This morning in metals news, President Donald Trump on Sunday said he is not ready to make a trade deal with China just yet, ArcelorMittal faces falling steel prices as it attempts to revive India’s Essar Steel and the Department of Commerce today added 46 Huawei affiliates to the Entity List.
Trump ‘Not Ready’ for a Deal
On Sunday, President Trump said he’s “not ready” to make a deal with China on trade.
Earlier this month, the president announced a 10% tariff on an additional $300 billion in Chinese goods.
“We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money,” Trump was quoted as saying by Reuters.
Falling Steel Prices Impact ArcelorMittal’s Essar Plans
Falling steel prices could complicate steelmaker ArcelorMittal’s plans to bring India’s Essar Steel back to health, according to a report by the Hindu Business Line.
Earlier this year, ArcelorMittal put forth a $6 billion bid to buy the bankrupt Indian steelmaker, which was approved by an Indian court in July.
DOC Adds Huawei Affiliates to Entity List
On Monday, the Department of Commerce announced the addition of 46 affiliates of Chinese tech firm Huawei to the Bureau of Industry and Security (BIS) Entity List.
However, the BIS will also extend certain licensing agreements to Huawei for 90 days, effective today.
“BIS has also announced that it will extend the Temporary General License (TGL) authorizing specific, limited engagements in transactions involving the export, reexport, and transfer of items – under the Export Administration Regulations (EAR) – to Huawei and its non-U.S. affiliates which are subject to the Entity List,” the Department of Commerce said in a release. “The continuation of the TGL is intended to afford consumers across America the necessary time to transition away from Huawei equipment, given the persistent national security and foreign policy threat. This license will be effective on August 19, 2019 and last an additional 90 days.”