Trump May Make a Trade Announcement Thursday, and It’s Not ALL About China Trump May Make a Trade Announcement Thursday, and It’s Not ALL About China – NTK Network

Trump May Make a Trade Announcement Thursday, and It’s Not ALL About China

The president may (or may not) make an announcement on steel and aluminum products this Thursday. China won't like it, but the tariffs aren't just about China.

By NTK Staff | 03.01.2018 @10:00am
Trump May Make a Trade Announcement Thursday, and It’s Not ALL About China

Bloomberg, The Washington Post, and others reported on Wednesday night that the Trump administration may impose tariffs on imports of steel (25 percent) and aluminum (10 percent) as early as Thursday.

President Trump appeared to confirm some of the rumors in a tweet sent early Thursday morning:

Much has been made of how Chinese leadership will receive a tariff announcement – if, indeed one is made – and whether or not Trump’s tariffs will start a trade war between the U.S. and Russia.

Of course, China matters in any facet of Trump trade policy, given the president’s rhetoric on the topic. But steel and aluminum tariffs would impact more than just China, and would impact some nations – one in particular – more than they would impact China.

Here are the top five countries that accounted for U.S. steel imports in the third quarter of 2017, among the most recent data available from the International Trade Administration (ITA):

  • Canada: 16 percent
  • Brazil: 13 percent
  • South Korea: 10 percent
  • Mexico: 9 percent
  • Russia: 9 percent

And the top four import sources for aluminum in the U.S., from 2012 through 2015:

  • Canada: 59 percent
  • Russia: 6 percent
  • United Arab Emirates: 6 percent
  • China: 5 percent

While mainstream media are focused on the impact Trump’s tariffs may have on China, more important questions may be: how will Canada react? And how, if at all, does this impact NAFTA renegotiations between the U.S., Mexico, and Canada?

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