U.S. Imposes 266% Duty on Some Chinese Steel Imports

Discussion in 'Politics, Religion, Social Issues' started by jkcerda, Sep 7, 2016.

  1. jkcerda macrumors 6502a

    jkcerda

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    #1
    http://www.wsj.com/articles/u-s-imposes-266-duty-on-some-chinese-steel-imports-1456878180

    this is going to really hurt my CO, we already have commitments going on and can't raise our prices so we will be taking a heavy loss on things :( manufacturing in CA is really going to suffer here as everyone will feel this.
     
  2. MadeTheSwitch macrumors 6502a

    MadeTheSwitch

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    #2
  3. vrDrew macrumors 65816

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    #3
    As I think we discussed back in May Chinese steelmakers have been dumping their product in the US and other world markets. The WTO rules for imposing punitive tariffs are quite onerous, and the US Govt. really has an air-tight case before they impose them.

    Chinese steel companies vastly overbuilt their capacity during the past decade, and have been trying to offload the excess on world markets through their Government subsidizing production. And as a result many US steel companies have shed US jobs.

    Prices going up for US companies as a result of punitive import tariffs? That's what Donald Trump is promising on pretty much everything. Because that's what a trade war looks like. It might, possibly, bring back a handful of jobs in a few industries. But it'll cost millions more everywhere else in the economy.
     
  4. cube, Sep 7, 2016
    Last edited: Sep 7, 2016

    cube macrumors G5

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    #4
    The EU had been wanting to do this, but the UK refused.

    Fast forward, a mill in the UK owned by the Indians might shut down.
     
  5. VulchR macrumors 68020

    VulchR

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    #5
    Like I've said all along, it's the 1930's all over again. Let the trade wars begin.
     
  6. zioxide macrumors 603

    zioxide

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    #6
    Those who do not learn from history are doomed to repeat it.

    And we all know how bad Americans are at learning.
     
  7. jkcerda thread starter macrumors 6502a

    jkcerda

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    #7
    what "trump" promised is what OBAMA is doing. if my CO closes I am ****ed, as said before I interviewed programmers for machine operator jobs, the way things are going there will be no jobs even for machine operators
     
  8. vrDrew macrumors 65816

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    #8
    No, that's not what is happening.

    The Obama Administration is using existing free-trade agreement law (specifically the WTO) to punish a country (China) that is blatantly violating by dumping steel on the world market.

    What Donald Trump is promising to do is rip up existing trade agreements and impose stiff tariffs on pretty much everything imported into the United States.

    The rising cost of steel may indeed hurt some US companies and workers. But the artificially low cost of steel put many thousands of US steel workers out of work.

    International trade always creates winners and losers. But on balance international trade benefits more people in more countries. And the US itself has been a net winner in globalization.
     
  9. MarkusL macrumors 6502

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    #9
    The Americans always do the right thing - when they have exhausted all other alternatives.
    / Winston Churchill
     
  10. Robisan macrumors 6502

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    #10
    In all seriousness, I feel your pain JK. It sucks. But as vrDrew says @8...
    ...there are other Americans who are just as ****ed if Obama doesn't enforce existing trade law. Either way somebody's likely to get screwed.

    But let's also be clear - Trump wants to do this on steroids. Rip up or ignore existing law. Disrupt multiple industries throughout the economy. For every segment he thinks he'd be helping there will be others that will suffer - just like helping the steel industry is potentially hurting your employer.
     
  11. jkcerda thread starter macrumors 6502a

    jkcerda

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    #11
    I am considered "old" so I seriously hope I don't end like the programmers I interviewed :(
     
  12. thermodynamic Suspended

    thermodynamic

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    #12
    Does that include the WTC steel?

    http://edition.cnn.com/2002/WORLD/asiapcf/east/01/23/china.wtcsteel/

    If it's going to hurt, why can't be a genuine global economy instead of the incoherent mess that exists around the world?
    --- Post Merged, Sep 7, 2016 ---
    Anyone over 25 seems to be considered that, thank the "liberal" media ran by people aged 50 or older in the biggest and most disgusting form of irony to ever indoctrinate a population with...
    --- Post Merged, Sep 7, 2016 ---
    So if all these things do is hurt people, why aren't people asking if there are better ways to do things that don't hurt? What would Jesus do? (Disclaimer, I ask that honestly, seriously, and sincerely.)
     

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