This Morning in Metals: China Responds With $3B in Tariffs on U.S. Goods

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This morning in metals news, China responds to the U.S.’s Section 232 tariffs with $3 billion in tariffs on U.S. goods, several firms put in new bids for the distressed Essar Steel, and President Donald Trump and Japanese Prime Minister Shinzo Abe will meet this month to discuss trade.

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China Strikes Back With $3B in Tariffs

In response to tariffs from the U.S. on steel and aluminum, China has responded with $3 billion in tariffs on U.S. goods.

According to an NBC News report, the Community Party newspaper The Global Times said in an editorial that “Even though China and the U.S. have not publicly said they are in a trade war, the sparks of such a war have already started to fly.”

Firms Line Up for Essar Steel

Vedanta, Numetal and ArcelorMittal have put in new bids for the distressed Essar Steel, Bloomberg reported.

Earlier insolvency resolution plans were rejected by lenders, and they sought fresh bids from the six companies who put in bids in December, according to the report. In this round of bids, Tata Steel chose not to participate, according to the report, while JSW Steel was a new bidder in the process.

Trump, Abe to Talk Trade

President Donald Trump and Japanese Prime Minister Shinzo Abe plan to meet this month to discuss trade issues, Reuters reported.

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Japan is among the group of U.S. allies who have yet to receive an exemption from the Section 232 tariffs on steel and aluminum that went into effect late last month.

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