🧵 So let's talk steel ⚙️ and aluminum 🥫: who imports it, and who they get it from ... (Source: 2022 Data from the Observatory of Economic Complexity) 1/n - ThreadSky

realhopejahren.bsky.social • 28 days ago

🧵 So let's talk steel ⚙️ and aluminum 🥫: who imports it, and who they get it from ...

(Source: 2022 Data from the Observatory of Economic Complexity)

1/n

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rexdalish.bsky.social•28 days ago

So basically, this announcement indicates that a certain individual was.....umm...."being economical with the truth" when he said the Canadian and Mexican tariffs were deferred 30 days. Shocked.....Ok, not that shocked.

realhopejahren.bsky.social•28 days ago

First off: iron/steel ⚙️and aluminum🥫are hugely traded commodities. Both are in the top 15 commodities traded the world 🌎 over, their value in trade adding up to almost $1 trillion 💰every year.
2/n

realhopejahren.bsky.social•28 days ago

The world's biggest importer of both commodities (iron/steel ⚙️and aluminum🥫) is -- you guessed it -- the USA 🇺🇸, who imports almost $100B worth of both commodities every year.
3/n

realhopejahren.bsky.social•28 days ago

The value of iron/steel ⚙️imported by the US 🇺🇸 is ~2x the value of aluminum🥫imported by the US 🇺🇸 ($560B and $280B, respectively)
4/n

realhopejahren.bsky.social•28 days ago

Almost 1/2 of the iron/steel ⚙️, and about 1/3 of the aluminum🥫that the US 🇺🇸 imports comes from Canada 🇨🇦 and Mexico 🇲🇽; they are by far the biggest suppliers to the US 🇺🇸. The third biggest supplier is China 🇨🇳, with a 10% share.
5/n

realhopejahren.bsky.social•28 days ago

So ... the US 🇺🇸 placing a tariff 💱on steel ⚙️ and aluminum🥫essentially amounts to the US 🇺🇸 placing tariffs on Canada 🇨🇦 and Mexico 🇲🇽, and to a lesser extent, China 🇨🇳.
n/n

retiredrph.bsky.social•28 days ago

And….don’t forget, U.S. consumers will ultimately pay more for everything!
And…the economy is not a game show! 🤡🎃

realhopejahren.bsky.social•27 days ago

A few more items of interest concerning the global trade of steel ⚙️ and aluminum 🥫 ...

First a reminder that the EU 🇪🇺 is 40+ countries put together so it can approach global trade as a single entity, and thus a bigger player.

n+1/n

cuuixsilver.bsky.social•28 days ago

📌

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