US tariff exemptions to boost Australian exports - industry
SYDNEY – Australian steel and aluminium manufacturers said on Monday exports to the United States will grow after securing exemptions from tariffs signed into law by US President Donald Trump.
Trump on Friday said Australia would become the third country to be free from a 25% tariff on steel imports and 10% for aluminium.
Exporting just over A$400-million last year, Australia is a relatively small supplier of steel and aluminium to the United States.
"This is a great outcome for us and... (for) jobs in North America," Mark Vassella MD and CEO of BlueScope Steel - Australia's largest exporter - told reporters in Sydney.
"A win on both sides of the Pacific."
Shares in BlueScope rose more than 3% on Monday, outperforming the broader market, which recorded modest gains.
While it was good news for Australian exporters, producers fear the US. tariffs could hit them indirectly, as exporters that are subject to the tariffs try to find other markets for their steel and aluminium.
Rejecting calls for additional laws to prevent potential dumping, Australian Prime Minister Malcolm Turnbull said existing measures were sufficient.
"There are 77 anti-dumping measures in place, 50 related to steel. Seven are related to aluminium. We want to ensure a level playing field. We are passionately committed to free trade, but it must be fair," said Turnbull.
Turnbull also said Australia would not join an international protest against the US tariffs.
South Korea's trade ministry said last week it will take a dispute to the World Trade Organisation against the United States for imposing high anti-dumping duties on South Korean steel and transformers.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation