Key Currency Exchange Rates for Friday, 4/20/18
American Dollar to Canadian Dollar = 0.790046;
American Dollar to Chinese Yuan = 0.158944;
American Dollar to Euro = 1.230345;
American Dollar to Japanese Yen = 0.009292;
American Dollar to Mexican Peso = 0.054088.
http://www.x-rates.com/table/?from=USD&amount=1.00
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US paper industry opposes tariffs on Brazilian eucalyptus pulp
The American Forest & Paper Association (AF&PA) is calling on the Office of the United States Trade Representative (USTR) to exempt Brazilian bleached eucalyptus kraft pulp (HTS code: 4703.29) from potential Section 301 tariffs, warning that the material is indispensable to the U.S. tissue industry and cannot be purchased domestically at commercial scale. The group submitted its comments as part of USTR’s ongoing investigation into Brazil’s trade practices.
On September 3, USTR will hold a public hearing to gather further testimony on these issues and assess how Brazilian laws may be restricting fair market access for American firms.
AF&PA’s urges that eucalyptus production is extremely limited, with viable growing areas confined to small regions in coastal California and Hawaii, which cannot meet industrial-scale demand.
The association holds that imposing tariffs on Brazilian pulp would harm U.S. manufacturers by raising input costs, reducing profitability, and undermining the competitiveness of American-made tissue products.
Oil Trades Near Five-Week High as Stronger Demand Pares Surplus
Futures were steady in New York after rising 3.8 percent in the previous three sessions. Global demand will climb this year by the most since 2015, the IEA said Wednesday. OPEC on Tuesday raised estimates for the amount of crude it will need to supply in 2018 on stronger consumption from Europe and China. U.S. oil output gained last week as operations returned after Hurricane Harvey. The IEA report “was taken as confirmation of the prevalent supply-tightening narrative, that that oil surplus is slowly disappearing,” said Norbert Ruecker, head of commodity research at Julius Baer Group Ltd. Still, crude is “trading at the upper end of a fundamentally justified price range” and the “upcoming seasonal demand soft patch is set to create near-term headwinds.” Click Read More below for more of the story.