The United States on Friday imposed steep new tariffs on nearly $2 billion in aluminum from 18 countries the Commerce Department accuses of dumping into the American market, including Germany, Spain and Brazil.

Commerce Secretary Wilbur Ross said China was not on the list but is partially responsible for the flood of aluminum sheet imports that could undermine domestic producers.

“What’s really been happening, actually, is Chinese excess capacity has been dumped into other markets. That, in turn, displaces production which gets dumped here,” Ross said on Fox Business Network.

“It’s a very complicated setup but the net effect is a lot of dumping in the US, and that’s what we’re clamping down on.”

US Commerce Secretary Wilbur Ross said excess aluminum production from China led other countries to dump the product into the US market US Commerce Secretary Wilbur Ross said excess aluminum production from China led other countries to dump the product into the US market Photo: AFP / –

Germany and Brazil face the steepest tariffs of close to 353 percent and 137 percent, respectively. The US imported nearly $287 million of the product from Germany last year, and $97 million from Brazil.

The preliminary decision means the US will immediately begin collecting the tariffs from importers to compensate for the price of aluminum sheeting sold below the cost of production, or helped by unfair subsidies, according to a Commerce Department statement.

The department could overturn the decision in late February, which is also subject to review by the US International Trade Commission. Their final decision is scheduled for April 5, 2021.

Copyright AFP. All rights reserved.

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Oct. 6 (UPI) — The price of the diabetes drug insulin is more than eight times higher in the United States than in 32 other high-income nations combined, according to a RAND Corp. analysis released Tuesday.

The average price per unit across all types of insulin in the United States is $98.70, which is just over six times the drug’s average price in Canada — about $15.70 — and just under six times the average price in Britain and Japan — about $16.70 — the researchers said.

And the average U.S. price is nearly 28 times as high as that of Turkey, which is about $3.60, they said.

“This analysis provides the best available evidence about how much more expensive insulin is in the U.S. than in other nations around the world,” RAND senior policy researcher Andrew Mulcahy said in a statement.

“Prices in the U.S. are always much higher than other nations, even if you assume steep discounts to manufacturer prices in the United States,” he said.

Insulin is used to control blood sugar levels in people with insulin-dependent diabetes. The drug is sold in many different forms, with different chemical properties and different duration of effects.

List prices in the United States have increased dramatically over the past decade, according to Mulcahy and his colleagues.

For example, the average U.S. wholesale-acquisition price for rapid-acting, long-acting, and short-acting insulin increased by 15% to 17% per year from 2012 to 2016, based on one estimate.

The RAND study used manufacturer prices for the analysis. Researchers compiled estimates of international insulin prices by examining industry data on insulin sales and volume for 2018, comparing the United States to 32 nations that belong to the Organization for Economic Co-operation and Development.

Although the ratio of U.S. prices to other-country prices varied depending

FILE PHOTO: World Bank Group President David Malpass attends a news conference after a meeting at the Chancellery in Berlin, Germany October 1, 2019. REUTERS/Hannibal Hanschke

BERLIN (Reuters) – The COVID-19 pandemic could trigger a debt crisis in some countries, so investors must be ready for granting some form of relief that could also include debt cancellation, World Bank President David Malpass was quoted as saying on Sunday.

“It is evident that some countries are unable to repay the debt they have taken on. We must therefore also reduce the debt level. This can be called debt relief or cancellation,” Malpass told Handelsblatt business daily in an interview.

“It is important that the amount of debt is reduced by restructuring,” Malpass added.

He pointed to similar steps in previous financial crises such as in Latin America and the so-called HIPC initiative for highly indebted countries in the 1990s.

Rich countries last month backed an extension of the G20’s Debt Service Suspension Initiative (DSSI), approved in April to help developing nations survive the coronavirus pandemic, which has seen 43 of a potential 73 eligible countries defer $5 billion in “official sector” debt payments.

Amid warnings the pandemic could push 100 million people into extreme poverty, Malpass renewed his call for private banks and investment funds to get involved too.

“These investors are not doing enough and I am disappointed with them. Also, some of the major Chinese lenders did not get enough involved. The effect of the aid measures is therefore less than it could be,” the World Bank head said.

Malpass warned that the pandemic could trigger another debt crisis as some developing countries had already entered a downward spiral of weaker growth and financial trouble.

“The enormous budget deficits and debt payments are overwhelming these economies. In addition, the

BERLIN (Reuters) – The COVID-19 pandemic could trigger a debt crisis in some countries, so investors must be ready for granting some form of relief that could also include debt cancellation, World Bank President David Malpass was quoted as saying on Sunday.

“It is evident that some countries are unable to repay the debt they have taken on. We must therefore also reduce the debt level. This can be called debt relief or cancellation,” Malpass told Handelsblatt business daily in an interview.

“It is important that the amount of debt is reduced by restructuring,” Malpass added.

He pointed to similar steps in previous financial crises such as in Latin America and the so-called HIPC initiative for highly indebted countries in the 1990s.

Rich countries last month backed an extension of the G20’s Debt Service Suspension Initiative (DSSI), approved in April to help developing nations survive the coronavirus pandemic, which has seen 43 of a potential 73 eligible countries defer $5 billion in “official sector” debt payments. [nL5N2GL6KB]

Amid warnings the pandemic could push 100 million people into extreme poverty, Malpass renewed his call for private banks and investment funds to get involved too.

“These investors are not doing enough and I am disappointed with them. Also, some of the major Chinese lenders did not get enough involved. The effect of the aid measures is therefore less than it could be,” the World Bank head said.

Malpass warned that the pandemic could trigger another debt crisis as some developing countries had already entered a downward spiral of weaker growth and financial trouble.

“The enormous budget deficits and debt payments are overwhelming these economies. In addition, the banks there are getting into difficulties due to bad loans,” Malpass added.

(Reporting by Michael Nienaber; Editing by Peter Cooney)

Copyright 2020 Thomson Reuters.