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Sunday, 18 February 2018

US Commerce Dept. recommends imposing tariffs on steel imports from Egypt, 11 others

US looks to impose heavy tariffs on steel imports from Egypt, 11 others: The US Commerce Department has put Egypt in a list of 12 countries that it recommends the Trump administration slap with import tariffs on steel. Egypt joins Brazil, China, Costa Rica, India, Malaysia, Russia, South Korea, South Africa, Thailand, Turkey and Vietnam, which the department recommends hitting with a tariff of least 53%. Other countries would be subject to a quota limiting their tariff-free access equal to their 2017 steel exports to the United States.The department’s Section 232 report purposes other alternatives: A global tariff of at least 24% on all steel imports from all countries or a quota on all steel products from all countries equal to 63% of each country’s 2017 exports to the US. The report claims that the move would be a measure to curb the US’ massive steel imports (most of which are produced in China), which have risen to four times their exports.

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