But the overall direction is still towards protectionism
been tough for Riverdale Mills Corporation, a company based in Northbridge, Massachusetts. In June last year the Trump administration imposed tariffs of 25% on steel imported from Canada, which accounted for half the firm’s supply. As its business involves transforming steel rods to supply 85% of North America’s lobster traps, and 31 miles of security fencing along America’s border, its costs soared. “We were very, very disappointed,” said James Knott, its chief executive.
The tariff cuts will relieve strain for metal importers immediately. But the effect on the overall market may be muted, says Michael Widmer of Bank of America Merrill Lynch, an investment bank. Before the tariffs Canada and Mexico supplied only around 15% of America’s combined steel and aluminium imports. Most of the rest still faces trade restrictions. For steel the relief will be “very narrow”, he says.
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