“Trump duties on steel and aluminum will affect millions of tons of imports – Bloombergs is prepared for the restoration of duties on imports of steel and aluminum, which will affect millions of tons of metal. Analysts warn about the possible increase in domestic metals for local buyers.”, – WRITE ON: Unn.ua
Details
“Duties on aluminum and steel were one of the first to be put into effect during the first term President Donald Trump. On Saturday, these measures are expected to affect millions of tons of imported metal. The US is relied on foreign deliveries to meet the demand for metals used in the construction and production of vehicles, technologies and military equipment.
It is noted that, according to the US Ministry of Commerce, Last year, Canada, Brazil and Mexico were the three largest sources of imported steel in the country.
“The US steel industry is coming out of the worst year since the first time of Trump’s stay in the post of president. Domestic steel factories say that new imports are detrimental to profit and production. As for aluminum, more valuable metal than steel, in 2023 4 million tons, and pure imports were 44% of the total volume.
Morgan Stanley analysts are convinced that the construction of new factories can take three or more years, and therefore any import duties applied to metals or production products can lead to an increase in domestic prices for local buyers of these materials.
Recall
US President Donald Trump has stated that he would be threatening 25% of import duties from Canada and Mexico this Saturday, February 1. He called the reasons for Fentanyl and a major trade deficit.