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.

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews

( 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

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews

(LONDON) Saudi Arabia ‘ Signs Memorandum of Intent ‘ for 48 Typhoon fighter jets to be suppl ied by BAE it was announced to LSE today that sent share price up by 2.0% on FTSE100 #AceFinanceDesk reports

#AceFinanceReport – Mar.09: British military equipment maker BAE Systems announced Friday that Saudi Arabia has signed a preliminary deal for 48 Eurofighter Typhoon fighter jets: “The UK Government has signed a Memorandum of Intent with the Kingdom of Saudi Arabia to aim to finalise discussions for the purchase of 48 Typhoon Aircraft,” BAE said in a brief statement to the London Stock Exchange #AceFinanceDesk reports

Saudi Arabia signs deal for 48 Typhoon fighter jets “This is a positive step towards agreeing a contract for our valued partner: “We are committed to supporting the Kingdom as it modernises the Saudi Armed Forces and develops key industrial capabilities.”In reaction, BAE’s share price jumped 2.0 percent to 600.80 pence in afternoon deals on London’s benchmark FTSE 100 index, which traded flat: #AceFinanceNews

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews