NAM KIM STEEL GROUP

Earlier, US President Donald Trump had authorized the doubling of previously-imposed import tariffs on Turkish aluminum and steel to 20 percent and 50 percent Turkey told the World Trade Organization that it will impose steel import quotas starting from October 17, to shield Turkey's steel industry from a surge in imports. Turkey has been in conflict with the United States over trade issues since March, when Trump initially introduced the 10 and 25 percent duties on imports of aluminum and steel, respectively, from US trade partners, including Turkey. Ankara has called the tariffs unacceptable and pledged to take retaliatory measures. Turkish Trade Ministry pointed out that the US extra tariffs are against the World Trade Organization (WTO) rules. In turn, Ankara doubled import duties on 22 US goods worth some $533 million. Turkey is not the first country to file a WTO complaint over...

By Shruti Srivastava and Siddhartha Singh  India is considering a proposal to increase import duties on a raft of products ranging from plastic to steel as it seeks to curb a ballooning current-account deficit and prop up a sagging rupee, people familiar with the matter said.  Prime Minister Narendra Modi’s administration is planning to increase tariff on items including furniture, chemicals and mobile phone components, the people said, asking not to be named as the information is not public. The prime minister’s office is planni ..  The South Asian nation is trying to curb overseas shipments to prevent a further widening of the current-account deficit and stem the fall of the rupee. The currency, which has been plummeting for six straight months in the longest stretch since 2002, is seen hitting 75 per dollarNSE -3.30 % by year-end, according to median of 10 analysts surveyed by Bloomberg.  The trade deficit represented 2.4 percent of gross dome...

By " Mrinalini Krishna" President Donald Trump’s recent announcement of a 25% tariff on steel imports has unnerved stock markets and unleashed the fears of an impending trade war as countries affected by this move retaliate through other trade channels. “..You will have protection for the first time in a long while, and you’re going to regrow your industries.  That’s all I’m asking.  You have to regrow your industries,” Trump in a March 1  listening session  with representatives from the aluminum and steel industry. The U.S. is the world’s largest steel importer, importing 26.9 million metric tons of steel between January and September 2017, according to International Trade Administration’s Global steel Trade Monitor   report . Trade has featured prominently on the business agenda of this administration, and Trump has repeatedly spoken about the need to protect domestic industries and reduce trade deficit. While the efficacy of this measure remains ...

BRUSSELS (Reuters) - An 8 percent surge in European steel imports this year is a direct result of Washington’s import tariffs on the metal, which have caused trade flows to be deflected to Europe’s shores, European steel industry association Eurofer said on Thursday. The association called on the European Union to impose safeguards - in the form of both tariffs and quotas - on EU steel imports to prevent a worsening steel import surge that will further harm the sector. It added, however, that the measure might put Europe’s steel exports at risk, as other countries might be tempted to raise their own steel import barriers, causing a domino effect that would harm free trade worldwide.   “This is an absurd situation. Nations that are pro free trade are on (the verge) of starting trade war. But we are where we are. We’ll be destroyed if don’t stop this tsunami (of steel),” said Geert van Poelvoorde, Eurofer president and an executive at ArcelorMittal, the world’s largest ste...

Presidents since Nixon tried and failed to protect steel industry Donald Trump on Friday plans to carry our his threat to slap tariffs on foreign steel and aluminum in an effort to protect American jobs and steel producers, but like many presidents before him, he probably won’t have much success. The Trump administration on Thursday indicated the tariffs will go into effect within 24 hours, a move that reflects the White House’s inability to strike deals with its closest trading partners to avert such a showdown. Also Read:   Here’s what businesses did with Trump tax-cut windfall. Hint: they didn’t spend it. Trump joins a long list of presidents going back to Richard Nixon who’ve sought to use tariffs and other restrictions to protect a long-ailing U.S. steel industry whose heyday ended decades ago. Trump campaigned in 2016 against what he called “unfair trade” and promised to get tough with trading partners. The decision saddled an already jittery Wall Street with ...

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