Steel is on the frontline of a brewing trade war.
Some American companies big and small are taking action to offset the fallout.
But he's like majestic steal everything it first hand if I steal from U. S. mills
and sells it to customers making everything from the microwave air conditioner those customers
searching for certain. They're just trying to figure out
whether or not they can continue buying from certain countries or they have to source product
they're going to be subject to have so I think that because I just really need certainty
in terms of how they can operate that business. Speaker 0: Companies getting deal from China
Russia or Japan pay twenty five percent more than they did in February thanks to new character
from the White House. Speaker 2: The initial ruling came out there
was cast in the market customer scrambling to get product they're trying to figure out
how they're gonna source there still I think it's sort of a little bit now it's a matter
of determining whether or not they're gonna structure contracts differently they're going
to be able to get steel from certain countries or not and whether or not they have to change
their mind happens. Those getting steal from Europe
Australia Canada or Mexico may pay more to the White House will decide that for another
few weeks. I think the biggest thing is that
customers really are trying to figure out based upon these terrorists and potentially
quotas. How that changes their supply chain.
They're going to be. Some businesses have been hoarding
imported steel in anticipation of higher prices others to move to buy domestic steel competing
with majestic. Pretty much everything is a lot
of talk you can't forget. Almost everybody else I talk to
is just got their fingers crossed. The United States is the world's
fourth largest producer of steel but only makes one tenth of what China made in twenty
seventeen president trump says countries making deals for cheap then dumping it in the US
have hurt American producers steel is still you don't have skills you don't have a country.
Our industries have been targeted for years and years decades in fact by unfair
foreign trade practices leading to the. Shuttered plants and mills.
The laying off of millions of workers steel tariffs just part of trump's efforts
to crack down on what he calls unfair trade practices he's also on new tariffs on up to
one hundred fifty billion dollars in other goods coming to the west from China.
We've seen more activity recently because one resource domestic two we have
the material available for the customer. Until there is more clarity companies
like majestic are trying to make sense of a market that's hardly business as usual.
Anytime you're in a volatile market there's uncertainty.
That has a psychological effect on companies in terms of how they're going
to manage the buying and selling their product and that's what we're experiencing right now.
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