2025-02-10 18:54

SARAJEVO, Feb 10 (Reuters) - Hundreds of students protested in the Bosnian capital Sarajevo on Monday over the failure of authorities to take responsibility for the deaths of 27 people in devastating floods in early October or to promptly help survivors. Heavy rain caused flooding and landslides that swept through parts of central and southern Bosnia and Herzegovina overnight on October 4, destroying homes, roads and bridges. Nineteen people were killed in the southern village of Donja Jablanica alone, after an illegal quarry collapsed trapping people under heavy rocks. An investigation has yet to be launched. The disaster has laid bare the difficulties of channelling funds in the fragmented Balkan country whose multiple governments have struggled to respond. Authorities have been slow to start reconstruction work or to distribute aid donated by the European Union and other foreign governments. "Where are the donations? Where is the rehabilitation? Where is transparency? Where is responsibility?" read a huge banner that protesters carried in front of the state parliament. "The students arrived to ask for the accountability of all those who have directly or indirectly contributed to the death of 19 people after an illegal quarry above Donja Jablanica had slid," said Imran Pasalic, president of the Sarajevo University Students Parliament. Bosnia was ethnically divided after its devastating war in the 1990s, in which about 100,000 people had been killed, and is still struggling to overcome ethnic divides. Some students said they were protesting in solidarity with students in neighbouring Serbia, who have held anti-government protests over a railway station disaster that killed 15 people in November and quickly ballooned into a political crisis. Sign up here. https://www.reuters.com/world/europe/bosnian-students-protest-government-inaction-after-deadly-floods-2025-02-10/

2025-02-10 12:56

Trump raises aluminum tariffs to 25% from 10% Trump targets downstream steel products for tariffs Trump also promises broader reciprocal tariffs WASHINGTON, Feb 10 (Reuters) - U.S. President Donald Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25% "without exceptions or exemptions" in a move he hopes will aid the struggling industries in the United States but which also risks sparking a multi-front trade war. Trump signed proclamations raising the U.S. tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals. A White House official confirmed the measures would take effect on March 4. The tariffs will apply to millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea and other countries that had been entering the U.S. duty free under the carve-outs. The move will simplify tariffs on the metals "so that everyone can understand exactly what it means," Trump told reporters. "It's 25% without exceptions or exemptions. That's all countries, no matter where it comes from, all countries." Trump later said he would give "great consideration" to Australia's request for an exemption to the steel tariffs due to that country's trade deficit with the U.S. The proclamations were extensions of Trump's 2018 Section 232 tariffs to protect domestic steel and aluminum makers on national security grounds. A White House official said the exemptions had eroded the effectiveness of these measures. Trump also will impose a new North American standard requiring steel imports to be "melted and poured" and aluminum to be "smelted and cast" within the region to curb U.S. imports of minimally processed Chinese and Russian metals that circumvent other tariffs. The action also extends the tariffs to downstream products that use foreign-made steel, including fabricated structural steel, aluminum extrusions and steel strand for pre-stressed concrete, a White House official said. "The steel and aluminum tariffs 2.0 will put an end to foreign dumping, boost domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America's economic and national security," Trump's trade adviser Peter Navarro told reporters. As he signed the order at the White House, Trump said he would follow Monday's action with announcements about reciprocal tariffs on all countries that impose duties on U.S. goods over the next two days, and said he was also looking at tariffs on cars, semiconductors and pharmaceuticals. Asked about threats of retaliation by other countries against his new tariffs, Trump said: "I don't mind." U.S. data showed aluminum smelters produced just 670,000 metric tons of the metal last year, down from 3.7 million in 2000. Plant closures in recent years including in Kentucky and Missouri have left the country largely reliant on imports. Steel imports accounted for about 23% of American steel consumption in 2023, according to American Iron and Steel Institute , opens new tab data, with Canada, Brazil and Mexico the largest suppliers. Canada, whose abundant hydropower resources aid its metal production, accounted for nearly 80% of U.S. primary aluminum imports in 2024. Canada's industry minister said the U.S. tariffs were "totally unjustified", with Canadian steel and aluminum supporting key U.S. industries including defense, shipbuilding, energy and autos. "This is making North America more competitive and secure," Francois-Philippe Champagne said in a statement. "We are consulting with our international partners as we examine the details. Our response will be clear and calibrated." While China exports only tiny volumes of steel to the U.S., it is responsible for much of the world's excess steel capacity, according to the U.S. It says subsidized production in China forces other countries to export more and leads to transshipment of Chinese steel through other countries into the U.S. to avoid tariffs and other trade restrictions. Following losses in Asian and European steelmakers on Monday, shares of Chinese steelmakers dropped further on Tuesday, while shares in U.S. steel and aluminum makers jumped ahead of the proclamations. COLD WAR TRADE LAW Trump first targeted steel and aluminum for tariffs in 2018 under a Cold War-era national security law. He later granted several countries exemptions, including Canada, Mexico and Australia, and struck duty-free quota deals for Brazil, South Korea and Argentina based on pre-tariff volumes. Trump's successor, former president Joe Biden, later negotiated duty-free quotas for Britain, Japan and the EU. "We applaud the president for instituting these 25% tariffs on steel imports and getting rid of exclusions, carveouts and quotas that are based on antiquated data," said Philip Bell, president of the Steel Manufacturers Association. These were based on 2015-2017 import levels that no longer reflect current market dynamics, Bell said. The European Commission said it saw no justification for the tariffs and said President Ursula von der Leyen would meet U.S. Vice President JD Vance in Paris on Tuesday during an AI summit. In South Korea, the Industry Ministry called in steelmakers to discuss how to minimize the impact of tariffs. RECIPROCAL TARIFFS Trump has promised detailed information on Tuesday or Wednesday on his reciprocal tariff plan. He has long complained about the EU's 10% tariff on auto imports, much higher than the U.S. car rate of 2.5%. However, the U.S. applies a 25% tariff on pickup trucks, a vital source of profit for Detroit automakers like General Motors (GM.N) , opens new tab. Overall, the U.S. trade-weighted average tariff rate is about 2.2%, according to World Trade Organization data, compared to 12% for India, 6.7% for Brazil, 5.1% for Vietnam and 2.7% for the EU. Indian Prime Minister Narendra Modi is preparing tariff cuts ahead of a Wednesday meeting with Trump that could boost American exports, Indian government officials said. Trump has previously called India a "very big abuser" on trade, and his top economic adviser Kevin Hassett singled out the country as having "enormously high" tariffs in a CNBC interview. Trump had already threatened to impose tariffs of 25% on all imports from America's two largest trading partners, Canada and Mexico, saying they must do more to halt the flow of drugs and migrants across the U.S. border. After some border security concessions, Trump paused the tariffs until March 1. Sign up here. https://www.reuters.com/markets/asian-eu-steelmakers-shares-fall-after-trump-escalates-tariffs-2025-02-10/

2025-02-10 12:42

LONDON, Feb 10 (Reuters) - Britain has not seen details of U.S. President Donald Trump's proposed steel and aluminium tariffs and will continue to engage with the Trump administration as appropriate, a spokesman for Prime Minister Keir Starmer said on Monday. Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the U.S., on top of existing metals duties, in another major escalation of his trade policy overhaul. Starmer's spokesman said while it was not possible to speculate on the impact of such tariffs without seeing details, Britain always prepares for all developments. "I haven't seen any detailed proposals following reporting overnight, but we will obviously engage as appropriate," the spokesman told reporters. Separately, industry body UK Steel said any tariffs would represent a "devastating blow" to the sector, harming high-end steel exports to the U.S., which is Britain's second largest export market after the European Union. Britain exports around 200,000 tonnes of steel per year to the U.S., worth over 400 million pounds ($495 million). ($1 = 0.8076 pounds) Sign up here. https://www.reuters.com/world/uk/uk-has-not-seen-details-trump-steel-tariffs-cannot-assess-impact-says-pms-2025-02-10/

2025-02-10 12:33

NEW DELHI, Feb 10 (Reuters) - India's aluminium shipments to the U.S., its top export market for the metal, will likely drop due to tariffs proposed by Washington, prompting producers to look at other markets such as Europe, industry executives and a government source said on Monday. U.S. President Donald Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the United States in another major escalation of his trade policy overhaul. He also said he would announce reciprocal tariffs on Tuesday or Wednesday. Those measures would drag down India's aluminium exports to the United States, affecting the profitability of Indian producers, the executives and the source said. Although Indian aluminium producers, which include Vedanta Aluminium and Hindalco Industries (HALC.NS) , opens new tab, could look to other markets in Europe and Southeast Asia, these would take time to absorb the additional supplies, they said. "India is one of the major exporters to the U.S. and the tariffs will have a significant impact," B.K. Bhatia, additional secretary general at the Federation of Indian Mineral Industries, the country's leading mining body, told Reuters. "Some bilateral arrangement has to be made for concessional tariffs to ease the situation," Bhatia said. Indian Prime Minister Narendra Modi is scheduled to meet Trump this week, and is likely to propose additional tariff cuts that could boost American exports to India and avoid a potential trade war between the two countries. India, the world's second biggest primary aluminium producer, exported 0.2 million metric tons of aluminium to the U.S., worth 78.3 billion rupees ($894.4 million), in the year to March 2024, government data showed. Unlike aluminium companies, India's steel producers are not expected to face significant setbacks as their supplies to the U.S. are smaller. India could see an increase in steel shipments as other countries may divert cargoes to New Delhi due to the proposed U.S. tariffs on the alloy, they said. The country became a net importer of steel in the 2023-24 fiscal year, and imports have steadily increased in recent months. Sign up here. https://www.reuters.com/markets/commodities/indias-aluminium-exports-us-likely-drop-due-tariffs-industry-says-2025-02-10/

2025-02-10 12:04

BRUSSELS, Feb 10 (Reuters) - European Commission President Ursula von der Leyen will meet U.S. Vice President JD Vance in Paris on Tuesday during an AI summit, a spokesperson for the commission said on Monday. Sign up here. https://www.reuters.com/world/eus-von-der-leyen-meet-us-vice-president-vance-tuesday-2025-02-10/

2025-02-10 12:01

https://www.reuters.com/world/us/tariffs-updates-trump-set-out-new-metals-tariffs-2025-02-10/