This morning in metals news, Canada is considering new tariffs or quotas to protect itself from steel diverted from the U.S., the U.S. goes at it with several WTO members and a major energy project in the U.S. is denied a tariff exclusion request.
Canada Considers Tariffs, Quotas
Canada could turn to tariffs or quotas as it looks to deal with the possibly of diverted steel from the U.S. (as a result of the U.S.’s Section 232 tariff).
As Bloomberg reported, Industry Minister Navdeep Bains said Canada is considering expansion of a previously announced list of products that could be subject to the safeguard measures (rebar, steel plates and energy tubular).
U.S. Challenges Retaliatory Tariffs at WTO
Several countries have responded to the U.S.’s steel and aluminum tariffs with retaliatory tariffs. The U.S.’s back-and-forth exchange of tariffs with China is the most high-profile example, but several other countries have also hit the U.S. with retaliatory tariffs of varying levels.
The U.S., however, is challenging those tariffs at the World Trade Organization (WTO), arguing they go against WTO rules, particularly referring to measures from China, the E.U., Canada, Mexico and Turkey, according to the South China Morning Post.
No Tariff Exclusion for Shale Pipeline Project
A $1.1 billion shale pipeline project was denied a steel tariff exclusion request, Reuters reported, marking the first such decision vis-a-vis a major energy project.
The request from Plains All American Pipeline LP was denied because the Department of Commerce ruled the the company can find suitable products domestically.