Excellent news for the community of Lorain, Ohio, where it was announced today that Republic Steel has plans to recommission at least one blast furnace by the end of this year. They are also estimating the possibility of putting a second blast furnace back on-line due to production forecasts as a result of President Trump’s steel and aluminum tariffs.
Lorain Pig Iron is beginning the process to start the mill’s Blast Furnace 4, by working with contract service providers to submit proposals for the recommissioning. Since 2015 over 1,000 workers in Lorain were laid off. BF4 has been dormant since 2016 when the remaining 200 steelworkers were laid off.
If Republic Steel fires up two blast furnaces (BF3 and BF4) at this ironworks, over 1,000 jobs could be created depending on the number of shifts each day. 100 to 200 jobs per shift, per furnace, equals 300 – 600 jobs per furnace/24 hrs. That’s a tremendous economic lift to the people living in/around Lorain, Ohio. Great news.
LORAIN, OHIO — Two of the blast furnaces at Republic Steel on East 28th Street could be up and running by the end of this year.
According to a news release, Lorain Pig Iron LLC, or LPI, is beginning the process to start the mill’s Blast Furnace 4, or BF4, by working with technical service providers to review and submit proposals for the recommissioning.
In restarting BF4, the company would be able to produce and distribute 1 million tons of pig iron annually.
LPI, which is jointly owned and operated by Republic and Minnesota-based ERP Iron Ore LLC, also is evaluating starting up the mill’s Blast Furnace 3, or BF3, which would double pig iron production in Lorain to 2 million tons annually. (read more)
A very confident Treasury Secretary Steven Mnuchin appears on CNBC for a wide-ranging interview on current economic subjects. Within the discussion [14:00] Secretary Mnuchin affirms the U.S. economy is nowhere near “full employment”; an economic reality which highlights how much labor statistics were manipulated by political ideologues the prior administration(s).
Additionally, Secretary Mnuchin discusses the administrations’ focus on ‘reciprocal trade deals’ as the cornerstone of new trade constructs. This is a seismic shift in U.S. trade position. The secretary replaces the word “globalism” with a more nuanced “world-wide”; and “economic patriotism/nationalism” is replace with the word “territorial”.
Also worth noting is the larger dynamic of “intellectual property” (vis-a-vis China) and how the inherent Trump policies therein overlay trade positions between the U.S. and China. As we have previously mentioned the USTR Lighthizer 301 investigation into China could be exponentially more significant than Steel and Aluminum tariffs. Secretary Mnuchin confirms this aspect albeit with a measure of necessary opaqueness.
Leo Gerard, the President of the United Steelworkers Union, talks to a very frustrated Chuck Todd about the effect of President Trump’s new tariffs and his appreciation therein.
Chuck Todd has all his Media Matters talking points prepared to outline his narrative; however, unfortunately for the toad, he came up against a very knowledgeable union leader with a solid grasp of the details and important specifics. WATCH:
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As you can see from President Leo Gerard’s comments he well understands the value of Commerce Secretary Wilbur Ross, U.S. Trade Ambassador Robert Lighthizer and administration trade strategist Peter Navarro. The next phase of MAGAnomic Main Street trade initiatives involves global “trade reciprocity” advancement.
The statement tonight by South Korean National Security Adviser Chung Eui-yong is so jaw-dropping in significance it has left the professional diplomatic apparatus stunned.
A year of targeted and strategic geopolitical policy execution by President Trump, Secretary of State Rex Tillerson and U.N. Ambassador Nikki Haley has resulted in North Korean leader Kim Jong-un accepting denuclearization and requesting a meeting with President Trump to achieve terms therein.
Yeah, HO-LEE-CATS is an understatement. The possibility of a willingly denuclearized Korean peninsular is such an astounding policy victory; it is difficult to conceptualize. Here’s the statement from South Korea’s Chung Eui-yong:
“Good evening, today I had the privilege of briefing President Trump on my recent visit to Pyongyang, North Korea. I’d like to thank President Trump, the vice-president and his wonderful national security team, including my close friend General McMaster.”
“I thanked President Trump that his leadership, and his maximum pressure policy together with international solidarity, brought us to this juncture. I expressed President Moon Jae-in’s personal gratitude for President Trump’s leadership.”
“I told President Trump that in our meeting North Korean leader Kim Jong-un said he is committed to denuclearization. Kim pledged that North Korea will refrain from any further nuclear or missile tests; he understands that the routine joint military exercises between the Republic of Korea and the United States must continue. And he expressed his eagerness to meet President Trump as soon as possible.”
“President Trump appreciated the briefing and said he would meet Kim Jong-un by May to achieve permanent denuclearization.”
“The Republic of Korea along with the United States, Japan and our many partners around the world, remain fully and resolutely committed to the complete denuclearization of the Korean Peninsular.”
“Along with President Trump we are optimistic about continuing a diplomatic process to test the possibility of a peaceful resolution. The Republic of Korea, The United States and our partners stand together in insisting that we not repeat the mistakes of the past; and that the pressure will continue until North Korea matches it’s words with concrete actions. Thank You.” (link)
Korea Times – North Korean leader Kim Jong-un has expressed willingness to meet U.S. President Donald Trump for talks over denuclearization, South Korean officials visiting Washington said, Friday.
In response, Trump said he would like to meet him by May, they said.
National Security Office chief Chung Eui-yong, one of President Moon Jae-in’s envoys to Pyongyang who is now visiting Washington, said in a press briefing at the White House that he delivered such messages of Kim to Trump.
Kim also said he was “committed to denuclearization” and would “refrain from any further nuclear or missile tests,” Chung said. (link)
“Complicated business folks,… Complicated business”
When it comes to the use of economic leverage to create U.S. national security outcomes, well, we are learning at the knee of an economic master player. {Deep Dive}
Commerce Secretary Wilbur Ross appears for an interview with Trish Regan immediately after President Trump signed the Presidential Proclamation to advance Steel and Aluminum tariffs to protect and expand American industry. [DEEP DIVE]
Ms. Regan is one of the financial business analysts who have slowly evolved away from the insufferable Wall Street/U.S. Chamber of Commerce ‘globalist’ viewpoints, which was/is entirely built upon a false premise. Thankfully Ms. Regan joins the ranks of economic patriots Charles Payne and Lou Dobbs. We’ll keep working on Maria Bartiromo.
In this interview Secretary Ross elevates the discussion beyond just Steel and Aluminum and begins to expand -and emphasize- the perimeter of an entirely new American approach toward trade, “reciprocity“. Indeed for the very first time in this interview Secretary Ross gives a preview into what will follow and how ‘reciprocity’ will be applied.
“President Trump is taking action today to protect both our national security and industries critical to our economy. The President’s decision regarding the steel and aluminum Section 232 reports are the result of a long and well-thought-out process led by the Commerce Department. Once again, President Trump is keeping his promises and standing up for American families, American businesses, and American workers.” ~ Commerce Secretary Wilbur Ross
The specific target has always been China; and POTUS Trump, Commerce Secretary Wilbur Ross, USTR Robert Lighthizer and Trade Policy Adviser Peter Navarro know to hit their target they have to get past the hurdle of trans-shipments of Steel to proxy nations by China to avoid the tariff.
So what does POTUS Trump do…. he takes the position of the tariff opponents and amplifies it. Trump’s trade policy opponents, realizing something was going to happen regardless of their opposition, started demanding “targeted tariffs”; that is, tariffs applied against target nations. POTUS Trump brilliantly spins their position and says: ok, let’s target by granting “exceptions” to the tariffs.
What POTUS will announce is “targeted exemptions” to the trade tariffs on Steel and Aluminum. Not “targeted tariffs”, but rather “targeted exemptions”.
The exemption approach puts more power in the hands of Team ‘America-First’ than targeting the steel dumpers directly. Team Trump will reward good behavior.
Any nation that acts like a Chinese proxy in the trans-shipment problem will not get relief from the tariffs. However, the nations that manufacture and trade honestly will be granted tariff relief. This allows Team Trump to evaluate the origin of the Steel used by countries that want to import their finished goods into the U.S. If they are using Chinese Steel, the tariff applies. If they are using their own manufactured steel, there is no tariff.
See how brilliantly that works?
By taking the position of his opposition and modifying it to enhance his own policy, POTUS has gained leverage. The U.S.A. now holds the strength of enforcement based on American determination of origin of their material. If the producing nation doesn’t follow the Trump rules, they will pay the tariff. In essence, Trump is helping all manufacturing nations by positioning the United States as the “steel compliance office”. We will determine who is using Chinese Steel and who is not.
This also gives Trump, Ross and Lighthizer massive leverage against China. No country will want to lose access to the U.S. market by engaging in the sketchy trans-shipping arrangement with China. POTUS Trump holds all the cards.
This approach also puts Mexico and Canada (NAFTA) on notice that if they use Chinese steel they will face a tariff despite our NAFTA agreement. Again, more leverage.
Something that now seems ordinary, until you think about it historically – and realize it is actually, stunningly, extraordinary, is the level of transparency President Trump has delivered to his administration. Citizen government by a person who understands the value of the camera and the opportunities of the microphone.
Here President Trump frames a cabinet meeting with the media for over 20 minutes while outlining initiatives and objectives. No prior president has ever allowed even a small percentage of the deliberative access delivered by President Trump. POTUS keenly dominates the narrative; outlines the milestones; establishes the expectations and summarizes the issues.
About mid-way through this video is just captivating, really. Must Watch:
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If you stand back and think about it, what President Trump is doing is remarkable. POTUS has lulled us into seeing this as commonplace, it’s not; it is anything but common.
President Trump will sign a trade-section 232 proclamation today to elevate Steel and Aluminum manufacturing to be of national security status. The overall trade initiative which stems from the 232 proclamation will be a 25% trade tariff on imported steel and a 10% trade tariff on imported aluminum. POTUS Trump will control exemptions.
The trade announcement is anticipated at 3:30pm in the White House today.
♦Three days ago (March 5th, 2018) South Korean National Security Adviser Chung Eui-yong met with North Korean leader Kim Jong-un in Pyongyang. ♦Earlier today Chung Eui-yong met with President Trump’s National Security Adviser H.R. McMaster and briefed other senior members of the Trump administration. ♦Moments ago President Trump told the media to anticipate a “big announcement from South Korea” at 7:00pm EST.
Given the time of day for the announcement, it must be very good news for Team Trump and likely surrounds discussions between the South Korean officials and the DPRK about denuclearization talks. [7:00pm EST is 5:00am Friday in South Korea.]
(Above and below) South Korea National Security Chief Chung Eui-yong visiting the White House earlier today, for a briefing with HR McMaster. –source–
…. This follows South Korean chief delegator Chung Eui-yong meeting with North Korean leader Kim Jong-Un on March 5th, 2018, during their meeting in Pyongyang, North Korea. (pictured below) –source–
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