U.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) Index FuturesCOMEX
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US Relaxes Tariffs on Steel and Aluminum from Europe, Looking Next to UK and Japan
The US and the EU have reached an agreement that will replace Section 232 steel and aluminum tariff against EUs 27 countries with a quota system that could result in lower steel prices.
There had been speculation for months that the sides would come to an agreement by November 1.
Now we have fresh news:
Bloomberg: Biden Commerce Chief Says U.K., Japan Steel Talks to Start Soon
The U.S. expects to begin talks with the U.K. and Japan aimed at addressing the nations’ objections to steel and aluminum tariffs “reasonably soon,” and any solution must protect the American industries, President Joe Biden’s commerce chief said.
Secretary Gina Raimondo said that she plans to discuss the steel issue with Japanese officials when she visits Tokyo next Monday on her first trip to Asia since taking office in March. The talks would follow a U.S.-European Union truce last month that allows the allies to remove tariffs.
Buy the rumors and sell the fact.
A potential deal with UK and Japan for tariff removal may ease the stell prices.