Daily Management Review

German Minister Says Tariff Exemption Might be Given To Some German Steel Producers by US


06/02/2018




German Minister Says Tariff Exemption Might be Given To Some German Steel Producers by US
The trump administration might be forced to include some steel manufacturers from Germany who produce certain special types of steel form the import tariff on steel. This is because the firms that are dependent on such steel products could find it difficult to source such raw materials from the domestic steel industry, said a German minister.
 
The U.S. government would be put under pressure to leave out some of these companies manufacturing such special metals from the 25 per cent steel tariffs because those U.S. companies dependent on such special metals would be forced to raise their prices because of the tariffs and in case they are unable to source similar quality products form the domestic markets, said Germany’s Economy Minister Peter Altmaier in an interview published on Saturday.
 
The exemption that the European Union, Canada and Mexico had been granted by the Trump administration form the import tariffs on steel and aluminum was repelled on Thursday after the U.S. did not manage to secure favourable trade concessions from these trading partners – which are among the largest that the U.S. has.
 
The first to react of the imposition of the tariffs by the Trump administration was the EU which has taken the U.S. to the World Trade Organization challenging the imposition of the new tariffs and the claim by the Trump administration’s pretext of imposing the tariffs that the imports were a threat to the country’s national security.
 
“I assume that special steels produced in Germany will not be able to be easily replaced with U.S.-produced alternatives,” Altmaier told the Rheinische Post newspaper. “In this case, they would have to raise the prices of their products significantly.”
 
The minister said that if the reports of imposing tariffs on export of German and European cars into the U.S. turned out to be true, it would set a dangerous precedence and such measures might result in ultimately harming the economies of both the EU and U.S.
 
“A spiral of reciprocal tariffs would only produce losers,” he said, adding that the EU should remain united as it responds to the U.S. measures. “Then we can maybe prevent a trade war.”
 
Despite the enhancement of the trade tensions between the EU and United States, both the trading partners could make up the differences and reach a trade agreement, said Eveline Metzen, managing director of the American Chamber of Commerce in Germany.
 
“Americans and Europeans are gathering negotiating leeway,” she told the RND newspaper network. “I am optimistic that they will reach a deal in the end. Both sides can’t afford a true trade war.”
 
(Source:www.reuters.com)






Science & Technology

New Security Study Finds Millions Use 123456 As Password For Email Accounts

The Devastating Panama Disease Could Spell Extinction For Bananas

Walmart to hire 4 thousand robot cleaners

Samsung Galaxy Fold: Expensive but fragile

USA and South Korea launch the first commercial 5G networks

Deliveries of AR/VR devices to grow by 54% in 2019

Anti-Stall System Got Activated Before Crash In The Ethiopian 737 MAX Craft: Reuters

Google’s Global Council To Advocate On AI Ethics

US wants to send astronauts to the moon by 2024

Apple shows new entertainment services

World Politics

World & Politics

Foxconn Head Gou Could Run For Taiwan President Election Next January

France opposes EU-US trade negotiations

United States and China to implement trade agreement

Norway's largest party to ban oil production near Lofoten Islands

Estonia's euroskeptics are about to join the government

Eastern Europe wins in double food standards fight

White House Received New Sanctions’ Package For Russia: Bloomberg

EU will stop saving migrants in the Mediterranean