The United States and the European Union (EU) released a joint fact sheet on October 31 announcing terms of a tariff agreement completed between the two global economic powers. The agreement in-cludes terms specifying replacing the United States’ tariff with a rate quota on steel and aluminum im-ported from the EU. As a result, steel and aluminum imports from the EU will be limited to historically based quantities without being subject to a tariff prior to entering the U.S., according to a Commerce Department statement.
At the FIERF 32nd Technical Conference held last September in Long Beach, Calif., Weber Metals’ Justin Owen made a presentation about the process by which OTTO FUCHS (OF)/Weber Metals made the decision to invest $180 million in what they say is North America’s largest forging press. This became the largest single investment decision in company history.
On March 1, the U.S. and global business communities, their financial markets, the U.S. Congress and many in the Trump Cabinet and White House were surprised to learn that the President was considering the imposition of tariffs on imported steel and aluminum.
Acting on promises made during the 2016 presidential campaign, President Trump announced in April two far-reaching trade investigations on the potential national-security impacts of imported steel and aluminum.