US may set heavy import duties on Russian, Chinese steel, aluminum
WASHNIGTON, Feb 19 (PRIME) -- The U.S. Commerce Department has suggested Washington introduce prohibitive import duties on steel and aluminum from Russia, China, and other countries to boost local production and employment, as seen by PRIME in two reports of the authority late on February 16.
The department suggested a 53% duty on steel imports from Russia, Brazil, China, Costa-Rica, Egypt, India, Malaysia, South Korea, South Africa, Thailand, Turkey, and Vietnam and a 24% duty on imports from all the other countries.
The department said that the U.S. is the worldТs top steel importer, however employment in the steel industry fell 35% over the past two decades.
The U.S. Commerce Department wants the government to impose a 7.7% duty on imports of all types of aluminum and a 23.6% duty on imports of aluminum from Russia, Hong Kong, Venezuela, and Vietnam, in addition to setting quotas on imports of aluminum from all countries of the world.
The measure aims at raising the U.S. production of aluminum from the current level 48% to the maximum production capacity of 80%, raising the sectorТs margins.
Now, U.S. President Donald Trump is studying the reports, and is to make a final decision on the matter.