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Faisal Islam

@faisalislam

Econ Editor, BBC. Fin crisis book @theDefaultLine .. Newsnight. Host award-winning 2016 EUref TV interviews & 2017 GE debate. United ST.

calendar_today04-03-2009 18:36:20

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President Biden’s official White House proclamation lifting the “national security” 25% tariffs against, specifically, steel produced by current EU members (10% for aluminium), that came in to force on Saturday, whilst being left in place for now vs UK… whitehouse.gov/briefing-room/…

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… language in the Biden proclamation says the US and EU have addressed the “threatened impairment of national security posed by steel imports from the EU”… then goes on to say he considered on natsec grounds whether to lift the tariffs on other countries, eg incl UK, but no.

… language in the Biden proclamation says the US and EU have addressed the “threatened impairment of national security posed by steel imports from the EU”… then goes on to say he considered on natsec grounds whether to lift the tariffs on other countries, eg incl UK, but no.
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“I have considered whether it is necessary and appropriate in light of our national security interests to make any corresponding adjustments to such tariff as it applies to other countries. I have determined it is necessary and appropriate, at this time, to maintain…” eg for UK

“I have considered whether it is necessary and appropriate in light of our national security interests to make any corresponding adjustments to such tariff as it applies to other countries. I have determined it is necessary and appropriate, at this time, to maintain…” eg for UK
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Whole thing is a bit bizzaro… US will allow a tariff-free quota for EU steel at pre trump trade war levels… above it the charge will kick in… but US demand for steel expected to boom.
“National security” considerations partly addressed by a joint decarbonisation plan…

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US customs published this listing all the millions of tonnes of steel each EU nation can now import tariff free into the US… Netherlands seems to do quite well, home to a big Tata plant

cbp.gov/sites/default/…

US customs published this listing all the millions of tonnes of steel each EU nation can now import tariff free into the US… Netherlands seems to do quite well, home to a big Tata plant cbp.gov/sites/default/…
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My colleague @BBCChrisMorris report featuring, as expected, UK manufacturer shifting some steel bar production from Derbyshire to Spain to meet demand not to have to pay US 25% tariff in UK..needs it to be resolved soon before production shift permanent: bbc.co.uk/news/business-…

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Faisal Islam David Henig 🇺🇦 @BBCChrisMorris Too late. The production shift won’t be reversed simply if the tariffs are equalised. Now that production has shifted, shifting back needs a financial reason. Same cost isn’t one

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