On March 8, 2018, US president Donald Trump issued two proclamations to adjust US imports of aluminum and steel from all countries except Canada and Mexico, key regional allies and trade partners. President Trump asserted that a 25 percent tariff on steel “articles” and a 10 percent tariff on aluminum articles are necessary for the US to develop its domestic steel and aluminum industries and to protect and create jobs.
The US government will potentially collect $7.4 billion a year from the new tariffs, according to the definitions specified in the presidential proclamations and data from the United Nations Statistics Division.
The winners and losers among US trading partners vary based on the specific articles.
Steel articles. The top 5 exporters of steel articles to the US are Canada, the Republic of Korea, Mexico, Japan, and Brazil, however, article-by-article trade dynamics modify the impact of the tariffs.
Aluminum articles. Canada is also among the top 5 exporters of aluminum articles to the US, joined by China, Russia, the UAE, and Mexico.
The United States being the biggest economy in the world significantly influences the global economic situation. The US economy is comprehensively covered by data and statistics from multiple government and private sources. We selected the most significant and up-to-date ones and presented them in this cheat sheet.
Taiwan, an island off the southwestern coast of China, is the most populous state and largest economy that is not a member of the United Nations. Today, Taiwan is home to 23.7 million people, a population comparable to that of Xinjiang, Beijing, and Shanghai. Despite a recent economic slowdown, Taiwan's GDP per capita stands at $25,000, nearly triple that of China. In terms of PPP, Taiwan ranks 77th in the world; China ranks 108th. While Taiwan is an economic success, the island remains economically dependent on China. Partner dependency and commodity concentration could prove troublesome for Taiwan if mainland-island relations deteriorate...
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The concentration index of exports estimates a country’s reliance on a limited group of commodities as its primary source of foreign exchange income. Ranging from 0 (perfect diversification) to 1 (concentrated on a single product)*, a comparison of index scores to the contribution of natural resources to GDP worldwide shows that countries that are resource-rich tend to have less diversified export bases.Last year Iraq’s export concentration index reached 0.97, driven by its export concentration in mineral fuels, namely oil. Other oil exporters—including Angola, Iran, Kuwait, and Nigeria, among others—likewise have high concentration scores....