STLD - U.S. Japan to announce deal to end Trump steel tariffs - Bloomberg

The U.S. and Japan are set to announce an agreement that will end the 25% Section 232 tariffs on steel imports from Japan, Bloomberg reports. The truce does not cover aluminum imports, which remain subject to a 10% tariff, according to the report. Major steel names trade mixed on the news: X -0.7%, CLF +0.2%, NUE +0.1%, STLD -1.4%, RS -1.4%, CMC -1.4%, SCHN -1.2%. ETFs: SLX, JJU The U.S. imported ~1.7M metric tons of steel from Japan in 2017, the most recent year not affected by the tariffs, and 1.9M in 2016. But U.S. steelmakers have warned that Europe and Japan could unknowingly import metal from restricted countries and then export that to the U.S., flooding the market. The U.S. reached a deal in October with the European Union to ease tariffs on steel and aluminum from Europe.

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U.S., Japan to announce deal to end Trump steel tariffs - Bloomberg