely it triggered the aptly named Great Depression

  24. If I have to suffer for 10 years, paying more for domestic goods, to ensure that my children will have a chance to have a stronger America. Then so be it.
    It's time to make America great again. No matter the cost.

    Trump 2020

  25. American corporations and the super rich. Like Trump don't give a flying turd about America. They are only interested in how much money they will make. How much profit they can generate. Only way steel can make a comeback in the USA is if Steel workers are willing to take huge cuts across the board to match other countries cost. Then American steel will be competitive. Besides, the raw material tarifs are a bit of smoke and mirrors. Most steel can be shipped and sold again in Mexico or Canada and shipped to the USA as theirs. The big users of steel already have these route's setup. But it will give them big corporations a reason to jack up prices.

  26. Trump..running AMERICA into the ground for money..Automation is what will take everyone's jobs…Lookup ANDREW YANG! The future is happening now..whether we like it or not..Robots will make the steel..

  27. Regardless of Hong Kong the west is disengaging from China anyway. It's a 10 to 20 year business plan. Labor costs are rising in China and China is posing a growing military threat to the west, so the west is looking for new global business partners anyway. Of course that strategy addresses a range of geo-strategic policies, but essentially that is the US and the west's forward plan over coming decades. In life you can't just be a dormant saver to get ahead. You have to be a business investor and profit taker. You have to keep people employed and evolve their skills along the way. Something the west has failed to do effectively on the global trade scene for the last few decades, so China has filled that void. Getting cheap goods wont make your country wealthy and in time you will just become a dependent addict for cheap goods, but not creating your own goods and technology. When you do this you are not producing and are not evolving your skills and methods, you are not making sales and you are definitely not taking profits. Profits are the core to business growth. The Chinese got this and the rest of us westerners forgot this. That is the West's biggest economic failing over the recent decades. The west thought that by becoming a cheap imported goods addict, they were onto a good deal, however that deal comes at very great cost to jobs, tech evolution and society. Only now, is the west starting to wake up to this. If you want to grow your economy, you have to create, produce, sell and take profits, then reinvest those profits to grow. China gets this, the west forgot this. The west became a dependent addict in so many ways. Fortunately we are all waking up to this. You have to invest, train, create, produce, export and take profits if you wish to grow a nations wealth and power. You cant achieve this by sitting on the couch waiting for your cheap Chinese products to arrive in a shipping container, thinking that somehow you are well off because of this. You will only become irrelevant over time because of this, because your nation wont be making money and that's bad for you and me. Wake up west and don't settle for second best. Make America great again.

  28. Does steel include cars? If so GM and Tesla cars built in China will have tariff when imported to America which is awesome.

  29. China currently is affecting US manufacturing companies, but in the foreseeable future, it will affect the whole world. It will be the only manufacturing place for mass production. Technology advancement will halt. People who wants to start a business will have to lick china’s as* for a deal. They must be stopped at all cost.

  30. US will continue to make enemies of the entire world until (Egypt) USA falls. Trumps a puppet of the demonic but still being used by God for the coming of the last days. STAY PRAYED UP AND REPENT THE TIME IS CLOSE AT HAND.

  31. Aks is still dying. It's up for a day but the trend is downward for years for that company. Good stock to trade but I wouldn't invest money there

  32. China buys every shred of scrap,copper, aluminum, stainless steel,brass ,and regular scrap dirt cheap! They canvas the USA buying everything! This isn't hidden information. Out here in the real world,at autopart stores,people cringe at parts from Mexico and go with China parts. It's all a game that sheep play. People don't even realize what is happening in the USA. Hell people barely know what's happening in their own trailer park

  33. Trump's tariffs are just slowing down the world economy and causing companies to lose money. China is not the problem. It's US companies that are the problem. Why is Apple and Nike and maytag etc producing products overseas? Because they do not want to share profits with US workers. US workers want too much money. But these are the same companies that politicians keep giving tax cuts to. These are the same companies that US service members are risking their lives so they can make money all around the globe. But they don't want to share profits with US workers. And we elect a dunce that wants to put all that blame on China.

  34. So raise the price of steel for the wall thats about to be built? or does this not have anything to do with steel to be used in that project?

  35. I'm an engineer for a large GC and we don't even allow non-American structural steel on our jobs. This steel tariff is a joke and doesn't really even do anything for our economy because the vast majority of buildings that use structural steel as the structural members use American steel anyways. In fact most larger American GCs don't allow non-American steel on their sites. Most GCs have to meet a criteria of a certain percentage of building materials has to be American made, sometimes its as high as 90%.

  36. I hope idiots who barely graduated from high school know that tariffs hurt consumers right? This is just as stupid as those liberals asking for a higher minimum wage smh high school economics has failed us

  37. Wait, this makes that promise to repair and replace infrastructure like bridges a lot more expensive.  Is that canceled now?

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