This morning in metals news, a report indicates the U.S. plans to impose new tariffs on China this week, the E.U. looks to pin the blame for global steel oversupply on China and the U.A.E. wants to gain an exemption from the U.S. tariffs on steel and aluminum.
New Tariffs on China?
The Trump administration plans to announce new tariffs on China as early as this week, according to a Bloomberg report.
According to the report, the tariffs would amount to as much as $60 billion in response to what the U.S. says is intellectual property theft by China.
According to the report, the sweeping tariffs could take aim at a wide range of products, including consumer electronics, clothing and shoes from China.
E.U. Hopes to Join Forces with U.S. to Tackle Global Steel Oversupply
E.U. Trade Commissioner Cecilia Malmstrom is in Washington today to argue that the E.U. should be exempted from the recently announced tariffs on steel and aluminum, the Financial Times reported.
On Monday, she said she wants to work with the U.S. and other partners to address the “root cause” of the issue, according to the report.
The tariffs are set to go into effect on Friday.
U.A.E. Looks for Tariffs Exemption
Included among the long list of countries and business entities lobbying for exemptions from the U.S.’s steel and aluminum tariffs is the U.A.E., Reuters reported.
The country is the third-largest exporter of aluminum to the U.S., after China and Russia, according to the report.