This morning in metals news, the Supreme Court will not hear a challenge to President Donald Trump’s Section 232 steel tariffs, Chinese steel prices made gains Monday and the U.S. is mulling a ban on 5G technology manufactured in China.
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Supreme Court Won’t Hear 232 Challenge
The Supreme Court has decided not to hear a challenge to Trump Section 232 tariffs on steel, CNBC reported.
The plaintiffs in the case, which includes the American Institute for International Steel, argue the tariffs have harmed the domestic steel sector and domestic steel companies.
Chinese Steel Prices Rise
Chinese steel prices have made gains this week, Reuters reported, with the most-traded SHFE October rebar contract closing up 2.3%.
Hot-rolled coil was up 3.7%, according to the report.
U.S. Considers Ban on China-Made 5G Technology
As the U.S. and China get ready to resume trade talks this month during the G20 Summit in Japan, the U.S. is reportedly considering a requirement that 5G technology used in the U.S. must be manufactured outside of China, CNBC reported (citing the Wall Street Journal).
The announcement continues the buildup of tension between the U.S. and Chinese telecommunications giant Huawei Technologies.
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The report notes that if such a ban were formalized, telecommunications firms like Nokia and Ericsson would have to move production outside of China in order to continue to be able to serve the U.S. market.