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   Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:35 JST Nonilex

   #US #tariffs on #steel & #aluminum imports doubled on Wednesday, as #Trump continued to ratchet up levies on foreign #metals that he claims will help revitalize American steel mills & aluminum smelters.

   The White House called the increased tariffs, which rose to 50% from 25% just after midnight Eastern time, a matter of addressing “#trade practices that undermine #NationalSecurity.” [his excuse for everything]

   #economy #inflation #recession #trumpcession #idiocracy
   https://www.nytimes.com/2025/06/04/business/economy/trump-tariffs-steel-aluminum.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=p&pvid=1A67FB7E-1544-410B-B020-60747CB53377

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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:26 JST Nonilex

     in reply to

     [#Aluminium #smelting is highly #energy intensive, & in some countries is economical only if there are inexpensive sources of #electricity. Bet #Trump would use #coal which he has proposed to power #AI #DatabaseCenters.]

     #grid #infrastructure #climate #GovernmentSpending #economy #inflation #recession

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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:27 JST Nonilex

     in reply to

     …The #US #aluminum industry is too small to replace imports from #Canada without massive expansion & investment.

     Century Aluminum, a US aluminum maker, said last year that it would build the first new #AluminumSmelter in the United States in half a century, doubling domestic production. But the United States would remain dependent on imports for most of its aluminum.

     #Trump #energy #electricity #grid #infrastructure #climate #GovernmentSpending #economy #inflation #recession

     Steve's Place repeated this.
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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:28 JST Nonilex

     in reply to

     The #Aluminium Assn of #Canada said in a statement on Tues that the expanded #tariff “makes Canadian exports to the US economically unviable” & that “the industry may be forced to diversify #trade toward the #EuropeanUnion.”

     #Electricity accounts for about 40% of the cost of smelting aluminum, & the trade group estimated that replacing Canadian aluminum w/ #US production would require the expansion of US power generation equivalent to 4 Hoover Dams.

     #Trump #grid #economy #inflation #recession

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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:29 JST Nonilex

     in reply to

     The previous 25% #tariff on #steel already had an effect on #Canada’s producers. The steel association estimates that since the tariff went into effect in March, steel shipments to the #UnitedStates from Canada have fallen 30%.

     “Steel #tariffs at this level will create mass disruption & negative consequences across our highly integrated steel #SupplyChains & customers on both sides of the border,” Ms. Cobden said.

     #Trump #economy #inflation #recession

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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:30 JST Nonilex

     in reply to

     #Canada is the largest foreign supplier of both #steel & #aluminum to the #UnitedStates. #Mexico, #Brazil, #SouthKorea & #Germany are also major suppliers of steel, while the #UAE, #China & South Korea supply the #US with small amounts of aluminum.

     Catherine Cobden, the president of the Canadian Steel Producers Association, a #trade group, said doubling the #tariff on imported steel “essentially closes the U.S. market to our domestic industry.”

     #Trump #economy #inflation #recession

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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:31 JST Nonilex

     in reply to

     …Foreign govts have bristled at the idea that their #steel exports are a #NationalSecurity threat to the #US, in part because American #demand for the #metals far exceeds the country’s current ability to produce them.

     The US imports very little steel directly from #China because of the #tariffs that were previously in place. But the US steel industry argues that China’s massive steel production pushes down the price of #metal globally, making it harder for US mills to compete.

     #Trump #economy

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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:32 JST Nonilex

     in reply to

     …Economists have pointed out that #tariffs on factory inputs such as #metals risk slowing #US #manufacturing, since they raise #prices for factories.…

     An analysis published by the US #InternationalTrade Commission, an independent, bipartisan govt agency, suggested that while the steel & #aluminum tariffs levied in #Trump’s 1st term helped American steel & aluminum producers, they hurt the broader #economy by raising prices for many other industries….

     #inflation #recession

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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:33 JST Nonilex

     in reply to

     …Companies that use #steel & #aluminum to make their products criticized the #tariffs, saying they would add #costs for American #consumers.

     Robert Budway, the president of the Can Manufacturers Institute, said doubling the steel tariff would further increase the cost of canned goods at the #grocery store.

     “This cost is levied upon millions of American families relying on canned #foods picked & packed by US #farmers & can makers,” he said.

     #economy #inflation #food #prices #recession #Trump

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     Nonilex (nonilex@masto.ai)'s status on Wednesday, 04-Jun-2025 14:00:34 JST Nonilex

     in reply to

     They were announced during #Trump’s visit to a #US #Steel mill last week, & appear to be aimed at currying favor w/ #steelworkers & the steel industry, including those in swing states like #Pennsylvania, where #USSteel is based.
     The higher #tariffs have already rankled close #allies that sell #metal to the #US, including #Canada & #Europe. They also sent alarms to #automakers, #plane #manufacturers, #HomeBuilders, #oil drillers & others that rely on buying metals.

     #economy #inflation #recession