This morning in metals news, the Office of the United States Trade Representative announced it will move forward with $16 billion in tariffs on Chinese imports (out of an initially announced total of $50 billion in tariffs), Chile posted solid copper exports in July and U.S. raw steel production data is in for the week ending Aug. 4.
Trump Administration Enacts $16B in Tariffs
The Office of the United States Trade Representative (USTR) announced Tuesday afternoon that it will move forward with $16 billion in tariffs on Chinese imports (in addition to the $34 billion that went into effect July 6).
The USTR finalized the previously announced list of products. From the original list, which included 284 tariff lines, 279 made it into the final list.
Duties will be collected on the list of 279 products beginning Aug. 23.
Chile Posts Strong July in Exports, Particularly Copper
Chile boasted a trade surplus of $375 million in July, according to a Reuters report, powered in part by strong copper exports.
July copper exports were up 9.47% year over year, according to the report.
Steel Production Up 4.3% Year Over Year Last Week
According to American Iron and Steel Institute (AISI) data released this week, U.S. steel production for the week ending Aug. 4 was up 4.3% compared with the same period in 2017.
Production for the week, however, was down 0.4% compared with the previous week.