The goods and services trade deficit rose 7.6% in November to $78.2 billion, a big leap from previous months when the deficit was trailing under the three month moving average, based on Bureau of Economic Analysis data released this week.
Nucor Corporation has announced it will halt production at its wire rod rolling mill in Connecticut, citing challenging market conditions created by a flood of low-priced imports from Canada, Greece, Mexico, Poland, and Ukraine.
Mexico has been flooding the United States with underpriced steel — in clear violation of a 2019 agreement with Washington. The Biden administration did not address the problem; now, the coming Trump administration must act.
The continued influx of ever cheaper steel imports, particularly steel rebar and steel wire rod, is posing a serious threat to U.S. steel producers.
Earlier this month, Liberty Steel announced its decision to idle its wire plant in Peoria, Illinois after idling the steel mill rod mill operations there in October. Liberty Steel also suspended rod mill operations at its Georgetown, South Carolina facility earlier this year.
CPA looks forward to working with Jamieson Greer to advance a robust trade agenda that prioritizes domestic production, holds trade violators accountable, and strengthens America’s industrial base.
President-elect Donald Trump read Mexico and Canada the riot act on Monday night, telling them if they don’t seal their border and – in Mexico’s case – drastically slow the flow of fentanyl and other narcotics into the U.S., they’ll be hit with 25% tariffs starting January 20, 2025.
Either we have a fashion industry or we have de minimis, but we cannot have both, warned Jacob Helberg, one of the 10 commissioners for the U.S. China Economic and Security Review Commission.
De minimis, a customs rule that allows for duty free shipment and minimal inspection if the overseas vendor claims the value is under $800, is a haven for contraband, whether it’s fake Nikes, childrens’ toys made of lead, or banned food products, Customs and Border Protect (CBP) admitted yet again.
The leading contenders for the White House all favor blocking the U.S. Steel sale to Nippon Steel of Japan, a sale that might yet reward its senior executive, David Burritt, with a $72 million pay package once it closes. Globalist-thinking institutions are all in favor of the deal.
