Page 25 - The South China Business Journal
P. 25
mp President Trump on March 20 sent a letter to Congress requesting
Requests a three-year extension of Trade Promotion Authority (TPA) under
Three-Year the Bipartisan Congressional Trade Priorities and Accountability
TPA Extension Act of 2015. TPA establishes trade agreement negotiating objectives,
executive-legislative consultation requirements, and specific
procedures for an implementing bill resulting from successful trade
agreement negotiations. Given this request, TPA will be extended
unless Congress approves a simple-majority resolution of disapproval
barring the move. President Trump wrote:
“As you know, my Administration is pursuing the renegotiation
of the North American Free Trade Agreement …. In addition, my
Administration is exploring potential trade agreement partners,
including in Africa and Southeast Asia. I hope my Administration
can continue to work with the Congress to pursue new and better
trade deals for America’s workers, farmers, ranchers, and businesses.
Extension of trade authorities procedures is essential to fulfill that task
and to demonstrate to our trading partners that my Administration and
the Congress share a common goal when it comes to trade.”■
U.S. Imposes
232 Metal Tariffs
With Country
Exceptions
Pursuant to a March 8 to U.S. national security.” It exports to the United States, the
presidential proclamation, appears that steel and aluminum top sources of U.S. aluminum
the United States imposed new imports from these countries will imports are Russia, the United Arab
tariffs of 25% on steel and 10% on be subject to a de facto quota Emirates, and China.
aluminum effective today (March roughly equivalent to last year’s
23). However, just hours before the volume of imports. Last weekend, the Commerce
application of the tariffs, the White Department issued materials
House issued formal notice that This action thus excludes from describing the process U.S.
steel and aluminum imports from tariffs approximately two-thirds companies may follow to request
Argentina, Brazil, South Korea, of all U.S. steel imports. The most that specific steel or aluminum
and the 28 members states of the significant sources of U.S. steel products be excluded from the Sec.
European Union would be excluded imports hit by the tariffs are Russia 232 tariffs. The March 8 presidential
from tariffs for the time being. These (which provided 8% of U.S. steel proclamations empowered the
countries join Canada and Mexico, imports in 2017), Turkey (6%), Secretary of Commerce “to grant
whose exclusion was noted in the Japan (5%), Taiwan (3%), and exclusions from the duties upon
original proclamation. China (2%). Nonetheless, U.S. request of affected parties if the steel
prices for many steel products have or aluminum articles are determined
The White House explained that, already risen by more than 25% not to be produced in the United
for these countries, the tariffs since the beginning of the year in States in a sufficient and reasonably
“are suspended until May 1, 2018, anticipation of the 232 tariffs. available amount or of a satisfactory
pending discussions of satisfactory quality or based upon specific
long-term alternative means to After Canada, which provides national security considerations.”■
address the threatened impairment approximately half of all aluminum
South China Business Journal 23
Requests a three-year extension of Trade Promotion Authority (TPA) under
Three-Year the Bipartisan Congressional Trade Priorities and Accountability
TPA Extension Act of 2015. TPA establishes trade agreement negotiating objectives,
executive-legislative consultation requirements, and specific
procedures for an implementing bill resulting from successful trade
agreement negotiations. Given this request, TPA will be extended
unless Congress approves a simple-majority resolution of disapproval
barring the move. President Trump wrote:
“As you know, my Administration is pursuing the renegotiation
of the North American Free Trade Agreement …. In addition, my
Administration is exploring potential trade agreement partners,
including in Africa and Southeast Asia. I hope my Administration
can continue to work with the Congress to pursue new and better
trade deals for America’s workers, farmers, ranchers, and businesses.
Extension of trade authorities procedures is essential to fulfill that task
and to demonstrate to our trading partners that my Administration and
the Congress share a common goal when it comes to trade.”■
U.S. Imposes
232 Metal Tariffs
With Country
Exceptions
Pursuant to a March 8 to U.S. national security.” It exports to the United States, the
presidential proclamation, appears that steel and aluminum top sources of U.S. aluminum
the United States imposed new imports from these countries will imports are Russia, the United Arab
tariffs of 25% on steel and 10% on be subject to a de facto quota Emirates, and China.
aluminum effective today (March roughly equivalent to last year’s
23). However, just hours before the volume of imports. Last weekend, the Commerce
application of the tariffs, the White Department issued materials
House issued formal notice that This action thus excludes from describing the process U.S.
steel and aluminum imports from tariffs approximately two-thirds companies may follow to request
Argentina, Brazil, South Korea, of all U.S. steel imports. The most that specific steel or aluminum
and the 28 members states of the significant sources of U.S. steel products be excluded from the Sec.
European Union would be excluded imports hit by the tariffs are Russia 232 tariffs. The March 8 presidential
from tariffs for the time being. These (which provided 8% of U.S. steel proclamations empowered the
countries join Canada and Mexico, imports in 2017), Turkey (6%), Secretary of Commerce “to grant
whose exclusion was noted in the Japan (5%), Taiwan (3%), and exclusions from the duties upon
original proclamation. China (2%). Nonetheless, U.S. request of affected parties if the steel
prices for many steel products have or aluminum articles are determined
The White House explained that, already risen by more than 25% not to be produced in the United
for these countries, the tariffs since the beginning of the year in States in a sufficient and reasonably
“are suspended until May 1, 2018, anticipation of the 232 tariffs. available amount or of a satisfactory
pending discussions of satisfactory quality or based upon specific
long-term alternative means to After Canada, which provides national security considerations.”■
address the threatened impairment approximately half of all aluminum
South China Business Journal 23
