#US Market Report: #Dow down more than 400-points at fresh session low at closing bell: Stocks fell on Friday, adding to their steep weekly losses, as investors assess the possibility of a trade war brewing between the U.S. and China #AceFinanceDesk reports

#AceFinanceReport – Mar.23: The #Dow closes down more than 400 points at lowest point since November. https://t.co/A9OlUXl3with DowDuPont as the worst-performing sector, while the Nasdaq composite fell 1.7 percent. The S&P 500 declined 1.5 percent, with financials pulling back 2.4 percent.”#AceFinanceDesk reports

“People are a little worried ahead of the weekend. You can see that people have been buying a little bit of the options that expire next week which would give you a little protection over the weekend,” said Patrick Kernan of Cardinal Capital. Kernan, who trades in the pit at the Cboe, said the sell off this week has been a lot more orderly than February’s decline. “There’s not lots of panic,” he said.

Week to date, the Dow and S&P 500 are both down more than 4 percent, while the Nasdaq composite has fallen 5.3 percent. The averages were on track to post their biggest weekly declines since the week of Feb.09:

1521825938_jj.jpeg

“We think the outlook on stocks is pretty balanced,” said Eric Freedman, chief investment officer at U.S. Bank Wealth Management. “While we think corporate earnings are intact, the market is going to have to digest some pretty meaty events like the midterm election as well as all the trade policy news.”

President Donald Trump pressed ahead with long-promised anti-China charges on Thursday. The U.S. president signed an executive memorandum that will impose tariffs on up to $60 billion in Chinese imports.

In response, China’s commerce ministry proposed a list of 128 U.S. products as potential retaliation targets, according to a statement on its website posted Friday morning. Beijing’s ministry said it will take measures against the 128 U.S. goods in two stages if it cannot reach an agreement with Washington, adding that it could also take legal action under World Trade Organization rules.

“The response from the Chinese was fairly muted,” said Quincy Krosby, chief market strategist at Prudential Financial. “Because it was cautionary in tone, I think the market is looking for something more specific.”

China’s announcement sent stock futures lower overnight before they recovered. The news also comes after Dow lost more than 700 points in the previous session, while the S&P 500 and Nasdaq declined more than 2 percent.

Traders work on the floor of the New York Stock Exchange.

Brendan McDermid | Reuters

Traders work on the floor of the New York Stock Exchange.

“The market has been priced for perfection … and that leaves the market vulnerable to surprises. In this case, it’s trade,” said Bruce Bittles, chief investment strategist at Baird. “We had that steep sell-down in February, which creates a lot of downside momentum and until that momentum is broken, it’s still the driving force.”

Tech has also put the broader market under pressure this week as shares of Facebook dropped more than 13 percent in that time period. Facebook dropped sharply this week on news that Cambridge Analytica gathered data from 50 million Facebook profiles without the permission of its users. On Friday, the stock fell 2.8 percent.

Bank stocks have also been under pressure. The SPDR S&P Bank ETF (KBE) fell 2.5 percent Friday and was headed for a weekly decline of 6.8 percent. Bank of America pulled back 4 percent.

Stocks briefly bounded earlier on Friday after Trump said he signed the $1.3 trillion omnibus spending bill into law Friday, despite threatening to veto the legislation earlier in the day.

Trump signed the bill, but made his distaste for the rushed process known.

“I will never sign a bill like this again,” Trump said during a news conference. “As a matter of national security, I’ve signed this omnibus bill.”

In a tweet earlier in the day, Trump said: “I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.”

I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.

— Donald J. Trump (@realDonaldTrump) 12:55 PM – Mar 23, 2018

In corporate news, shares of Dow-component Nike rose 2 percent after the apparel company reported better-than-expected earnings. Nike got a boost from sales in Greater China, which rose 24 percent during the third quarter.

Cisco Systems gained 0.7 percent after Goldman Sachs added the stock to its “conviction” list, noting they see the stock as a defensive play in a volatile market.

Earlier Dow slides 200 points to new session low https://t.co/pRli3nYAQJ pic.twitter.com/rH3WA9J4Wt CNBC March 23, 2018: CNBC’s Nyshka Chandran and Patti Domm contributed to this report.

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(LONDON) Market Report: Sterling consolidated gains after posting its biggest weekly rise in six weeks, as investors pondered the outlook for the currency amid threats of a global trade war and Britain and EU agreeing a transition period to keep banks and finance houses on track but with a rise in interest rates on the cards May we may yet see a different story #AceFinanceDesk reports

#AceFinanceReport – Mar.23: The pound has enjoyed a good week, with Britain and the European Union agreeing on a transition period after Brexit and the Bank of England paving the way for a rise in interest rates in May: “The repricing story for sterling is all done and all the cards have now fallen in place for the short term, but any trade war outbreak will be a significant headwind,” said Viraj Patel, an FX strategist at ING in London #AceNewsDesk reports

Sterling set for biggest weekly rise in six weeks: Sterling was flat at $1.41 and is on track to post its biggest weekly rise in six weeks. It was up near 1.2 percent this week:

U.S. President Donald Trump signed a memorandum on Thursday that will target up to $60 billion of Chinese products with tariffs, but only after a 30-day consultation period that starts once a list of goods is published:

The pound will be caught in the crossfire of any global trade war, since Britain has a large deficit for which it needs capital inflows.

The Bank of England kept interest rates steady on Thursday but two policymakers voted to raise them, reinforcing the view among economists that borrowing costs will rise in May for only the second time since the 2008 financial crisis.

Against the euro, sterling weakened with the single currency rising 0.23 percent at 87.46 pence. (Reporting by Saikat Chatterjee; editing by Larry King)

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(BEIJING, China) The launch of China’s yuan-denominated oil futures will mark the culmination of a d ecade-long push by the Shanghai Futures Exchange (ShFE) aimed at giving the world’s largest energy c onsumer more power in pricing crude sold to Asia #AceFinanceDesk reports

#AceFinanceReport – Mar.22: #BRICS firmly in place and ‘ China Development Bank ‘ as HQ in Beijing its time to take down the once mighty ‘ Petro-Dollar ‘ by replacing it with the Yuan and this is just the beginning #AceFinanceDesk reports

WHAT ARE THE CONCERNS AMONG FOREIGN INVESTORS?

* Worries include how to freely exchange the yuan because of a Chinese clampdown on capital outflows, while some concerns remain about Beijing’s heavy handed intervention in its commodity markets in recent years, traders and analysts said.

The obligation to trade Shanghai crudes in yuan will also add a currency risk to the market, which some traders are reluctant to take.

  • The Shanghai International Energy Exchange (INE), the unit of ShFE running the contract, has strict daily limits on the number of canceled orders allowed per account, aimed at curbing spoofing. This involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, spoofers can influence prices to benefit their market positions.

For a larger client placing orders of more than 300 lots, equivalent to 30,000 barrels of oil, the limit is 50 a day. Users with smaller orders are allowed 500 cancellations.

That’s different to international exchanges, like the CME (CME.O), which uses a ratio based on an investor’s traded volume.

On days when price volatility and volumes are high, overseas investors new to Chinese markets could get penalized if they exceed those restrictions as they try to adjust their positions, traders say.

  • Chinese commodity futures investors do not typically trade steadily over the months, but instead pick specific months in which they deal. That could complicate efforts to trade spreads between Brent, WTI and Shanghai.

Take iron ore <0#DCIO:>, one of China’s most-active futures markets: most of the more than 2.3 million lots of open interest are in May and September contracts, with delivery months in between ranging from tens of thousands of lots to in some cases less than 10.

In contrast, liquidity across the first five months of the Brent and WTI contracts <0#LCO:> <0#CL:> are relatively evenly spread out, reflecting their popularity among hedge funds and other financial players, who like to trade month by month.

  • There will be a 1.5-hour gap between the settlement and the price settlement by S&P Global Platts (SPGI.N), which sets physical prices for the region between 4:00-4:30 p.m.

WHAT WILL HAPPEN DURING CHINA’S NATIONAL HOLIDAYS?

Trading will stop for China’s week-long national holidays – Spring Festival and Golden Week – leaving the Shanghai market out of synch with the western exchanges.

Shorter trading hours – with three slots each day – compared with almost 24 hours on western exchanges means the market may sometimes play catch-up with the rest of the world.

WHO WILL USE IT IN THE DOMESTIC INDUSTRY?

China has opened more than 6,000 trading accounts, including the country’s oil majors and about 150 brokerages. Ten foreign intermediaries have registered, including JPMorgan, Bands Financial, Straits Financial Services and other Hong Kong based affiliates of domestic brokerages.

It will likely attract mainly ‘mon-and-pop’ speculative investors, who dominate the country’s other often volatile commodity futures markets from dates to iron ore, although transaction fees for crude are relatively high.

China’s independent refineries are more likely to process heavy crude instead of the medium-sour crude traded in futures, a Shandong-based crude trader said.

At least three independent refineries who are looking to use the contract for hedging also said they are unsure about delivery. Under the rules, buyers cannot choose a specific grade that will be delivered or the location of the warehouse for delivery.

HOW DO FOREIGN USERS OPEN A TRADING ACCOUNT?

Foreign investors will need to open a non-residential bank account with one of the eight banks that handles margin deposit for yuan crude futures, according to INE.

The banks are Agricultural Bank of China, CITIC Bank, China Construction Bank and Industrial and Commerical Bank of China, Bank of China, Bank of Communications, China Merchant Bank and the Development Bank of Singapore.

Investors will need to transfer money from that bank account to an account opened with either a domestic broker or foreign broker or agencies registered with the INE. The broker will open two accounts with INE: one for margin deposit and one for settlement for foreign currencies.

China aims to challenge Brent, WTI oil with crude futures launch https://t.co/xvNWQKMbFC pic.twitter.com/PSxyNLes05— Reuters Business March 22, 2018: Reporting by Meng Meng, Josephine Mason and Tom Daly; editing by Richard Pullin

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(AFRICA) African leaders signed accords AfCFTA that’s expected to boost commerce within the 55-me mber African Union and eventually supplant a patchwork of existing agreements: Nigeria, which together with South Africa makes up half of the continent’s GDP canceled his trip to Kigali, saying his government needs more time for input from local businesses before he can sign the pact: Ugandan President Yoweri Musev eni and his Burundi counterpart, Pierre Nkurunziza, also skipped the gathering #AceFinanceDesk reports

#AceFinanceReport – Mar.22: More than 40 nations signed the African Continental Free Trade Area agreement, or AfCFTA, which commits governments to removing tariffs on 90 percent of goods and phasing in the rest in future: The agreements will still require ratification by the individual governments and will only come into force when ratified by at least 22 countries: “The promise of free trade and free movement is prosperity for all Africans, because we are prioritizing the production of value-added goods and services that are Made in Africa,” Rwandan President Paul Kagame said before the leaders began signing the agreements. “The advantages we gain by creating one African market will also benefit our trading partners around the world.”#AceFinanceDesk reports

Intra-Africa trade stands at about 16 percent of the continent’s total, compared with 19 percent in Latin America and 51 percent in Asia, according to the AU. The agreement could increase this by half for Africa, the United Nations Economic Commission for Africa estimates: Three regional groups on the continent — the Common Market for East and Southern Africa, the Eastern African Community and the Southern African Development Community — signed an agreement in June 2015 to create a trade bloc covering 26 countries as a precursor to the continental grouping. A week later, members of the AU started talks for the establishment of the continent-wide free trade area.

President Muhammadu Buhari of Nigeria, which together with South Africa makes up half of the continent’s gross domestic product, canceled his trip to Kigali, saying his government needs more time for input from local businesses before he can sign the pact. Ugandan President Yoweri Museveni and his Burundi counterpart, Pierre Nkurunziza, also skipped the gathering.

Buhari, concerned the deal could lead to the dumping of finished goods in Nigeria, appointed a committee Wednesday to review the agreement and report within two weeks, presidential spokesman Femi Adesina told reporters in Abuja, the capital. “The way forward will then be unfolded,” he said.More than 40 African leaders sign a free-trade agreement for the region https://t.co/aFgziUGMwp via @tictoc https://t.co/VFomXQ9Gnv

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(WASHINGTON) — Farmers, electronics retailers and other U.S. businesses are bracing for a backlash a s Donald Trump targets China for stealing American technology or pressuring U.S. companies to hand it over w ith tariffs of as much as $60-billion: As China promises a tit for tat #AceFinanceDesk reports

#AceFinanceReport – Mar.22: The administration is expected Thursday to slap trade sanctions on China, perhaps including restrictions on Chinese investment and tariffs on as much as $60 billion worth of Chinese products: Dozens of industry groups sent a letter last weekend to Trump warning that “the imposition of sweeping tariffs would trigger a chain reaction of negative consequences for the U.S. economy, provoking retaliation; stifling U.S. agriculture, goods, and services exports; and raising costs for businesses and consumers.” #AceFinanceDesk reports


The announcement will mark the end of a seven-month U.S. investigation into the hardball tactics China has used to challenge U.S. supremacy in technology, including dispatching hackers to steal commercial secrets and demanding that U.S. companies hand over trade secrets in exchange for access to the Chinese market:
The administration argues that years of negotiations with China have failed to produce results.“It could be a watershed moment,” said Stephen Ezell, vice president of global innovation policy at the Information Technology & Innovation Foundation, a think tank. “The Trump administration’s decision to go down this path is illustrative that previous strategies have not borne the hoped-for fruit.”Business groups mostly agree that something needs to be done about China’s aggressive push in technology — but they worry that China will retaliate by targeting U.S. exports of aircraft, soybeans and other products and start a tit-for-tat trade war of escalating sanctions between the world’s two biggest economies.“The sanctions are a very big deal,” says Mary Lovely, a Syracuse University economist and senior fellow at the Peterson Institute for International Economics. “The Chinese see them as a major threat and do not want a costly trade war.”The move against China comes just as the United States prepares to impose tariffs of 25 percent on imported steel and 10 percent on aluminum — sanctions that are meant to hit China for flooding the world with cheap steel and aluminum but will likely fall hardest on U.S. allies like South Korea and Brazil because they ship more of the metals to the United States.

Trump campaigned on promises to bring down America’s massive trade deficit — $566 billion last year — by rewriting trade agreements and cracking down on what he called abusive commercial practices by U.S. trading partners. But he was slow to turn rhetoric to action. In January, he imposed tariffs on imported solar panels and washing machines. Then he unveiled the steel and aluminum tariffs, saying reliance on imported metals jeopardizes U.S. national security.To target China, Trump has dusted off a Cold War weapon for trade disputes: Section 301 of the U.S. Trade Act of 1974, which lets the president unilaterally impose tariffs. It was meant for a world in which large swaths of global commerce were not covered by trade agreements. With the arrival in 1995 of the World Trade Organization, which polices global trade, Section 301 fell largely into disuse.At first it looked like Trump and Chinese President Xi Jinping were going to get along fine. They enjoyed an amiable summit nearly a year ago at Trump’s Mar-a-Lago resort in Florida. But America’s longstanding complaints about Chinese economic practices continued to simmer, and it became more and more apparent that the U.S. investigation into China technology policies was going to end in trade sanctions.

Chinese Premier Li Keqiang this week urged Washington to act “rationally” and promised to open China up to more foreign products and investment. “China has been trying to cool things down for weeks. They have offered concessions,” Lovely says. “Nothing seems to cool the fire. I fear they will take a hard line now that their efforts have been rebuffed. … China cannot appear subservient to the U.S. China: We will hit back if US announces new tariffshttps://t.co/07zzflC8j0 pic.twitter.com/1VRsSMY2TI— CNNMoney (@CNNMoney) March 22, 2018

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(BOSTON, Mass.) JUST IN: The top agricultural food export crop in Bay State could face a new business hurdle for international customers as Trumps administration looks to apply tariffs to EU exports as EU assess its taxes on incoming US goods #AceFinanceDesk reports

#AceFinanceNews – Mar.22: The Boston Globe reports Massachusetts cranberries could face a 25 percent tariff on exports to Europe: The continent is the top consumer of cranberry exports from the Bay State, which produces 15 percent of the world’s cranberries #AceFinanceDesk reports

The Trump administration’s move to impose tariffs on steel and aluminum imports could cause the EU to assess its taxes on incoming U.S. goods.

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(TEHRAN, Iran.) Iran’s media say the country’s national airline ‘ Iran Air ‘ has signed an agreement with unnamed Chinese company to provide funding for the company’s plane purchase campaigns – most notably those pursued with Airbus and Boeing as China becomes Iran’s top trading partner providing non-oil trade between Iran and China amounted to $19.7 billion during the 11 months to Feb.19: with $3-billion 18% growth compared to last years $16.8-billion #AceFinanceDesk reports

#AceFinanceReport – Mar.14: The Persian-language newspaper Iran reported that the agreement had been signed on Monday at Iran Air premises in Tehran, citing a statement by the country’s Ministry of Roads and Urban Development: “After months of negotiations, a Chinese company has accepted to provide funding for purchases of Iran Air planes, wrote the newspaper without mentioning the name of the Chinese company:

The problem of providing funds for new plane purchases has thus been resolved.”

In December 2016, Boeing sealed deals with Iran’s flag-carrier airliner Iran Air over sales of 80 jets valued at $16.6 billion. They include 50 narrow-body Boeing 737 passenger jets and 30 wide-body 777 aircraft.  Iran Air also sealed deals with Airbus over purchases of 100 planes worth $18-20 billion at list prices and has already received three of them: Iran Air has also signed a deal with the Franco-Italian aviation player ATR in early 2017 over a total of 20 turboprop planes and has already received six planes #AceNewsDesk reports

The arrival of the first new Airbus passenger plane was celebrated in a hanger in Tehran’s Mehrabad Airport in January 2017.

Iran signed an agreement with Boeing over the purchases of dozens of new planes in 2017.

Officials in Tehran had already said Iran Air would under deals with Airbus and Boeing pay only 15 percent of the amount for the planes purchased and that the remaining 85 percent would be provided by funders.

“This has obstructed further deliveries of planes,” Iran added in its report, emphasizing that deliveries of new planes could resume in summer.

“Iran Air had to purchase three Airbus planes that have been delivered in cash to make the contract effective,” it wrote. “It had been agreed that the amount would be considered as pre-payment for planes once the problem over finding would be resolved. Now that the problem of funding has been resolved, the next plane would be expected in Tehran after 21 June 2018, as per the agreement with Airbus”.

Iran had already announced that it expected to receive the first Boeing around May 2018. However, the future of the deal with the American aviation giant was thrown into doubts after US President Donald Trump increased his rhetoric against the Islamic Republic last year.

There have even been speculations that Trump might move to stop Boeing’s deal with Iran. http://ptv.io/2YHY

China Cementing Its Position as Iran’s Top Trade Partner: From bilateral trade to finance contracts and civil projects, China arguably has the strongest presence in Iran among all other countries: The Islamic Republic of Iran Customs Administration’s monthly data, reviewed by Financial Tribune, shows non-oil trade between Iran and China amounted to $19.7 billion during the 11 months to Feb. 19, marking a $3 billion (18%) growth compared with last year’s $16.8 billion goo.gl/CYd7j8

Iran says the Export-Import Bank of China (EXIM) is set to provide funds for the development of the Iranian petrochemical and telecommunication projects.

China’s EXIM bank has sealed a deal with Iran’s Bank Tejarat to provide funds for Iran’s petrochemical and telecommunication projects as well as those in other sectors:

The media in Tehran said on Thursday that this has been envisaged as per an agreement that China’s EXIM bank has signed with Iran’s Bank Tejarat to jointly fund Iranian projects.

Bank Tejarat has reportedly announced in a statement that the next segments that could benefit from the scheme are the automobile industry as well as the energy sector.

Providing financial guarantees for projects that are to be carried out by Iranian and Chinese companies or those from a third country has also been envisaged in the deal between the two banks.

Bank Tejarat has further emphasized that China’s EXIM bank is even set to provide insurance coverage for Iran’s import and export activities.

China’s EXIM bank in January signed a basic agreement with Iran’s Ministry of Road and Urban Development based on which it would fund the construction of a high-speed trains service between Iran’s capital Tehran and Mashhad in the northeastern province of Khorasan Razavi.

The agreement to provide a fund of around $4 billion was signed during a landmark visit to Iran by China’s President Xi Jinping.

China reportedly owes Iran over $20 billion in outstanding oil payments. The cash has been frozen in overseas banks after the US-led sanctions made it difficult for Beijing to transfer money to Tehran.

The two countries have reportedly reached a deal to settle some parts of the frozen money through China’s funding of Iranian petrochemical projects. It is not clear if the scheme that China’s EXIM bank has devised with Iran’s Bank Tejarat addresses is part of this deal. http://ptv.io/26LiFive Iranian banks have jointly signed a finance deal worth $10 billion with CITIC Trust, a Chinese state-owned investment company, to fund development projects in Iran.CBI also signed a memorandum of understanding with the Development Bank of China on financing construction and manufacturing projects worth €15 billion https://t.me/fintribune/2404

China pushing billions into Iranian economy as Western firms stall: China is financing billions of dollars worth of Chinese-led projects in Iran, making deep inroads into the economy while European competitors struggle to find banks willing to fund their ambitions, Iranian government and industry officials said https://t.me/ReutersWorld/36438

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MARKETS: #US Dow unofficially closes up 437.47 points or 1.76 percent, S&P 500 up 1.72 percent and Nasdaq up 1.76 percent first record close within 6-weeks and a strong jobs report and lower wage demands #AceFinanceDesk reports

#AFNews – 09/03/18: Dow unofficially closes up 437.47 points or 1.76 percent, S&P 500 up 1.72 percent and Nasdaq up 1.76 percent #AceFinanceDesk reports

pic.twitter.com/XST5N5uIQn— Reuters Business Dow leaps 441 points on strong jobs report, modest wage gains. Nasdaq soars to first record close in six weeks. https://t.co/A9OlUXl3FI CNNMoney March 9, 2018 #AceFinanceNews

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(WASHINGTON) OPED President Trump announced Thursday that he is imposing tariffs of 25% on steel imports and 10% on aluminum imports, with exemptions for Canada and Mexico: The president acted because steel and aluminum imports have helped erode the domestic industry to the point that it threatens national security. Unfair trading practices from countries like China have distorted the global steel and aluminum markets. It is time to halt the damage #AceFinanceDesk reports

Press Release
Op-Ed: Why We Imposed the Metal Tariffs
03/09/2018 10:42 AM EST
President Trump announced Thursday that he is imposing tariffs of 25% on steel imports and 10% on aluminum imports, with exemptions for Canada and Mexico. The president acted because steel and aluminum imports have helped erode the domestic industry to the point that it threatens national security. Unfair trading practices from countries like China have distorted the global steel and aluminum markets. It is time to halt the damage.

Since 1998, countless steel mills and aluminum smelters have closed. More than 75,000 steel jobs alone have disappeared. Today the U.S. has only one steel mill that can produce the advanced alloys used in armored-vehicle plating; one aluminum smelter that makes the high-grade aluminum needed for defense aerospace applications; and one steel mill that makes the materials needed for infrastructure like electrical transformers.

These tariffs aim to reverse this sorry state of affairs. Companies that produce steel and aluminum have said these tariffs will allow them to reopen mills, expand operations, attract new workers, and maintain critical steel- and aluminum-making skills.

It is true that higher steel and aluminum costs could mean price increases for American consumers. But they should be small for individuals and families. Monthly payments for a typical mass-market car might increase by $4 because of the tariff, according to Commerce Department estimates. Is that a fair price to pay for protecting national security? We think so.

Will it start a trade war? It shouldn’t. The U.S. isn’t the only country that has expressed concern about the types of unfair trade practices that are prevalent in the steel and aluminum industries. Countries like China have provided massive subsidies to their companies, and this is harming markets world-wide.

The U.S. has tried to work with others to address these problems. Unfortunately, mechanisms like the Global Steel Forum have fallen woefully short of their aims, with other countries failing to adhere to even basic transparency commitments.

The president will not stand idle while unfair practices erode America’s steel and aluminum industries and threaten national security. Other countries understand that.

Further escalating this issue is counterproductive. Rather, countries should take responsibility for their unfair practices and work together to address the underlying problems facing these industries. The U.S. is ready and willing to engage in such efforts.

The president has the authority to adjust or exempt countries from these tariffs at any time based on circumstances and national security considerations. That is why he is exempting Canada and Mexico. We expect continuing negotiations to create more national-security benefits than the tariffs.

Meanwhile, we will not hesitate to continue standing up for American families, American businesses and American workers.

Mr. Ross is U.S. secretary of commerce.

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( WASHINGTON) Thursday U.S. Secretary of Commerce Wilbur Ross announced the affirmative preliminary determination in the countervailing duty (CVD) investigation of imports of forged steel fittings from China, finding that exporters in China received countervailable subsidies equal to 13.79 percent this excludes the tariffs announced by Donald Trump #AceFinanceDesk reports

Press Release
U.S. Department of Commerce Issues Affirmative Preliminary Determination on Forged Steel Fittings from China
03/08/2018 07:36 PM EST

Today, U.S. Secretary of Commerce Wilbur Ross announced the affirmative preliminary determination in the countervailing duty (CVD) investigation of imports of forged steel fittings from China, finding that exporters in China received countervailable subsidies equal to 13.79 percent.

The Commerce Department will instruct U.S. Customs and Border Protection to collect cash deposits from importers of forged steel fittings from China based on these preliminary rates.

“This announcement is separate from today’s the steel and aluminum tariff’s announced by President Trump as a result of the Department’s 232 investigations,” said Secretary Ross. “We will continue to review all information related to this preliminary determination while standing up for American workers and companies.”

In 2016, imports of forged steel fittings from China were valued at an estimated $78.4 million.

The petitioners are Bonney Forge Corporation (Mount Union, PA), and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union (Pittsburgh, PA).

Enforcement of U.S. trade law is a prime focus of the Trump administration. From January 20, 2017, through March 8, 2018, the Commerce Department has initiated 102 antidumping and countervailing duty investigations – a 96 percent increase from the same period in 2016- 2017.

CVD law provides U.S. businesses and workers with an internationally accepted mechanism to seek relief from the harmful effects of unfair subsidization of imports into the United States. Commerce currently maintains 418 antidumping and countervailing duty orders which provide relief to American companies and industries impacted by unfair trade.

Commerce is currently scheduled to announce its final CVD determination on July 24, 2018.

If the Commerce Department makes an affirmative final determination in this investigation and the U.S. International Trade Commission (ITC) makes an affirmative final injury determination, Commerce will issue a CVD order. If the Commerce Department makes a negative final determination or the ITC makes a negative final determination of injury, the investigation will be terminated and no order will be issued.

Click HERE for a fact sheet on today’s decisions.

The U.S. Department of Commerce’s Enforcement and Compliance unit within the International Trade Administration is responsible for vigorously enforcing U.S. trade laws and does so through an impartial, transparent process that abides by international rules and is based solely on factual evidence.

Imports from companies that receive unfair subsidies from their governments in the form of grants, loans, equity infusions, tax breaks and production inputs are subject to “countervailing duties” aimed at directly countering those subsidies: #AceFinanceNews

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