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A problem with the new, diluted tariff scheme is that excludes many of the largest importers of steel to the U.S.
“Additionally, the steel tariff program appears to have less bite than many initially feared, as a number of key steel exporters to the U.S. have now received temporary exemption,” said Morningstar. “Those exempt include Canada, Mexico, the E.U., Argentina, Australia, Brazil, and South Korea. Together, these countries accounted for 65% of U.S. steel imports in 2017.”
For more information on the steel industry, visit our steel category.