The Trump administration wants to reduce the USA trade deficit and to boost aluminum production, now below 50% of capacity, to above 80% and to boost steel production to a similar level from about 70% of capacity utilization today.
Steel from China makes up only a fraction of USA imports.
At a meeting last week, Trump told Cabinet members and aides that he wanted to hit China hard over its alleged theft of American intellectual property, according to Politico, which cited three people with knowledge of the matter. However, if those NAFTA exemptions are made permanent, the tariffs on products from other countries may be hiked above 25%, insiders say.
Trump's tariff proclamations - signed last week - would slap duties on steel and aluminum from around the world, though he is so far expected to exempt Canada, Mexico and Australia.
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This brings OPEC's view closer to that of the International Energy Agency , which expects a less rosy 2018 supply/demand balance. Hamm has called EIA projections "just flat wrong" and warned that such high projections are distorting global oil prices .
"If the U.S. wants to reduce its trade deficit, it has to make Americans more hard-working and conduct reforms in accordance with worldwide market demand, instead of asking the rest of the world to change", it wrote.
But the real target of the steel and aluminum tariffs is China.
USA stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for United States companies.
President Trump has been discussing trade tariffs frequently over the past few weeks, and passing tariffs on steel and aluminum last week.
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Late Tuesday night, when Police Officer Scotty Hamilton was in the line of duty , he was shot and killed. The viewing for Hamilton is Friday and Saturday at the East Kentucky Expo Center in Pikeville.
For his part, Finnish Prime Minister Juha Sipila stressed, "We have no interest in widening the current stage into a fully-fledged trade war". This is not free or fair trade. If the U.S. were to impose tariffs on Chinese machinery, electronics and furniture and toys, it is likely to provoke some form of retaliation from Beijing, it said. "Make trade not war, Mr President".
In imposing those tariffs, Trump offered temporary exemptions for Canada and Mexico - two of the largest exporters of steel and aluminum to the USA - and said that other US allies could negotiate exemptions. "He's going to be pushing for that, and there could be additional actions", White House Deputy Press Secretary Raj Shah told reporters in a gaggle overseas Air Force One.
German Chancellor Angela Merkel says she's counting on talks to resolve the trade dispute, but "can't predict whether we will succeed or not succeed". Likely actions range from challenging the US duties at the World Trade Organization (a process that would take years), to imposing duties of their own.
The United States past year rejected three major Chinese acquisitions of US technology companies, including a semiconductor maker, an Internet-services provider and in-flight entertainment company, and a mobile ad developer.
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Earlier on Thursday, Guterres said in a Twitter post that supporting UNRWA is an "investment in peace". The US had been UNWRA's largest donor, supplying almost 30 percent of its budget.
Hedge fund managers have warned that Chinese authorities could soon retaliate against US tariffs and vastly escalate a global trade war that has simmered for the last few of weeks.