The
Raw Steels Monthly Metals Index (MMI) rose by 7.8% for this month’s reading, as steel prices continued to rise.
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Steel price gains slow
As we’ve chronicled in this monthly column, steel prices have been rising consistently since last summer.
Buyers have struggled to find supply in what eventually became an allocation market.
Steel prices have posted double-digit percentage gains on a month-over-month basis. However, that ascent appears to be slowing somewhat.
The US hot rolled coil price, for example, continued to increase. The US HRC three-month price rose 20% month over month to $1,280 per short ton. However, the price has flattened out thus far in April.
This morning in metals news: the US Court of International Trade issued a Section 232-related ruling;
General Motors announced the manufacturing locations of its first-ever Chevrolet Silverado electric pickup and GMC Hummer EV SUV; and, lastly, top copper producer Chile closed borders.
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USCIT rules in favor of plaintiff in Section 232 derivatives case
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The US Court of International Trade (USCIT) has typically rejected challenges to former President Donald Trump’s Section 232 tariffs.
This week, however, the court ruled in favor of a plaintiff who contested Trump’s expansion of the tariffs to cover steel and aluminum derivatives.
April 7, 2021 3:50PM
The USCIT Dumps Trump’s Tariffs on Steel and Aluminum Derivatives, but There’s Still Plenty of Work to Be Done SHARE
A new federal court ruling has invalidated some of President Trump’s “national security” tariffs, and in the process addressed one problematic procedural aspect of one of the worst U.S. trade laws on the books. Congressional action is still needed, however, to fix the statute’s many other problems.
This week, the U.S. Court of International Trade ruled against the Trump administration’s January 2020 action (Proclamation 9980) to expand tariffs of 25% on steel and 10% on aluminum, implemented pursuant to Section 232 of the of the Trade Expansion Act of 1962, to “derivative” (downstream) products like nails and car fenders. As we discussed in a recent policy analysis, Section 232 allows the president to “adjust” imports that “threaten to impair the national security,” but the statute suffers from numerous pr
A U.S. Court of International Trade panel tossed the bulk of a challenge to the Trump administration's expansion of national security tariffs Wednesday, but it will continue to hear arguments over whether the White House acted too late in levying new duties.
A U.S. Court of International Trade panel tossed the bulk of a challenge to the Trump administration's expansion of national security tariffs Wednesday, but it will continue to hear arguments over whether the White House acted too late in levying new duties.