This Morning in Metals: Lighthizer Says Canada is National Security Threat in Steel

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This morning in metals, U.S. Trade Representative (USTR) Robert Lighthizer said Canada is a national security threat with respect to steel, the U.S. posted 4.1% GDP growth in Q2 and The Coca-Cola Company says it is raising prices on account of the Trump administration’s 10% aluminum tariff.

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Canada…Steel Threat?

Answering a question regarding whether Canada presents a national security threat to the United States, USTR Robert Lighthizer responded in the affirmative — in the case of steel, according to a report in the Globe and Mail.

GDP Growth Rises to 4.1%

The U.S. posted GDP growth in Q2 of 4.1%, up from 2.1% in Q1, the Bureau of Economic Analysis reported, marking the highest quarterly growth level since 2014.

The figure represents an estimate; according to the BEA, a second estimate encompassing more data will be released Aug. 29.

According to the Bureau’s analysis, the Q2 increase reflected “positive contributions” in personal consumption expenditures, exports, nonresidential fixed investment, federal government spending, state and local government spending, and residential fixed investment.

Coke Raises Prices Because of Tariffs

Beverage giant Coca-Cola is raising prices on account of the 10% aluminum tariff, CEO James Quincey said during the company’s earnings call this week, CNN reported.

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“Obviously, while [customers] may understand the cost pressures that are out there on freight, on the increases in steel and aluminum and other input costs that affect the bottling system and affects some of our finished products, clearly, these conversations are difficult,” he was quoted as saying on the call.

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