June 29, 2022 – The US government has announced it will impose tariffs of up to 35% on Russian imports, including steel and aluminum. Is the nickel bet over or did the bank just back down? And Iranian steel industry crippled by hacking.
US: 35% tariffs on Russian products – steel and aluminum affected
US President Joe Biden has announced that new tariffs will be imposed on Russian imports from the end of July 2022. The so-called Column 2 Tariffs, which also include North Korea and Cuba, for example, are to be up to 35%.
According to US Trade Representative Katherine Tay, the new tariffs will affect steel and aluminum; minerals, ores, and metals; chemicals; arms and ammunition; wood and paper products; aircraft & parts; and automotive parts, among others.
Nickel bet over or has JP Morgan simply pulled out?
Currently, the media is saying that JP Morgan, which had and probably still has close ties to the Tsingshan Group, is no longer involved in the failed nickel bet from March 2022.
The questions we have in this regard are whether the nickel bet has since been settled or whether JP Morgan has simply pulled out? And, if one has pulled out, which we currently assume it has, we ask ourselves why that is? What does the financial services company know that we don’t?
Iranian steelmakers hit by cyber attacks
Several major Iranian steelmakers have reportedly been hit by cyber attacks in recent days. That has forced some of them to stop production. According to media, the attack on the country’s strategically important industrial sector was one of the largest in recent times.
- Nickel, copper – demand will far exceed supply
- EU alloy surcharges finally reduced to absurdity
- ETS certificates and the Carbon Border Tax CBAM
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