Ocnus.Net
News Before It's News
About us | Ocnus? |

Front Page 
 
 Africa
 
 Analyses
 
 Business
 
 Dark Side
 
 Defence & Arms
 
 Dysfunctions
 
 Editorial
 
 International
 
 Labour
 
 Light Side
 
 Research
Search

Business Last Updated: Aug 8, 2018 - 10:25:01 AM


Trump’s trade war is benefitting the duopoly power of big steel companies.
By Jeet Heer, New Republic, 6/8/18
Aug 7, 2018 - 9:44:09 AM

Email this article
 Printer friendly page

The Trump administration promised to save American jobs by raising tariffs on steel imports, but the real beneficiaries are the two big steel companies, Nucor and United States Steel, whose monopolistic stranglehold on the American market has only deepened. As The New York Times reports, “Two of America’s biggest steel manufacturers — both with deep ties to administration officials — have successfully objected to hundreds of requests by American companies that buy foreign steel to exempt themselves from President Trump’s stiff metal tariffs. They have argued that the imported products are readily available from American steel manufacturers.”

Writing in The New Republic in January 2018, David Dayen warned that trade war could lead to “a duopoly in domestic steel production that, if empowered as the two major suppliers to the U.S. market, would have an enormous impact on what Americans build and eventually what they buy.”

The Trump administration’s willingness to shape policy to meet the demands of the big two steel companies confirms Dayen’s concern about creating “domestic steel monopolies.”

The steel companies have objected to 1,600 requests for exemption. “To date, their efforts have never failed, resulting in denials for companies that are based in the United States but rely on imported pipes, screws, wire and other foreign steel products for their supply chains,” the Times notes. “The ability of a single industry to exert so much influence over the exclusions process is striking even in Mr. Trump’s business-friendly White House, given the high stakes for thousands of American companies that depend on foreign metals.”


Source:Ocnus.net 2018

Top of Page

Business
Latest Headlines
Iran's Economy Can't be Shielded from U.S. Sanctions
Export Infrastructure to Strand U.S. LPG This Winter
US blacklists Russian, Chinese companies for breaking North Korea embargo
Russia's Ruble Is Sliding, Pulled Down by the Collapse of the Turkish Lira
Growth in reefer traffic outpacing dry boxes as global demand for perishables rises
Why Congo’s decision to open national parks to drilling isn’t really about oil
Pakistan’s Economic Crisis
Cheniere Signs 25-Year LNG Deal with Taiwan’s CPC
The Kremlin Is Quaking as New Sanctions Multiply
Trafigura Proposes Another Crude Terminal Off Texas