MITTAL TO BUY STEEL GROUP
Steel tycoon Lakshmi N. Mittal announced plans to pay $4.5 billion in cash and stock for U.S. Steelmaker International Steel Group Inc., which had been cobbled together by onetime investment banker Wilbur L. Ross Jr. From mills whose parents landed in bankruptcy court.
Ref. https://deseretnews.com/dn/view/1%2C1249%2C... 00804%2C00.html
I was glad to see in the article that Mittal is not planning on cutting any jobs. This is my biggest fear when companies merge like this. Hopefully he can also stimulate some new jobs here in the US.
Financial Level: Broker / Business Participation: 89 8.9%
US will impose steel and aluminum tariffs. President Donald Trump said Thursday his administration will impose tariffs on steel and aluminum imports next week, a highly controversial move that Trump framed along national security lines.
Trump said the US will impose a 25% tariff on steel imports and 10% tariff on aluminum, capping a fierce, months-long internal debate that divided some of the President's top advisers.
Anticipating the move, experts have said it is likely to invite retaliatory measures from foreign countries. Ref. CNN.
Trump announces ‘flexible’ exceptions that spare Canada and Mexico his 25% steel and 10% aluminum tariffs. Despite warnings by allies that a trade war will increase prices for consumers worldwide, President Trump signed proclamations Thursday imposing tariffs of 25% on imported steel and 10% on aluminum and said they are designed to protect American industries. In statements from the White House, Trump said his plan does exempt Canada and Mexico, pending the outcome of ongoing trade negotiations, and allows other countries to apply for relief from the new duties. Ref. USAToday.
President Trump delays steep steel and aluminum tariffs for U.S. Allies. Within hours of a self-imposed deadline, Trump delayed imposing steel and aluminum tariffs for U.S. Allies on Monday, putting off a showdown that European leaders warned could escalate into a trade war. Trump announced a 25% tariff on steel and a 10% tariff on aluminum in early March, but he offered temporary exemptions to the Europe Union, Canada, Mexico and other countries. Those initial exemptions were set to expire Tuesday morning. Other countries, including China and Russia, are already paying the new U.S. Tariffs. Ref. USAToday.
Trump imposes steel, aluminum tariffs on U.S. Allies and Europe plans to retaliate. President Trump followed through on a threat to impose steep metal tariffs on U.S. Allies Thursday, a long-promised decision that could spark retaliatory trade barriers on a host of U.S. Products. Commerce Secretary Wilbur Ross said that Canada, Mexico and the European Union would be subject to a 25% tariff on steel and a 10% tariff on aluminum beginning at midnight. Other countries, including Argentina and Brasil, agreed to limit metal exports. The European Union said it would respond quickly. Ref. USAToday.
Look out for the backlash- higher prices for goods that we import and no 'special treatment' for Americans in those countries.
Financial Level: Business 101 / Business Participation: 4 0.4%