"Businesses around the world are steeling themselves for another round of Donald Trump's tariffs, this time on goods ranging from bicycles to baking trays, as US industry embraces a call for more products to tax on import. Small, medium and large American companies have asked the US Department of Commerce to add about 700 more items to an August list of 407 products already facing extra tariffs because of their steel content, which hit items such as Ikea tables with metal nuts and bolts and German combine harvesters."
"Manufacturers across Europe had reluctantly reconciled themselves to higher border taxes under the new trade frameworks struck with Trump. The UK's deal included a baseline tariff on all goods of 10% and a 25% one for steel, while the EU agreed rates of 25% and 50% respectively. However, exporters say the new derivative tariffs make a mockery of these agreements, because they mean many goods could soon face paying the higher rate on their steel content on top of the baseline rate on the cost of the whole item."
American companies have petitioned the US Department of Commerce to add about 700 products to an existing list of 407 goods already subject to extra tariffs because of steel content. The additional levies would extend beyond obvious steel items to derivatives that simply contain metal components, affecting a wide range of consumer and industrial products. European manufacturers warn that derivative tariffs could pile steel-specific charges on top of baseline tariffs agreed under recent trade frameworks, amplifying costs for exporters and disrupting supply chains. The requests were submitted before a 21 October consultation deadline, marking a second round of proposals within three months.
Read at www.theguardian.com
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