Industry News: US-China Trade Deal On Rocky Footing
The scrap metal market (and steel market in general) has been closely watching the US-China trade deal for pretty much all of 2019. Back in the January scrap metal market report we discussed the impending March 1st deadline to resolve the dispute. Now, two days ago an AP News article discusses the rocky relationship between the two countries.
“The US-China trade talks are in serious trouble,” said Wendy Cutler, a former U.S. trade negotiator who is now vice president at the Asia Society Policy Institute. “There is less and less trust on both sides, coupled with a growing sense in both Washington and Beijing that they may be better off without a deal, at least for the time being.”
With these trade talks threatening to go on indefinitely it seems as though there will be no relief coming soon for the metals markets. The next key date would be September 1st, which is when tariffs will go into effect on the remaining $300 billion of Chinese imports that have avoided the tax so far.
NOTE: All figures are believed to be reliable and represent approximate pricing based on information obtained prior to publication. Data is sourced from American Recycler, London Metal Exchange, iScrap App, and Scrap Monster. Advanced Remarketing Services is not responsible for the accuracy or completeness of the information provided, or for the use or application of information herein.