Latest news with #U.S.InternationalTradeCommission
The Sun
3 days ago
- Business
- The Sun
Trump says he plans to double steel tariffs to 50%
WEST MIFFLIN (Pennsylvania): U.S. President Donald Trump on Friday said he planned to increase tariffs on foreign imports of steel from 25% to 50%, ratcheting up pressure on global steel producers and vowing to deepen his trade war. 'We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,' he said at a rally in Pennsylvania. The levy increase will take effect next week. The steel tariffs, along with levies on aluminum, were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the U.S. went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum fry pans and steel door hinges. The total 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminum and one-third steel, according to Census Bureau data retrieved through the U.S. International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totaled $50 billion in annual import value.
CNBC
6 days ago
- Business
- CNBC
Polsinelli's Deanna Okun: We tell our clients to ignore the noise around tariffs, look at details
Deanna Okun, former U.S. International Trade Commission commissioner and chair, and Jon Cowley, Baker McKenzie partner, join CNBC's 'Squawk on the Street' to discuss how lawyers are advising corporate clients on how to navigate tariffs, how companies are positioning, and more.
Yahoo
7 days ago
- Business
- Yahoo
Pressure building for homeowners as renovation industry gets hammered by supply chain chaos thanks to tariffs
Tariffs are hammering the home renovation industry, pushing designers, contractors and homeowners into a financial crunch as rising costs create chaos in the supply chain. Chad Esslinger, an interior designer based outside Chicago, says the pressure has been building ever since President Donald Trump introduced sweeping global tariffs in early April. Costs have been creeping up for Esslinger, telling CNN that one key supplier, providing lighting, rugs and furniture, slapped a 14% 'temporary tariff surcharge' on Chinese imports and 2% on goods from any other countries starting May 12. Another vendor dealing in fabric and wallpaper also warned of imminent price hikes. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) 'I've seen it where sometimes they don't even warn you,' he said. 'I've gone to a website to look at a product I might have sourced a month ago, and now suddenly it's a certain percentage more.' To survive, Esslinger says the price hikes can't be absorbed; they have to be passed on. 'Just like everything,' he said, 'you have to pass that cost along if you want to stay profitable.' The home renovation market has thrived in recent years, bolstered by an aging housing stock and fewer new builds. But that growth is being threatened by U.S. trade policy. In 2024, China exported more than $438 billion worth of goods to the U.S., with nearly 19% of that total in machinery and appliances, including refrigerators, dishwashers, laundry machines, and another 4% in furniture and lighting, according to the U.S. International Trade Commission. A recent agreement between the U.S. and China has temporarily lowered that rate to 30% for 90 days, but the broader market remains unsettled. Blanket 10% tariffs remain in effect for many other trading partners, and those rates could climb again after July 9. 'It's top of mind at this point. On the contractor side, they're waiting to see how it unfolds,' Julie Kheyfets, CEO of Block Renovation, a platform that connects homeowners with contractors, told CNN. 'The thing about renovations is, every renovation is different. You can't stock a bunch of extra materials ahead of time, because every homeowner wants something different.' That uncertainty has made it harder for businesses to plan and for customers to commit. The U.S. home remodeling market is still expected to grow in the coming years, according to fresh projections from the National Association of Home Builders (NAHB). The NAHB forecasts a 5% increase in residential remodeling activity for 2025, showing resilience in the face of economic and trade policy volatility. The growth, they say, is being driven by factors like aging housing, high home equity levels and an aging demographic. But despite the projections, professionals like Esslinger say the lack of clarity is causing delays. 'The word that just keeps coming up is uncertainty,' he said. 'I've had some clients say they're going to hold off for a little bit and see how things go, while some have scaled back a little bit.' Not everyone is seeing the same level of impact. Nina Sepiashvily, who runs I&N Builders in New York City, says that while she's noticed a slight uptick in costs, it's nothing compared to the price surges triggered by post-pandemic inflation. Her focus is more on structural materials like lumber, rather than imported furnishings. Tariffs on Canadian lumber, a key import for the U.S., sit at 14.5%, but the U.S. Department of Commerce has proposed more than doubling that rate to 34.5%. 'We haven't really seen [tariffs] affect our costs yet,' Sepiashvily said, 'Homeowners are uncertain about tariffs, they're uncertain about their investments and they're afraid to pull the trigger.' But in New Mexico, interior decorator Sandy Schargel experienced the ripple effects firsthand when a lighting company canceled a large order due to tariff-related product discontinuations. Replacement options came with a 10% markup. Schargel says the loss of access to more affordable imported items means she now often looks to American-made alternatives in a shift that may drive up costs for budget-conscious clients. 'When you come to the lower price points, American-made does limit things, somewhat,' she said. 'Imported merchandise often has lower price options.' She's now telling her clients to buy early. 'I've told people to order what they need as soon as possible to avoid prices going up further down the line,' she said. As for Esslinger, he hasn't seen any price relief. 'No home goods importers I work with have said they plan to lower prices,' he said. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs If you're planning a home renovation in 2025, you're likely feeling the squeeze of rising material costs and ongoing tariff volatility. But, with the right strategy, you can still make your dream remodel a reality without blowing your budget. Here are four ways to protect your wallet and stay on track: Renovation costs can escalate quickly in today's market. Experts recommend adding a 15% to 30% contingency to your budget to account for unexpected costs, like price hikes in materials. Use budgeting tools, whether spreadsheets or apps, to monitor every dollar spent and keep your project from spiralling out of control. Global supply chains remain unpredictable, and tariffs are making some imports pricier than ever. You can choose U.S. lumber or steel, which tend to be less tariff-sensitive. You can also work with local suppliers to cut down on shipping costs. Renovations are a big-ticket item, but there are smart ways to finance them, like home equity lines of credit (HELOCs), home equity loans, which offer fixed-rate options or personal loans, if you have strong credit and want to avoid tapping into home equity. Don't settle for the first contractor you meet. Make sure to get multiple bids and ask for itemized estimates to see exactly how much is being allocated to materials, labor and overhead. This can help you spot markups, negotiate better rates and make informed comparisons. While the pause in the highest tariffs offers some relief, many in the home renovation business are preparing for continued volatility. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Epoch Times
21-05-2025
- Business
- Epoch Times
US to Add Tariffs to Solar Cell Imports From Southeast Asia
The U.S. International Trade Commission (USITC) said on May 20 it has The American Alliance for Solar Manufacturing Trade Committee had brought the challenge before the USITC in April 2024 against solar cells imported from Cambodia, Malaysia, Thailand, and Vietnam, arguing that China-backed solar companies manufacturing in Southeast Asian countries were dumping products onto the American market.
Yahoo
20-05-2025
- Business
- Yahoo
US trade panel's vote paves way for stiff tariffs on many solar imports
By Nichola Groom (Reuters) -The U.S. International Trade Commission determined on Tuesday that domestic solar panel makers were materially harmed or threatened by a flood of cheap imports from four Southeast Asian nations, bringing the United States a step closer to imposing stiff duties on those goods. The "yes" vote by the three-member ITC means the Commerce Department will issue orders to enforce countervailing and anti-dumping tariffs on solar products imported from Malaysia, Thailand, Cambodia and Vietnam that the agency finalized last month. The vote resolves a year-old trade case in which American manufacturers accused Chinese companies of flooding the market with unfairly cheap goods from factories in Southeast Asia. Since that time, President Donald Trump has pursued a broad strategy to impose tariffs on imported products to protect manufacturers of U.S.-made goods. The Commerce Department cannot impose tariffs unless the ITC finds that the domestic industry was harmed or threatened by overseas rivals receiving unfair subsidies and dumping products in the U.S. market. The outcome of the vote was posted in a brief notice on the ITC's web site. It was not immediately clear how each commissioner voted. The trade case was brought last year by Korea's Hanwha Qcells, Arizona-based First Solar Inc and several smaller producers seeking to protect billions of dollars in investments in U.S. solar manufacturing. "(Tuesday's) vote leaves no doubt: these Chinese-headquartered companies have been violating trade laws by overwhelming the U.S. market with unfairly cheap, dumped and subsidized solar panels - and they continue to do so from third-party markets around the world, undermining U.S. industrial strategy and stunting new investment," Tim Brightbill, the lead attorney for the petitioning group, the American Alliance for Solar Manufacturing Trade Committee, said in a statement. "This cannot stand. Our growing American industry deserves - and now will have - the chance to compete fairly," Brightbill said. The vast majority of panels installed in the United States are imported from Asia. In 2022, former President Joe Biden's signature climate change law, the Inflation Reduction Act, created a tax credit for clean energy manufacturing, and more than 100 solar factories have been announced or expanded since then, according to the American Clean Power Association trade group. A top U.S. solar trade group, the Solar Energy Industries Association, said new tariffs would actually harm domestic producers by increasing costs for panel buyers. "(Tuesday's) decision by the U.S. International Trade Commission is concerning for American solar manufacturers and the broader U.S. solar industry," SEIA President Abigail Ross Hopper said in a statement. "The USITC's final affirmative injury determination adds an additional layer of tariffs that will raise costs for the solar products American companies need to build projects and grow domestic manufacturing."
