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Trump Trade War - 370 US companies received 16000 exemptions

Steel News - Published on Tue, 19 Feb 2019

Image Source: WTAQ.com
NWI Times reported that a study by the Associated Press found 370 companies across the country have been granted more than 16,000 exemptions to the 25% steel tariffs and 10% aluminum tariffs. About 31,000 are still pending. The Associated Press estimates that 3.85 million tons of steel has been exempted since the Section 232 tariffs were imposed last May about what the US steel industry produces in two weeks on average including more than 330,000 tons of Chinese-made steel, or about half as much as Northwest Indiana's steel mills crank out in a week.

In Indiana, 35 companies have secured 916 tariff exemptions with only 356 denials, a success rate of 72.1 percent, according to the government data crunched by the Associated Press. Another 761 requests are pending.

About 75 percent of the companies requesting tariff waivers including heavyweights like Lincoln Electric, Union Pacific Railroad, Milwaukee Electric Tool and Stanley Black & Decker get them, including those trying to import from China or who are subsidiaries of Chinese companies. Many companies said that the steel they need is not manufactured in the United States or is hard to come by, while others seek to reduce costs by importing cheaper metal from abroad.

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Posted By : Ratan Singh on Tue, 19 Feb 2019
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