The Administration announced this week that the third round of tariffs against China will go into effect on September 24 at a rate of 10% but would rise to 25% on January 1, 2019.
The Administration proposed that this latest round of tariffs against Chinese products would include scrap commodities, but zinc, lead and magnesium scrap are not included in the final list. Total imports of scrap from China totaled $53.7 million in 2017.
President Trump has threatened a fourth round of tariffs on approximately $267 billion worth of imports from China. According to statements, these would be pursued if China retaliates for the third set of tariffs, which China is expected to do. Furthermore, the Administration has invited the Chinese government to meet with them for trade talks. It has been reported that China was waiting to see if the Administration would go forward with tariffs before responding, and with this week’s announcement, China is unlikely to accept the invitation, thereby prolonging the “trade war.”
We have yet to receive a response to my letter to the Administration that described the challenges our industry is facing from the combined effects of China’s import restrictions and the tariffs assessed by both governments.
Please join us Thursday at 11 a.m. ET for the ISRI Virtual Town Hall
in which we will discuss this and other matters, but you may also contact Adina Renee Adler
with any questions.
Leadership Update Main