25 May

US Steel Companies Keep Fingers Crossed, Key Deadline Looms

WRITTEN BY Mark O'Hara FEATURED IN Commodities

US steel companies

On April 30, President Trump extended the Section 232 exemptions another month. As quoted by CNBC, the statement on the exemptions said, “The Administration is also extending negotiations with Canada, Mexico, and the European Union for a final 30 days. In all of these negotiations, the Administration is focused on quotas that will restrain imports, prevent transshipment, and protect the national security.”

US Steel Companies Keep Fingers Crossed, Key Deadline Looms

Quotas

As noted previously, US steel imports have spiked despite the Section 232 tariffs (XME). The Trump Administration needs to impose quotas on exempt countries. US steel companies including U.S. Steel Corporation (X), AK Steel (AKS), Nucor (NUE), and Steel Dynamics (STLD) will probably keep their fingers crossed as the “final” deadline approaches for the Section 232 exemptions. We’ll have to wait and see how many quotas the Trump Administration manages to impose on NAFTA and the European Union. While President Trump has linked the Section 232 exemptions for Canada and Mexico to NAFTA renegotiation talks, other NAFTA countries have sought to delink the two.

More exemptions?

After the quotas for the European Union and NAFTA are sorted out, the Trump Administration might also have to deal with countries like Japan and India that are also seeking an exemption from the Section 232 tariffs. Notably, Japan is the only major US ally covered under the Section 232 tariffs. Read Could President Trump Get a Headache from Japan Soon? to learn more about the Section 232 exemptions.

Latest articles

Verizon Communications stock (VZ) closed down 2.09% on Tuesday after the leading US mobile carrier reported mixed results for the first quarter of 2019 before the market bell yesterday.

24 Apr

Nokia’s Patent Business Is Put On the Spot

WRITTEN BY Rachel Gunter

Several European auto companies want Nokia’s (NOK) patent business subjected to an antitrust probe.

The first-quarter semiconductor earnings season has begun, and the stock market is showing bullish sentiment as investors buy ahead of earnings releases.

Netflix (NFLX) is working its way through a series of price increases in several markets, including the United States and parts of Europe.

Netflix (NFLX) is aiming to add 14.6 million paying subscribers in the first six months of 2019.

Earlier today, the second-largest US automaker, Ford Motor Company (F), announced a plan to invest $500 million in Plymouth-based automotive company Rivian.