Trump's tariffs good for Canada but bad for global trade

Trump's tariffs good for Canada but bad for global trade

Trump's tariffs good for Canada but bad for global trade

US President Donald Trump on Thursday slapped deeply contentious trade tariffs on foreign steel and aluminum, swatting aside warnings of a global trade war and protests from allies in Europe and at home.

It was not immediately clear what type of document the president signed. But a proclamation is not an executive order and does not carry the force of law, so how the process will unfold from here is uncertain.

Mr Brady and more than 100 House Republicans urged Mr Trump on Wednesday to use narrowly focused tariffs to take action against China and other countries instead of across-the-board measures.

In Geneva, leading trading partners of the USA outlined their misgivings over Trump's proposed tariffs of 25% on steel and 10% on aluminium, and fears of tit-for-tat trade actions, a WTO spokesman said on Wednesday.

Data released Wednesday showed the U.S. foreign trade deficit widened in January to its highest level in nine years - heaping pressure on Trump , who had campaigned on a promise to reverse that trend. The Almond Board of California is aware of the European Union's list of potential products that could be targeted for a retaliatory tariff, the organization said in its March 2018 newsletter.

Trump signed an order for the 25 percent tariffs on steel imports and 10 percent for aluminium at the White House on Thursday to counter cheap imports, especially from China, which he described as "an assault on our country".

Counter-measures would include European tariffs on USA oranges, tobacco and bourbon, he said.

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In October 2017, Mexico extended, for the fourth time, a 15% tariff imposed on imports of slab, hot-rolled coil, heavy plate, cold-rolled coil and wire rod to protect the domestic steel sector.

"A tariff is a tax that will result in higher prices that consumers will ultimately bear".

The president triggered anxiety last week when he said a global trade would be "easy to win" and issued a threat in particular to German carmakers, one of which, BMW, runs a major plant in the US.

Members of the administration have repeatedly said that the cost of the tariffs will be minimal for American consumers.

Trump's top economic adviser Gary Cohn has resigned in apparent protest over the controversial tariffs.

He warned suppliers may have to absorb the higher input prices by cutting their own costs and warned, generally, that "neither outcome is good for the industry".

The dispute has fuelled concerns that soybeans, the United States' most valuable export to China, might be caught up in the row after Beijing launched an inquiry probe into imports of USA sorghum, a grain used in animal feed and liquor.

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"We have some friends and some enemies where we have been tremendously taken advantage of over the years on trade and on military", he said.

"We have not achieved the progress we expected", he said.

"It would not impact the imported kegs", he said.

Malmstroem hinted that retaliation was still an option if everything else failed: "We will have to protect our industry with rebalancing measures". "There is no question that the Chinese are dumping steel and it's having a dramatic negative impact on American jobs".

The eighth round of negotiations is in the offing and an agreement has yet to be reached on the renewal of the North American Free Trade Agreement. "They're gonna be less able to buy a new auto or buy the parts that they're gonna need to fix or replace on a vehicle they already own...or even to buy other consumer goods that go on trucks throughout the country".

Newly enacted US tariffs on aluminum and steel imports have sparked a sharp reaction from around the globe, with several nations warning of an all-out trade war.

Other nations have threatened reprisals, and tensions are escalating. "I'd like to consider the necessary response in the WTO framework".

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