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China would not be the only country hurt by US steel tariffs

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Heavy tariffs and quotas on steel will hurt China, but other countries may well bear the brunt of such measures.

“The fact is that China does export a lot of steel and aluminum to the United States, but frankly, Canada, Brazil, Mexico, other countries import more steel than does China,” said Max Baucus, former U.S. ambassador to China, which is the world’s top overall steel exporter.

On Friday, the Commerce Department recommended imposing heavy tariffs or quotas on foreign producers of steel and aluminum in the interest of national security, following a trade investigation of imports. The metals are used in a wide range of industrial applications including infrastructure and cars.

President Donald Trump and his administration announced the investigation into steel and aluminum importation in April. It sought to determine whether the imports posed a threat to the country’s national security.

The recommendations call for tariffs on multiple countries, although Trump could determine that specific nations should be exempt, based on the economic or security interests of the United States.

The president could also consider a country’s willingness to work with the United States to address global excess capacity and other challenges facing the U.S. aluminum and steel industries.

The U.S. is the world’s largest steel importing country. The top shipper of steel into the U.S. is Canada. Large Asian exporters — and American allies — that may be implicated include South Korea and Japan.

According to Commerce Department data, China was not among the top 10 sources of U.S. steel imports in the period between January to September 2017.

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Nikola founder Trevor Milton forfeits $166 million in stock and gets to keep $3.1 billion under separation deal

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Stock sell-off accelerates and is expected to get worse before it gets better

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Here’s what it’s doing to tackle it

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A man with her protective face mask walks in Vellaces neighborhood after new restrictions came into force as Spain sees record daily coronavirus (Covid-19) cases, in Madrid, Spain on September 21, 2020. (Photo by Burak

Anadolu Agency | Anadolu Agency | Getty Images

LONDON — There can be no doubt now that Europe is facing the much-feared “second wave” of coronavirus cases, after a lull in new infections in summer when severe restrictions on public life helped stop the spread of the virus.

Now, as cases rise rapidly in the region, various European nations are taking action in an effort to stop the surge in infections and prevent a significant rise in fatalities.

To date, there have been almost 2.9 million confirmed cases of the virus in Europe and over 186,000 people have died, data from the European Centre for Disease Control and Prevention shows.

Despite the risks, leaders in the region are reluctant to impose nationwide lockdowns again, given the economic and societal implications of such moves, and are now looking at more targeted, localized measures.

Here’s a snapshot of what Europe’s biggest economies are doing to stop the spread of the virus:

Spain

Spain has recorded 671,468 infections — the highest number in Europe, and 30,663 deaths, according to Johns Hopkins University data. On Monday, it reported more than 30,000 new cases since Friday, Reuters reported.

Madrid has become a virus hotspot, with almost 800 new cases reported Monday. The surge has prompted the president of the city’s regional government to request help from the army to help battle the rise and parts of the capital have been put in lockdown, prompting protests.

On Monday, Spanish Prime Minister Pedro Sanchez said data showed that, in Madrid, “the infection rate is double the national level, the numbers of intensive care beds in use is three times the national level.” He signaled more stringent measures could be introduced in the city, saying it “demands its own plan,” El Pais reported

France

France has the second-highest number of confirmed coronavirus cases in Europe after Spain, with 496,974 infections to date and 31,346 deaths, JHU data notes. 

France reported 5,298 further cases on Monday from the previous day, a lower daily count due to the weekend data lag. Last Friday, France reported 13,215 new infections, its highest daily number since the start of the pandemic.

As a result of surging cases, the city of Lyon (France’s third-largest city) has introduced tighter restrictions, limiting public gatherings and prohibiting the sale and consumption of alcohol outdoors after 8pm, France 24 reported Monday. Visits to nursing home residents will also be restricted to two per week. Similar restrictions have already been imposed in other cities including Marseille and Bordeaux.

UK

The U.K. has also seen a dramatic rise in coronavirus cases over recent days, prompting the government to introduce localized lockdown measures in parts of northern England and more national restrictions. To date, the country has recorded just over 400,000 coronavirus cases and 41,877 deaths, according to the JHU.

On Monday, the government announced that bars and restaurants must close at 10 p.m. Groups of more than six people are also not allowed to meet.

Prime Minister Boris Johnson will address the nation at 8 p.m. local time Tuesday evening and is expected to announce further measures. He is also said to be considering a “mini” lockdown of two weeks to try to act as a “circuit-breaker” in an effort to stop the spread of the virus.

The government’s chief medical and scientific advisors warned on Monday that, without action, the U.K. could see up to 50,000 new coronavirus cases per day by mid-October, which could lead to 200-plus deaths per day by November.

Germany

Germany was praised for its initial response to the first wave of the coronavirus crisis. To date, Germany has recorded over 275,000 cases, but has reported fewer than 10,000 deaths, JHU data shows, a far lower number of fatalities than its European counterparts.

Nonetheless, data from the Robert Koch Institute (RKI) shows that cases are rising, particularly in the cities of Munich and Hamburg.

On Tuesday, a further 1,821 new infections were registered after a rise of 922 cases reported Monday. German Chancellor Angela Merkel has reportedly called for a crisis summit next week with regional governors, German media reported Monday.

Munich has tightened rules on face masks, which must now be worn in public, and contact restrictions. German Health Minister Jens Spahn has also said Germany will step up its testing regime as cases rise.

On Monday, the RKI called for “the entire population to be committed to infection control” by consistently observing rules of distance and hygiene, and advising that “crowds of people should be avoided if possible and celebrations should be limited to the closest circle of family and friends.”

Italy

Italy was the epicenter of Europe’s first outbreak in late winter, with the first outbreak in Europe appearing in the north of the country in February. To date, Italy has reported almost 300,000 cases and over 35,000 fatalities. 

Italy is also seeing a rise in new infections, but not at the rate of its neighbors. On Monday, for example, it reported 1,350 new cases in the last 24 hours, the health ministry said.

Italian politicians are reluctant to return to a severe lockdown that saw Italians banned from leaving their homes for all but the most essential reasons.

Instead, Italy appears to be looking to test people arriving from other European virus hotspots. Health Minister Roberto Speranza said in a Facebook post Monday that he had signed an order making it obligatory for people arriving in Italy “from Paris or other parts of France with significant circulation” of the coronavirus to be tested.

Speranza added that European data on Covid-19 “must not be underestimated,” and that while “Italy is better off than other countries … great prudence is still needed to avoid rendering the sacrifices made up to now in vain.”

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