This Morning in Metals: U.S. Dept. of Defense Backs Targeted Steel, Aluminum Tariffs
This morning in metals news, the U.S. Department of Defense recently indicated it would prefer targeted tariffs as opposed to a blanket strategy, Australian Prime Minister Malcolm Turnbull will press President Donald Trump on an assurance last year that Australia would be exempted and London copper is down for the week.
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DoD Espouses Targeted Tariffs Approach
In light of the pending Section 232 probes of steel and aluminum imports, the Department of Defense said it would favor a more targeted approach to tariffs.
In addition, the DoD prefers a delay to any measures curbing aluminum imports, according to a Reuters report.
Turnbull Looks for U.S. to Honor Tariff Assurances
Australian Prime Minister Malcolm Turnbull plans to discuss with President Trump on Saturday the assurances given last year that Australia would be spared from Section 232-related steel and aluminum tariffs, according to the Financial Review.
The recently released Section 232 reports make no mention of an exception for Australia. According to the Financial Review report, Turnbull will seek to revisit assurances made last July vis-a-vis a carve-out for Australia.
Copper Down on the Week
London copper and zinc dropped this week as a result of profit taking, Reuters reported. In addition, the dollar strengthened and uncertainty about demand in China contributed to the drop this week.
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According to the report, LME three-month copper dropped 0.7% to $7,110 a ton in official open outcry trading on Friday.
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