US Court of International Trade Upholds Section 232 Tariffs
US Court of International Wiki

US Court of International Trade Upholds Section 232 Tariffs

New York based US Court of International Trade has upheld former US president Mr Donald Trump’s Section 232 national security tariffs on steel

New York based US Court of International Trade has upheld former US president Mr Donald Trump’s Section 232 national security tariffs on steel imports into the United States, issuing a decision denying a steel importer’s challenge to the duties. A three judge panel said “There have been proposals put forward suggesting greater Congressional oversight, including hearings, or statutory amendments which would expand Congress’s role in the implementation and review of tariffs. Ultimately, of course, these are policy matters that fall within the province of the legislative branch. It is not the role of the court to opine about them.”

Universal Steel Products Inc, PSK Steel Corporation, The Jordan International Company, Dayton Parts LLC and Borusan Mannesman Pipe US Inc challenged the steel tariff, claiming injury from the duty. The plaintiffs argued procedural deficiency behind the Section 232 implementation process. In addition, they claimed the president and then-Secretary of Commerce Wilbur Ross did not identify an impending threat when imposing the tariffs. They also claimed Trump violated provisions of Section 232 by not setting duration for the action.

It is unclear if the new Biden administration will ultimately rescind the tariffs. The US Chamber of Commerce said “The Biden administration should terminate the Section 232 tariffs and quotas and reject further national security trade threats against America’s allies. Not only have these tariffs and quotas missed their intended target and instead hit close US allies and partners, US workers, farmers, and companies have paid a steep price for their use. It’s time to change course.”

Research by the Federal Reserve Bank of New York has affirmed that the tariffs imposed by the Trump administration continue to be almost entirely borne by US firms and consumers. However, the same study found that tariffs have caused foreign exporters of steel to substantially lower their prices into the US market. As a result, steel producers in the EU, South Korea, Japan, and elsewhere bore part of the cost.

Introduced in two waves, in March and July of 2018, the US Section 232 tariffs of 25% on steel and 10% on aluminum were applied to metal imports from nearly every country in the world. Argentina, Brazil, and South Korea agreed to quotas instead of tariffs; uniquely, Australia got a full exemption. Only in the case of Canada and Mexico have they been dropped in May 2019.

No stories found.
SteelGuru Business News
www.steelguru.com