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We haven’t heard much of late about President Donald Trump’s border adjustment tax, but that doesn’t mean to say it has gone away. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up Indeed, the fact that it has a measure of support in the Republican Party suggests it could be on the agenda in the not-too-distant future. The idea is to transform the corporate tax landscape from a system that has prevailed for nearly 100 years, in which profits are taxed at the place of production, to a system in which profits are taxed at the place of sale. A-destination based cash flow tax (DBCFT), as proposed by the House Republican tax plan, would include border adjustments that exempt exports but include imports in tax bills rather than raising federal income from a corporate...
Americans for Prosperity and Freedom Partners recently released a report on the prospect of a Border Adjustment Tax being included as a piece of major tax reform, a framework of which is expected to be released today by the Trump administration. AFP and FP are not fans of a BAT. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up The free-market group with ties to conservative billionaires Charles and David Koch said in its report that "It is impossible to predict the real world impact of the BAT because something like this has never been done before. This proposed system is unlike anything in existence and there is a tremendous amount of risk surrounding its implementation." Going to BAT A BAT would certainly be unprecedented. We have previously written about the scheme and how...
President Donald Trump is expected, today, to order the construction of a wall between the U.S. and its southern border with Mexico, the first in a series of actions this week to crack down on illegal immigration and bolster national security. Trump's executive order is expected to direct the department of Homeland Security to begin the process for designing and building the wall with possible involvement from the General Services Administration. Trump is also expected to ask the Congress to fund the wall's construction. Click Here for Current Metal Prices The immigration moves are also expected to include slashing the number of refugees who can resettle in the U.S. and temporarily blocking Syrians and others from war-torn nations from entering, at least temporarily, until a vetting process can be set up to make sure refugees or other immigrants are not...
U.S. Customs and Border Protection said recently that it plans to start awarding contracts by mid-April for President Donald Trump's proposed border wall with Mexico, signalling that he is aggressively pursuing plans to erect "a great wall" along the 2,000-mile border. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up The agency said it will request bids on or around March 6 and that companies would have to submit "concept papers" to design and build prototypes by March 10, according to FedBizOpps.gov, a procurement website for federal contractors. The field of candidates will be narrowed by March 20, and finalists must submit offers with their proposed costs by March 24. Can I Get a Good Deal on a Wall? The president told the Conservative Political Action Conference on Friday that construction will start "very...
We had a chance to sit down and discuss the issues facing members of the Steel Manufacturers Association with SMA President Philip K. Bell at the recent S&P Global Platts Steel Markets North America conference here in Chicago. Bell also currently serves on the Department of Commerce International Trade Advisory Committee on Steel (ITAC 12), advising the Secretary of Commerce and United States Trade Representative on trade policy, trade agreements, and other trade related matters that benefit U.S. businesses, workers, and the economy. [caption id="attachment_83943" align="alignright" width="180"] Philip K. Bell. Source: SMA[/caption] Jeff Yoders: We've heard a lot about North American Free Trade Agreement and what changes to it might mean in the last two days. How do your members feel about reopening NAFTA to changes? Philip K. Bell: NAFTA is over 20 years old and it’s probably time to...
After several hundred companies and individuals registered as potentially interested vendors, the Department of Homeland Security has added details to its request for Mexican border wall plans and delayed the procurement process by several days. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up The request for proposal is for a concrete wall structure or structures, nominally 30-ft. tall, that will meet requirements for "aesthetics, anti-climbing and resistance to tampering or damage," according to a change in the solicitation plan posted to the DHS website on March 3. Two-phase design-build procedures will be observed, under FAR Part 36.3, with Phase One of the RFP due on or about March 20th. Under the procurement request, vendors must submit a concept paper of their prototype, which will result in the evaluation and down-selection. Offerers will then...
[caption id="attachment_83698" align="alignleft" width="180"] German Dominguez[/caption] There’s been a lot of talk about President Trump’s "border tax" lately as it relates to reshoring manufacturing to the U.S. and financing “great, great” border walls, and my colleague Jeff Yoders has done a bang-up job covering the gamut of the Trump administration’s proposed policies in general. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up On our sister site Spend Matters, we tried to get closer to the bottom of the whole south-of-the-border tax issue, which opened up a can of worms — and devolved into golf analogies. But what does it all mean for U.S and Mexican manufacturers and their future strategies? Q&A With German Dominguez, Independent Advisor and LatAm Sourcing Expert We caught up with German Dominguez, an independent sourcing advisor helping U.S. manufacturers...
Dean A. Pinkert is a partner in Hughes Hubbard’s International Trade practice. He is a former Commissioner of the U.S. International Trade Commission. Pinkert was nominated by President Bush and confirmed by the Senate in 2007, and was designated Vice Chairman by President Obama in 2014. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up As a commissioner, Pinkert participated in numerous anti-dumping, countervailing duty, and safeguard investigations, including the special safeguard investigation of passenger tires that resulted in import relief for the domestic tire industry and was upheld by the World Trade Organization. He participated in an unprecedented number of final determinations in Section 337 investigations during his tenure, notably dissenting in an electronic devices case that went to President for policy review. President Obama, relying on many of the factors cited in...
This morning in metals news, we’ve seen prices for copper and gold reach three-week highs and lows, respectively. FREE REPORT: How Circumvention Impacts Both Downstream, Value-Added Manufacturing Threat of Supply Disruption Has Driven Up Copper Prices Copper prices reached a three-week high today, Reuters reported, driven by potential supply disruptions. This news comes after yesterday’s...
Two requests for proposals were released yesterday by Customs and Border Protection for the planned border wall between the U.S. and Mexico along the southern border in several states. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up New descriptions in the RFPs include this language: "CBP seeks highly qualified Contractors to assist in the development of a new border wall design standard as well as construct border wall and supporting tactical infrastructure/technology along the southwest border. CBP seeks highly qualified Contractors to propose a reinforced solid concrete wall that meets or exceeds CBP’s performance requirements. The proposed prototype designs shall not include the use of proprietary design or equipment. CBP plans to enter into multiple-award, indefinite-delivery, indefinite-quantity (IDIQ), task order contracts for Border Wall Design/Build Construction. The IDIQ may include various, simultaneous task...
The U.S. steel industry has been aggressively addressing imports of Chinese steel through the filing of multiple anti-dumping and countervailing actions in recent months. Two-Month Trial: Metal Buying Outlook The enforcement of these trade laws is the responsibility of U.S. Customs and Border Protection. In Salt Lake City earlier this month, the American Iron and Steel Institute and Metals Service Center Institute held their general meetings where steel industry executives discussed why Chinese steel imports are of particular concern to the U.S. steel industry. Dual Mission CBP Chairman R. Gil Kerlikowske explained in his speech, “Protecting Our Borders, Protecting Our Industry” how CBP enforces U.S. trade law, saying that the title of his speech, “really speaks to the duality of CBP’s complex mission, which is facilitating lawful trade and travel while ensuring the safety and security of our borders and...
A brewing trade war between the US and Canada over Buy America discrimination towards products made Canada is a foretaste of what is to come in terms of relations with the rest of the world. As Jay Myers, chief executive of Canadian Manufacturers and Exporters, the nation’s largest industry association is quoted in the Washington...
Every single price point across the precious metals tracked by the MetalMiner IndX — gold, silver, platinum and palladium — increased over the month of June, helped mainly along by the boon that Brexit has been (for precious producers, anyway...more on that below). Two-Month Trial: Metal Buying Outlook As a result, our monthly Global Precious MMI for July shot up 8% to 83, the index's highest value since June 2015. Exit Britain, Enter Gold Price Increases Britain's vote to exit the E.U. left the pound Sterling in turmoil, with the British currency recently troughing at a new 30-year low, with no end to the bleeding in sight, while the Euro has also suffered. We all know what that means: investors flocking to safe-haven assets, such as gold. Which, in turn, means producers will be able to justify keeping near-to-medium-term mine...
The Construction Monthly Metals Index (MMI) stemmed last month’s seven-point loss by leveling out for the January 2019 reading. Our Construction MMI sub-index — tracking a basket of industrial metals, materials and other indicators crucial to the construction sector — stayed at a value of 82, holding steady from December’s reading. The constituent metal and material...
The American Iron and Steel Institute (AISI) 2015 General Meeting closed just yesterday here in Chicago, where steel industry folks on the producer and service center sides (to name a couple) came together to discuss key issues surrounding the US steel market landscape, while leaving a crucial issue explicitly unmentioned – but we’ll get to that in...
Our Automotive MMI took off in February, surging 12.2% along with strong gains in steel prices and all of the base metals in the automotive index saw gains in the first full month of 2017. Hot-dipped galvanized steel was a particularly strong performer along with the catalyst metals, palladium and platinum. The tough talk about U.S. automotive production that President Donald Trump started during the campaign has only ramped up since his inauguration. Automakers could have to significantly alter their purchasing and supply chains if a border tax is enacted. House Republican leaders have proposed what they call a "border-adjusted tax," which would place a levy on vehicles imported into the U.S. and fully exempt those exported. Though Trump initially deemed the idea too complicated, White House Press Secretary Sean Spicer recently said it was under consideration and could help...
Meeting at the White House's Roosevelt Room this morning with 10 senior American business executives, lawmakers and the press, President Donald Trump repeated his campaign pledge to roll back corporate rules, arguing that they have "gotten out of control." Click Here for Current Metal Prices Trump told the business leaders he would cut regulations "by 75%, maybe more." "We're going to be cutting regulation massively," Trump said, but also promised the new rules would be "just as protective of the people." Border/Import Tax He also warned that that he would impose a “substantial border tax” on companies that move manufacturing out of the U.S., while promising unspecified advantages to companies that manufacture domestically. "So essentially I’m talking about no tax," Trump further clarified, discussing his pitch to retain U.S. workers. "Because if you stay here, there’s no tax. Somebody said,...
The U.S. Senate today, by a vote of 75-20, passed the conference report for the Trade Facilitation and Trade Enforcement Act of 2015, known commonly as the customs bill. The measure includes the ENFORCE Act, which is critical to several metals producing industries — as well as others — to ensure that anti-dumping and countervailing duty orders against unfairly traded imports are being fully and vigorously enforced at the border.
Among the ideas that the Trump administration has mentioned as a way to pay for the planned southern border wall is a 20% tax on all goods coming in from Mexico. Press Secretary Sean Spicer and other administration insiders were quick to point out that this is just one of many ideas (including taxing remittances sent to municipalities from nationals working in the U.S.) being considered for how to get Mexico to pay for the wall that it certainly doesn't want. Click Here for Current Metal Prices If President Donald Trump makes good on threats to gut NAFTA and impose stiff tariffs on Mexican goods, economists say he risks a trade war that could lead to the very thing he is hoping to avoid — a huge surge in Mexican migration here to the U.S. A stiff tariff policy and...
When we last left the Trade Facilitation and Trade Enforcement Act, it had easily passed the US House of Representatives and was headed to the US Senate before what many thought would be a year-end vote. Free Sample Report: Our Annual Metal Buying Outlook The TFTA was a longstanding priority for domestic steel as it included the ENFORCE Act, which provides the industry with new tools to address the evasion of anti-dumping and countervailing duty orders. Passage of the measure would also ensure that Customs and Border Protection officials investigate industry claims of AD/CVD evasion by set statutory deadlines.' Blocked in the Senate But it never passed the US Senate. What derailed this bipartisan-supported bill? [caption id="attachment_76005" align="aligncenter" width="550"] It's not the Capitol Building's fault that customs enforcement didn't pass before the end of the year. It's the people in...