Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt delivers over 30 million health services through public hospitals in H1 2025    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US Department of Commerce recommends imposing 53% tariff on steel imports from Egypt, 11 other countries
Published in Daily News Egypt on 18 - 02 - 2018

The US Department of Commerce has made recommendations to the US president to impose a tariff of at least 53% on all steel imports from 12 countries: Brazil, China, Costa Rica, Egypt, India, Malaysia, South Korea, Russia, South Africa, Thailand, Turkey, and Vietnam, with a quota, depending on product, on steel imports from all other countries equal to 100% of their 2017 exports to the United States, according to a Friday statement.
The department alternatively recommended imposing a global tariff of at least 24% on all steel imports from all countries, or a quota on all steel products from all countries equal to 63% of each country's 2017 exports to the United States.
The department said that the United States is the world's largest importer of steel, as the country's imports are nearly four times its exports.
The department said that six basic oxygen furnaces and four electric furnaces in the US have closed since 2000 and employment in the industry has dropped 35% since 1998.
"[The] world steelmaking capacity is 2.4bn metric tonnes, up 127% from 2000, while steel demand grew at a slower rate. The recent global excess capacity is 700m tonnes, almost seven times the annual total of US steel consumption. China is by far the largest producer and exporter of steel, and the largest source of excess steel capacity. Their excess capacity alone exceeds the total US steel-making capacity," the statement read.
The statement further noted that in an average month, China produces nearly as much steel as the US does in a year. For certain types of steel, such as for electrical transformers, only one US producer remains.
It pointed out that as of 15 February, the US has 169 anti-dumping and countervailing duty orders in place on steel, of which 29 are against China, besides 25 ongoing investigations.
The department urged the president to take these recommendations into consideration, pointing out that each of these remedies is intended to increase domestic steel production from its present 73% of capacity to approximately an 80% operating rate, the minimum rate needed for the long-term viability of the industry.
Each remedy applies measures to all countries and all steel products to prevent circumvention.

Further, the department recommended imposing a tariff of at least 7.7% on all aluminium exports from all countries, or a tariff of 23.6% on all products from China, Hong Kong, Russia, Venezuela, and Vietnam. All the other countries would be subject to quotas equal to 100% of their 2017 exports to the United States or a quota on all imports from all countries equal to a maximum of 86.7% of their 2017 exports to the United States.
Samir Noaman, head of the commercial sector at Ezz Steel, told Daily News Egypt that this is just a recommendation and that the company will not deal with this issue before an executive order is issued by Trump in this regard.
Noaman explained that the department recommended these tariffs to Trump to protect and promote local American industry.
He denied that Egypt was included on the list of 12 countries because its exports are very low compared to the other countries on it.


Clic here to read the story from its source.