On Tuesday, China proposed tariffs on more than 100 goods coming from the United States.
The move was in response to U.S. President Donald Trump’s announcement that 1,300 Chinese exports could be targeted for tariffs. The full list, in this 58-page document, includes various types of steel, aluminum and turbines.
An extra 15 percent import tax could be applied to the following U.S. goods that could affect the pump industry:
- Stainless steel oil and gas pipeline pipes
- Pipes for other steel, petroleum and natural gas
- Seamless casing and conduits for drilled petroleum or natural gas made of stainless steel
- Seamless border tubes for iron/steel
- Stainless steel tubes
- Seamless steel alloys
- Steel casings and alloys
Check out the complete list of steel-related tariffs, along with others, and the applicable extra import tax from Quartz Media.
The announcement came with an accusation from China that the U.S. has violated World Trade Organization regulations, causing China to suspend “substantial equal concessions and other obligations to the United States,” according to a statement from China’s Ministry of Commerce. The move was made to “effectively protect China’s interests,” the statement read.
Trump announced he was imposing import tariffs on steel and aluminum on March 8. Here is a previous Pumps & Systems report on how some in the pump world felt that would affect the industry at the time.
Flowrox president and CEO of North America operations Todd Loudin said then that the bigger concern is how countries would retaliate and that the action appeared directed at China and Asia, but only 10 percent of U.S. steel imports come from China.
CNBC feels that the energy industry will come out of any trade issues with Trump and China unscathed due to the U.S. oil and energy supply and China’s demand for more. According to CNBC Market Insider Patti Domm, “China laid claim to 20 percent of U.S. oil exports last year and is a growing importer of liquified natural gas.”
