This morning in metals news, ThyssenKrupp and Tata Steel have come to a final agreement on their joint venture deal, Canada hits the U.S. with tariffs on $13 billion in goods and President Trump says he will not agree to a new deal on the North American Free Trade Agreement (NAFTA) until after the midterm elections.
Making a Deal
In September 2017, Indian firm Tata Steel and German firm ThyssenKrupp announced they had signed a memorandum of understanding to merge their European steel operations, thus forming the No. 2 steelmaker in Europe (behind ArcelorMittal).
Almost a year later, the two announced they have reached a final deal on the merger, Bloomberg reported.
However, according to the report, some of ThyssenKrupp’s biggest investors are arguing the deal is skewed in Tata’s favor.
Canada Hits U.S. With Tariffs
The trade tensions continued apace, as Canada announced it was placing about $12.5 billion in tariffs on U.S. goods.
According to CNN, more than 40 steel products will be hit with a 25% duty, while over 80 other products will get a 10% duty.
Trump Says No Deal on NAFTA … Until After Midterms
Talks about NAFTA have somewhat fallen under the radar in recent weeks, as heated debate regarding immigration and the Supreme Court Justice Anthony Kennedy’s retirement announcement have dominated headlines.
As for the 24-year-old trilateral trade deal, President Trump indicated that he will not sign a new NAFTA deal until after the midterm elections in November, the Washington Post reported.
In other NAFTA-related news, Mexico has chosen a new president, as leftist candidate Andrés Manuel López Obrador — typically known simply as “AMLO” — won Sunday’s election by a landslide.