This morning in metals news, the Mexican steel industry has been invited to visit Washington to talk about the possibility of a steel quota (instead of the the 25% tariff), Tata Steel’s UK arm has posted losses this past year and China says trade talks this week were “constructive and candid.”
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Looking for a Quota
Mexico’s steel industry has been invited to Washington to talk about the possibility of implementing steel quotas, Reuters reported.
According to the report, the Mexican steel industry association, Canacero, said it was called to Washington to discuss the possibility of moving to a quota system instead of the current 25% tariff (in place vis-a-vis Mexico since June).
Meanwhile, talks on the renegotiation of the North American Free Trade Agreement (NAFTA) continued this week, as the U.S. and Mexico have engaged in talks without Canada’s participation.
Tata Steel UK Posts Losses
Last year was a tough one for Tata Steel UK.
According to the Financial Times, higher raw material prices was among a series of issues leading to losses for the steelmaker last year.
The steelmaker reported an annual pre-tax loss of £222 million for the one-year period ending March 31, according to the report.
‘Constructive and Candid’
Trade officials from the U.S. and China met Aug. 22-23 in an attempt to stem rising tensions between the two nations, most recently manifested by the trading of tariff salvos at $16 billion apiece.
According to a report by the state-run Xinhua News Agency, the meetings this week were “constructive and candid.”
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“Both sides will keep in contact about the future arrangement,” the report states, quoting a China Ministry of Commerce statement.