On March 8, 2018, US president Donald Trump issued two proclamations to adjust US imports of aluminum and steel from all countries except Canada and Mexico, key regional allies and trade partners. President Trump asserted that a 25 percent tariff on steel “articles” and a 10 percent tariff on aluminum articles are necessary for the US to develop its domestic steel and aluminum industries and to protect and create jobs.
The US government will potentially collect $7.4 billion a year from the new tariffs, according to the definitions specified in the presidential proclamations and data from the United Nations Statistics Division.
The winners and losers among US trading partners vary based on the specific articles.
Steel articles. The top 5 exporters of steel articles to the US are Canada, the Republic of Korea, Mexico, Japan, and Brazil, however, article-by-article trade dynamics modify the impact of the tariffs.
Aluminum articles. Canada is also among the top 5 exporters of aluminum articles to the US, joined by China, Russia, the UAE, and Mexico.
First River has provided strategy consulting services to the steel industry and those with an interest in it since 1998. Thanks to a new technology partnership with Knoema, you can now share First River’s charts, subject focused dashboards and insights to improve your understanding of the steel industry around the world.
To date in 2017, the United States has averaged more than 900,000 barrels per day (b/d) of crude oil exports while sustaining an average import volume of 8.1 million b/d. From 1975 until late 2015, a ban on the export of US crude oil severely restricted crude oil exports from the US to all countries except Canada. In the years leading up to the US shale oil boom in the early years of this decade, the US exported less than 30,000 b/d to Canada. While Canada remains the predominant destination for US crude oil, the repeal of the crude oil ban allowed US exporters to expand to nearly 30 countries last year and an export total of 591,000 b/d. In...
2 digits, 4 digits, 6 digits products
The WTO General Council meets as the Trade Policy Review Body to undertake trade policy reviews of Members under the TPRM and to consider the Director-General's regular reports on trade policy developement. The TPRB is thus open to all WTO Members. The current chair is Ms. Irene B. K. YOUNG (Hong Kong, China). Event Holder: World Trade Organization Source of data: Merchandise trade matrix, imports and exports of total all products, annual, 1995-2014, WTO statistical data sets, 1948-2014
Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries' trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored. All WTO members are subject to review, with the frequency of review depending on the country's size. Date: 20-22 February 2018 Event holder: World Trade Organization