New tariffs on imported tinplate steel could affect canned goods prices

[Brian Lutz]

https://www.reuters.com/markets/commodi ... 023-08-17/

Today the Biden administration announced a plan to impose new tariffs on tinplate steel (the type typically used for making food cans) produced in China, Germany and Canada, claiming that the product is being dumped at below market prices to price US steelmakers out of the market. Chinese tinplate steel imports will have a 122.5% tariff imposed, while German and Canadian imports will have 7.02% and 5.29% tariffs imposed. Steel from other countries such as the UK, Netherlands, Taiwan, South Korea and Turkey will not be subject to tariffs. Food manufacturers are saying that the tariffs could result in as much as a 30% cost increase in canned foods over the next year.

[babs]

https://www.reuters.com/markets/commodi ... 023-08-17/

Today the Biden administration announced a plan to impose new tariffs on tinplate steel (the type typically used for making food cans) produced in China, Germany and Canada, claiming that the product is being dumped at below market prices to price US steelmakers out of the market. Chinese tinplate steel imports will have a 122.5% tariff imposed, while German and Canadian imports will have 7.02% and 5.29% tariffs imposed. Steel from other countries such as the UK, Netherlands, Taiwan, South Korea and Turkey will not be subject to tariffs. Food manufacturers are saying that the tariffs could result in as much as a 30% cost increase in canned foods over the next year.

Gee I wonder why we have inflation?

[jamcool]

Which is why there is a movement to plastic containers for canned goods.

[retailfanmitchell019]

https://www.reuters.com/markets/commodi ... 023-08-17/

Today the Biden administration announced a plan to impose new tariffs on tinplate steel (the type typically used for making food cans) produced in China, Germany and Canada, claiming that the product is being dumped at below market prices to price US steelmakers out of the market. Chinese tinplate steel imports will have a 122.5% tariff imposed, while German and Canadian imports will have 7.02% and 5.29% tariffs imposed. Steel from other countries such as the UK, Netherlands, Taiwan, South Korea and Turkey will not be subject to tariffs. Food manufacturers are saying that the tariffs could result in as much as a 30% cost increase in canned foods over the next year.

Gee I wonder why we have inflation?

Both political parties at this point are trying to pander to the Rust Belt with these policies. We have an election over a year from now.

[buckguy]

https://www.reuters.com/markets/commodi ... 023-08-17/

Today the Biden administration announced a plan to impose new tariffs on tinplate steel (the type typically used for making food cans) produced in China, Germany and Canada, claiming that the product is being dumped at below market prices to price US steelmakers out of the market. Chinese tinplate steel imports will have a 122.5% tariff imposed, while German and Canadian imports will have 7.02% and 5.29% tariffs imposed. Steel from other countries such as the UK, Netherlands, Taiwan, South Korea and Turkey will not be subject to tariffs. Food manufacturers are saying that the tariffs could result in as much as a 30% cost increase in canned foods over the next year.

Gee I wonder why we have inflation?

Both political parties at this point are trying to pander to the Rust Belt with these policies. We have an election over a year from now.

That must be some very fancy tin for even the Chinese tin tariff to translate into 30% higher prices. Chinese tin accounts for only 10% of these imports. The scare mongering on inflation seems to be coming from Forbes and the Koch brothers. Condider the source.

[storewanderer]

This expands Trump Era tariffs on steel products that were widely criticised.

Not really surprising.

Various outside groups have been trying to get these tariffs removed for years without success. The expansion of these tariffs under this administration is very interesting.

If this administration functioned properly they'd have a government unit investigating the exact price impact of this initiative and they'd have a watchdog agency going after companies that had a 10% steel cost increase but claimed this was causing a 30% price increase. Well there is still time to get this right... let's see if they do.

https://www.bloomberg.com/news/articles ... n-wto-snub