“The low-price business model is not sustainable long term.” 7 Secrets Your Steel Suppliers Won’t Tell You, Adam Osborn
The Mexican Industrial Chambers Confederation, Concamin, wants the United States to end Section 232 tariffs before Mexico signs the US-Mexico-Canada Agreement (USMCA).
The confederation is complaining that US steel does not face export restrictions to Mexico. Of course, it is beneficial for the US and Mexico to come to a resolution.
US domestic hot-rolled steel sheet prices have increased by 23.5% since the beginning of 2018.
The AMM reports, “Trump’s administration imposed a 25% duty on steel imports and a 10% tariff on aluminum imports from most countries this year, citing national security threats under Section 232 of the Trade Expansion Act of 1962.”
Concamin states that Mexican steel exports to the US have decreased by 30%, since Section 232.
In related news, the Mexican steel industry association, Canacero, is requesting Mexico demand full exemption from tariffs before signing USMCA.
In addition, on November 5, the US Aluminum Association, Canada Aluminum Association and Imedal (Mexican aluminum association) have issued a joint statement asking for elimination of tariffs before USMCA is ratified.
The USMCA signing is scheduled for November 30, so we will see what happens soons.
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