“Punitive tariffs” hindered supply at Universal Electronics Inc. in Q4, resulting in shipping delays and lower-than-expected sales of $169.7 million, said CEO Paul Arling on a Thursday earnings call after regular U.S. markets closed. Dougherty & Co. had forecast $186 million, analyst Steven Frankel wrote investors Friday.
“Punitive tariffs” hindered supply at Universal Electronics Inc. in Q4, resulting in shipping delays and lower-than-expected sales of $169.7 million, said CEO Paul Arling on a Thursday earnings call after regular U.S. markets closed. Dougherty & Co. had forecast $186 million, analyst Steven Frankel wrote investors Friday.
“Punitive tariffs” hindered supply at Universal Electronics Inc. in Q4, resulting in shipping delays and lower-than-expected sales of $169.7 million, said CEO Paul Arling on a Thursday earnings call after regular U.S. markets closed. Dougherty & Co. had forecast $186 million, analyst Steven Frankel wrote investors Friday.
Kentucky Gov. Matt Bevin says there shouldn't be steel and aluminum tariffs on Canadian products, but expressed confidence that the Trump administration will make the situation right eventually. Bevin is a Republican who leads a state that is third-highest in auto industry jobs as a proportion of the workforce. "I wish people would just have patience," he said at a Feb. 21 event sponsored by the Canadian American Business Council. He suggested the reason the tariffs are still in place is "there's a limited amount of bandwidth" at the Office of the U.S. Trade Representative, and they have "a limited amount of ability to fight all these fires at once."
Rep. Rick Larsen, D-Wash., said he is skeptical that a formal agreement on trade will be reached in the U.S.-China talks, citing what he called the Trump administration’s lack of “patience,” and that while some features of the renegotiated NAFTA remain in contention, he senses that more in Congress are comfortable with the language.
Four trade lawyers from White & Case say that 2019 could have even more trade tumult than did 2018, especially if the Trump administration levies tariffs on auto imports from Europe or Japan. Their alert, published Feb. 6 and with Scott Lincicome as the lead author, talks about prospects for a China trade deal, ratification of the new NAFTA, a continuing truce with Japan and Europe, and other trade developments expected this year.
A domestic trade association filed petitions on Feb. 1 with the Commerce Department and the International Trade Commission requesting new antidumping and countervailing duties on fabricated structural steel from Canada, Mexico and China. Commerce will now decide whether to begin AD/CVD investigations on fabricated structural steel that could eventually result in the assessment of AD/CV duties. The petition, filed by the American Institute of Steel Construction, targets steel mill products of various shapes that have been fabricated (and typically custom-manufactured) into articles suitable for erection or assembly into a variety of structures.
Leaders of auto, aluminum and farm interest groups are all pushing for the Section 232 steel and aluminum tariffs to be lifted on Canada and Mexico, as the administration said would happen once NAFTA was renegotiated. But none of the groups will make their support for the U.S.-Mexico-Canada Agreement contingent on the tariffs being lifted.
The Council of the European Union passed its negotiating directives for free trade talks with the U.S. on Jan. 18, and as expected, agriculture is not part of the scope. The EU also said it would require the lifting of the Section 232 tariffs on aluminum and steel before any deal is finalized. "These two proposed negotiating directives will enable the Commission to work on removing tariffs and non-tariff barriers to transatlantic trade in industrial goods, key goals of the July Joint Statement," EU Trade Commissioner Cecilia Malmstrom said.