Turns out the UK might be exempt from the steel and aluminum tariffs if they have an agreement with us.
That means Trump can build a ring around China to exclude Chinese steel and aluminum.
This might be smarter than I thought. It is quite the negotiation. China has been dumping steel and aluminum on the globe.
iirc, there isn’t much of a British steel or aluminum industry left. Starmer’s knee pads must be getting quite a workout: only a 10% tariff on Range Rovers, and 25% on steel and aluminum.
Steve
We import almost no steel from China. Our largest imports come from Canada, Brazil, Mexico and South Korea. Less than 2% comes from China, and less than 25% of all steel in the US is imported. That said, China is producing prodigious amounts, almost 15 times what the US produces. They are so far ahead of the rest of the world, they have more than half the steel production worldwide. India is second, with about double the US production. At our level is Japan, South Korea, and Russia, then there’s a steep fall off.
As for aluminum production, it’s China and there’s nobody close. China does 43,000,000 tons a year, and in second place it’s India, at 4,000,000. The US is 13th place.
We import a fair amount of aluminum from China, but not overwhelmingly so. We import more from Canada and from UAE. We import a much higher proportion of aluminum than steel, about 50%. It’s not China that’s important in this discussion; China has already moved up the value chain from raw materials (except rare earths as we have discussed) to finished materials.
In the cycle the UK and US are turning to demand side econ. The UK steel industry can expand.
Goof, not the issue. Cutting off Chinese production means reducing the chances of a military conflict and reclaiming industrial production in the West.
https://elements.visualcapitalist.com/50-years-of-global-steel-production/
We had mention in a thread I can not easily find about four weeks ago; bear markets simply slip off, and then trading volume peaks at the bottom.
The sell off we saw earlier this year has led to a double top. At some point this market will sink slowly away.
Caveat emptor
We are getting much close to a top in the Nasdaq
