Saturday, 22 September, 2018

Senate Republican blasts Trump tariff decision: 'So much losing'

Donald Trump says 'trade wars are good' as Wall Street reacts badly to news of steel tariffs Donald Trump says 'trade wars are good' as Wall Street reacts badly to news of steel tariffs Credit UPI Barcroft Images
Cristina Norman | 05 March, 2018, 01:35

Trump announced Thursday he will impose a 25 percent tariff on steel and 10 percent tariff on aluminum on national security grounds, with the goal of boosting the domestic steel industry.

Critics argue that the tariffs would fail to protect American jobs and would ultimately put up prices for consumers.

These proposals, he added, "are going to hurt them every bit as much as they are going to hurt us, and we are confident we're going to continue to be able to defend Canadian industry".

While Trump has long castigated China for unfair trade practices, the United States, which is the world's largest importer of steel, buys most of it from allies like Canada, Brazil and South Korea.

French Finance Minister Bruno Le Maire supported the E.U.'s reaction and said "all options are on the table" in terms of a response.

The proposed tariffs? Per Trump's Thursday remarks, the White House plans to slap a 25 percent tariff on steel, and a 10 percent tariff on aluminum.

Further the Wall Street Journal said that such a move by Trump has "sparked worries" of a looming global trade war.

Mitchell said China could end up slapping their own taxes on major Iowa exports like soybeans, corn and pork - and they could come quickly.

Scott Walker, a Republican, said Friday that Trump should reconsider the tariffs, noting that the US doesn't have the capacity to produce the amount of ultra-thin aluminum needed by its own manufacturers.

"We will not sit idly when European industry and jobs are threatened", Juncker said on the sidelines of a conference in Hamburg, Germany.

The steel and aluminum announcement caught many in the administration and on Capitol Hill flat-footed.

"The biggest issue we're dealing with in the industry right now is the volatility in pricing", Rogers said.

According to the American Iron and Steel Institute the U.S. imported 38.1 million tons of steel in 2017, a 15.4 per cent jump from a year earlier.

America's aerospace and defense industry is deeply concerned that the anticipated tariffs on aluminum and steel will raise costs and disrupt the supply chain, putting USA global competitiveness at risk.

World Trade Organization Director General Roberto Azevedo said: "A trade war is in no one's interests".

With global stock markets tumbling in the face of a brewing trade war, European Commission Vice President Jyrki Katainen sought to offer a degree of reassurance, insisting "there is a little window of opportunity still open" and that Europe was posing a danger to the US.

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