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December 14, 2020

Global Trade, Economic News: British Metal Tariffs & New Rebar Investigation In Canada

 

  • On December 8, the British government announced that it plans to impose retaliatory tariffs on U.S. aluminum and steel imports when it is separated from the European Union on January 1, 2021, but will forgo any tariffs against the United States as part of a long-running trade dispute over aircraft subsidies. Click here to read more.
  • The Canada Border Services Agency (CBSA) announced it has initiated an anti-dumping investigation into imports of specific concrete rebar from Oman and Russia. The products under investigation are “hot rolled deformed steel concrete reinforcing bar in straight lengths or coils, commonly identified as rebar, in various diameters up to and including 56.4 millimeters, in various finishes, excluding plain round bar and fabricated rebar products,” originating in or exported from Oman or Russia Click here for more information.
  • China released customs data on December 7 that showed a record $75.4 billion trade surplus in November. The increase came as exports surged 21.1 percent above the same period last year due to strong demand from U.S. consumers. Exports to the United States jumped by 46 percent while total exports increased to $268 billion and imports rose by only five percent to $192.6 billion. As The Associated Press explained,Chinese exporters have profited from the country’s early reopening following coronavirus shutdowns.