CTH: The Wall Street Journal is publishing a report the European Union is likely to lose their exemption on Friday June 1st, from the U.S. Steel (25%) and Aluminum (10%) tariffs. Despite their article outline almost everything is still speculation at this point; however, our own review of the trade position indicates the administration is very prepared to begin delivering the metal tariffs on all nations, including NAFTA partners, without reservation.
President Trump positioning the auto-industry 232 review, May 23rd, was one of the key ‘leverage signals‘ something was about to change.
Despite massively one-sided EU imposed tariffs against U.S. products, the EU is demanding to be permanently exempted from any U.S. reciprocal tariff measures or they will block the import of U.S. products. The hypocrisy is typically European. more here
Europe, Canada, Mexico and others we trade with have been bleeding us out for years thanks to our corrupt politicians. I’m glad Trump is addressing that aspect of the imbalance but he needs to somehow punish the scum that put us here.
I really knew so little of the details of NAFTA and made these stupid assumptions that the people negotiating them actually gave a crap about American jobs and industry.
The loophole for Canada and Mexico to flood the US with Chinese steel makes my blood boil.
Most of us remember back in the 70’s when we still had a trade surplus, I remember when that was hovering between a surplus and a deficit, you would have thought the world was coming to and end when we had a deficit. It actually was coming to an end economically speaking when you start consuming more than you produce.
Anyway here ol’ naïve me just assumed the steel and manufacturing industries died because of the competitive forces of a free market.
Do we still manufacture any steel?
I remember about 40 years ago, a steel dude told me that it was cheaper to ship ore to Africa, work it, and ship it back than it was to work it in America.
Don’t know if this was true or if he was just whining about Unions and shit – but I DO know that his company went bust.
izlamo delenda est …
Tim — Under POTUS Trump’s leadership, the supply chain for steel in America is changing. This linked article, for example, showcases the reopening of a forge in Illinois; one that had shut down and put 500 workers (and their families) on the rocks. Between tariffs on imported steel and aluminum and the desire for American companies to use American-made products, things are changing rapidly.
https://joeforamerica.com/2018/03/steel-company-re-opening-because-of-trump-tariffs/
This is but one example. We’re going to need a lot of coal to fire those plants. Everyone thought we were sending our best coal to China to heat their poor hovels.
The EU is the Left’s insanity writ large — the Mother Ship, if you will.
There’s no singular, diverse (not skin color), and voracious group of consumers existing in the world than those right here in the U.S.A. Does the EU seriously believe that given the choice of locating a business there — with the EU’s rats nest of business-busting, indecipherable regulations — or here, where for every new regulation, POTUS Trump is eliminating 22 Obama regs, the market biggies are going cross their fingers and just hope it all works out in the EU. This is why BREXIT! The EU all but decimated every major and historically important industry in Britain! On news of their BREXIT win many of these industries are already seeing a rebirth.
POTUS Trump and his economic A-Team have been planning America’s manufacturing return since before the Republican convention. This is the most fascinating team to watch as they circle the globe; meeting, negotiating and winning.
Those countries who don’t believe things in D.C. have really changed are quite literally being rudely awakened. And they don’t like it. (See recent exchange with Canada’s trade exec). Too bad for them, huh?