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US steel prices increase by double-digit percentages - Report

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  • Nov.02,2018

Star Tribune reported that spurred by new trade tariffs, US steel prices have increased by double-digit percentages this year while foreign steel prices sunk. A new American Steel Index report by Business Forward Inc said tariffs increased the prices on American-made, hot and cold-rolled steel 11 percent since February. In contrast, prices on foreign steel fell 4.8 percent on average. Business Forward, which tracks a host of trade issues including North American Free Trade Agreement and its pending replacement, began analyzing the impact of trade tariffs in March. It issued its fist monthly report in June and now reports results monthly. October's report said price differences on steel over seven months may have a disproportionate impact on US manufacturers in highly competitive markets and those manufacturers that export their finished goods. It said that "Those manufacturers are the ones America needs most.”

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Many US iron and steel manufacturers and the United Steelworkers support the tariffs for helping slow the illegal dumping of underpriced steel into the United States. Many that buy steel and other raw materials to make products, though, say tariffs have escalated their costs and disrupted their supply chains.

Trade groups such as the National Association of Manufacturers urged the Trump administration to restore bilateral trade talks with China and other partners to find a new solution.

Mr Jay Timmons, the association's president said that "With every day that passes without progress on a rules-based, bilateral trade agreement with China, the potential grows for manufacturers and manufacturing workers to get hurt. No one wins in a trade war, and manufacturing workers are hopeful the administration's approach will quickly yield results. Now is the time for talks, not just tariffs."