Relevant:
- China Not Delivering on Economic Reform Promises As Excess Capacity Looms
- Defiant China slaps steel tariffs on Britain as trade war loomsÂ
- Dept. Commerce finishes probe on steel imports; Is mum on findings
- China Announces 105% Tariffs on Chickens in Retaliation for US Steel and Tire Tariffs
- Steel wars widen as Europe launches probe into claims China is subsidising producers
2018-03-09 — davidstockmanscontracorner.com
Stated differently, the world is drowning in China's excess steel capacity.But since it has now diverted most of the exports it was previously dumping on the US market to other customers, the Donald's tariff won't amount to even a pinprick.
To wit, in 2017 China was only the #12  steel importer at 800,000 tons into the 107 million ton US end market. Its shipments compared to 36 million tons of total steel imports. Accordingly, we'd be surprised if the Donald's tariff would add even $100 million to the landed cost of China's current exports to the US.
That's right. the Donald is hitting the steel users of the US with a notional $7.5 billion tariff cost in order to smack the real target----the Red Ponzi---with what amounts to just 1.4% of the total upcharge.
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