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We haven’t heard much of late about President Donald Trump’s border adjustment tax, but that doesn’t mean to say it has gone away. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up Indeed, the fact that it has a measure of support in the Republican Party suggests it could be on the agenda in the not-too-distant future. The idea is to transform the corporate tax landscape from a system that has prevailed for nearly 100 years, in which profits are taxed at the place of production, to a system in which profits are taxed at the place of sale. A-destination based cash flow tax (DBCFT), as proposed by the House Republican tax plan, would include border adjustments that exempt exports but include imports in tax bills rather than raising federal income from a corporate...
We had a chance to sit down and discuss the issues facing members of the Steel Manufacturers Association with SMA President Philip K. Bell at the recent S&P Global Platts Steel Markets North America conference here in Chicago. Bell also currently serves on the Department of Commerce International Trade Advisory Committee on Steel (ITAC 12), advising the Secretary of Commerce and United States Trade Representative on trade policy, trade agreements, and other trade related matters that benefit U.S. businesses, workers, and the economy. [caption id="attachment_83943" align="alignright" width="180"] Philip K. Bell. Source: SMA[/caption] Jeff Yoders: We've heard a lot about North American Free Trade Agreement and what changes to it might mean in the last two days. How do your members feel about reopening NAFTA to changes? Philip K. Bell: NAFTA is over 20 years old and it’s probably time to...
[caption id="attachment_83698" align="alignleft" width="180"] German Dominguez[/caption] There’s been a lot of talk about President Trump’s "border tax" lately as it relates to reshoring manufacturing to the U.S. and financing “great, great” border walls, and my colleague Jeff Yoders has done a bang-up job covering the gamut of the Trump administration’s proposed policies in general. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up On our sister site Spend Matters, we tried to get closer to the bottom of the whole south-of-the-border tax issue, which opened up a can of worms — and devolved into golf analogies. But what does it all mean for U.S and Mexican manufacturers and their future strategies? Q&A With German Dominguez, Independent Advisor and LatAm Sourcing Expert We caught up with German Dominguez, an independent sourcing advisor helping U.S. manufacturers...
Our Automotive MMI took off in February, surging 12.2% along with strong gains in steel prices and all of the base metals in the automotive index saw gains in the first full month of 2017. Hot-dipped galvanized steel was a particularly strong performer along with the catalyst metals, palladium and platinum. The tough talk about U.S. automotive production that President Donald Trump started during the campaign has only ramped up since his inauguration. Automakers could have to significantly alter their purchasing and supply chains if a border tax is enacted. House Republican leaders have proposed what they call a "border-adjusted tax," which would place a levy on vehicles imported into the U.S. and fully exempt those exported. Though Trump initially deemed the idea too complicated, White House Press Secretary Sean Spicer recently said it was under consideration and could help...
After President-elect Donald Trump targeted Toyota Motor Corp. yesterday with a taunt about the Japan-based multinational's plan to build a new plant in Baja, Mexico, to build the Corolla model, both Toyota and Japan are fighting back. MetalMiner Price Benchmarking: Current and Historical Prices for the Metals You Buy Trump warned Japan’s biggest automaker that it will face heavy penalties if it chooses to make cars for the U.S. market in Mexico, writing "Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax." The president-elect's tweet sent shares of Japanese automakers makers sliding today. An angry Japanese government and corporate establishment pushed back against Trump’s criticism of Toyota. “Toyota is responsible for large employment at U.S. plants such as in Kentucky. It’s...
A Washington, D.C. federal judge on Tuesday rejected the Cheyenne River Sioux Tribe’s bid to block operation of the Dakota Access pipeline on federal land in North Dakota, saying the tribe likely won't be able to show that the federal government interfered with its exercise of religion on land outside the tribal reservation by allowing the project to go forward. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up Judge James Boasberg of the U.S. District Court for the District of Columbia rejected the tribes' request for an injunction to withdraw permission issued by the U.S. Army Corps of Engineers for the last, eight-mile link of the oil pipeline underneath Lake Oahe in North Dakota. Energy Transfer Partners LP is building the $3.8 billion pipeline to move crude oil from the Northern Plains to...
Meeting at the White House's Roosevelt Room this morning with 10 senior American business executives, lawmakers and the press, President Donald Trump repeated his campaign pledge to roll back corporate rules, arguing that they have "gotten out of control." Click Here for Current Metal Prices Trump told the business leaders he would cut regulations "by 75%, maybe more." "We're going to be cutting regulation massively," Trump said, but also promised the new rules would be "just as protective of the people." Border/Import Tax He also warned that that he would impose a “substantial border tax” on companies that move manufacturing out of the U.S., while promising unspecified advantages to companies that manufacture domestically. "So essentially I’m talking about no tax," Trump further clarified, discussing his pitch to retain U.S. workers. "Because if you stay here, there’s no tax. Somebody said,...
Donald Trump’s November victory ignited the steepest stock market rally from election day to inauguration for a first-term president since John F. Kennedy won the White House in 1960. MetalMiner Benchmarking: Click Here for Current Metal Prices The S&P 500 index, a broad measure of the performance of large U.S. companies, climbed 6% since election day. Wall Street has not posted such a strong run from a president’s first-term election win in more than half a century, when the S&P 500 climbed more than 8% after JFK beat then vice-president Richard Nixon. [caption id="attachment_83360" align="aligncenter" width="550"] Stock market performance since election of a new US president. Source: Financial Times.[/caption] Over the same time frame, only the advance following Bill Clinton’s second election stands with JFK in topping the Trump run. Additionally, Wednesday’s fifth-straight record-high close for each of the major...
As President-elect Donald Trump fills out the remaining cabinet posts in his administration before taking office in a little more than two weeks, it's become abundantly clear that Trump meant business when he said his administration would pursue better deals for the American people. MetalMiner Price Benchmarking: Current and Historical Prices for the Metals You Buy Recently, Trump named University of California-Irvine Economist Peter Navarro, the co-author of the trade "Death by China" as head of his newly created National Trade Council. He also received widespread praise from the domestic steel industry for naming longtime trade attorney and former Reagan administration official Robert Lighthizer as the new U.S. Trade Representative. If there really was any doubt going in — and, after that campaign, who really thought there was? — it's become obvious that Trump does, indeed intend to go after...
If there is one area in which 2017 is going to be a momentous year, it is in trade. MetalMiner Price Benchmarking: Current and Historical Prices for the Metals You Buy The incoming Trump administration campaigned on and has, since winning the election, robustly promoted an anti-free trade platform saying the North American Free Trade Agreement is “the worst trade deal maybe ever signed anywhere,” bullying GM, Ford Motor Company and various other multinationals into rethinking strategic investments planned for Mexico and forcing them to be shelved or amended. Trump also announced shortly after the election that his first action in office would be to reject the Trans-Pacific Partnership (TPP). The rhetoric is part of an America First policy that takes an aggressive stance against countries running trade surpluses with the U.S., particularly China, and seeks to encourage job repatriation,...