China had no right to hit U.S. exports – including farm commodities - with retaliatory tariffs five years ago in response to U.S. steel and aluminum tariffs, according to a ruling Wednesday by a World Trade Organization dispute panel.
The U.S. lifted its tariffs on steel and aluminum from the European Union and negotiations are underway to do the same for Japan. Now the Biden administration needs to lift the Trump-era tariffs on steel and aluminum from India, says the U.S. Apple Association.
The U.S. and European Union remain at odds over major trade issues, but leaders announced a new age of cooperation Tuesday, and U.S. farmers stand to benefit if leaders can follow through on the goodwill expressed in Brussels this week.
The Biden administration wants a better trade remedy than the nearly 60-year-old Section 232 tariffs that the Trump administration enacted to counter imports of foreign steel and aluminum, U.S. Trade Representative Katherine Tai told lawmakers Wednesday.
President Donald Trump announced Monday the U.S. will be restoring tariffs on Brazilian and Argentine steel and aluminum, potentially disrupting the recently improving U.S. trade relationships with Brazil.
The U.S., Canada and Mexico are getting close to a deal to lift U.S. steel and aluminum tariffs on its North American allies, clearing the way for ratification of a new trade pact for the three countries, says U.S. Treasury Secretary Steven Mnuchin.
If American almond, citrus, pork, apple and dairy farmers want any chance of regaining their markets in China, Mexico and Canada, U.S. steel and aluminum tariffs will likely have to be lifted. The problem, however, is the threat of cheap foreign metal flooding the U.S. market is now as high as ever.
Retaliation from around the world to U.S. steel and aluminum tariffs is still hitting farmers and ranchers here hard, but the pain could get a lot worse if President Donald Trump follows through with threats to impose new import taxes on cars and car parts.