Monday, 24 September, 2018

Trump imposes "flexible" steel and aluminum tariffs

EU strikes back with first anti Trump commercial retaliation Trump imposes "flexible" steel and aluminum tariffs
Becky Salazar | 10 March, 2018, 02:00

People briefed on the plans ahead of the announcement said all countries affected by the tariffs would be invited to negotiate with the administration to be exempted from the tariffs if they can address the threat their exports pose to US manufacturers.

"So there's no tax if a product is made in the U.S.".

"Members of the Senate, myself included, are concerned about the scope of the proposed tariffs on steel and aluminum and their impact on American citizens and businesses, including many I represent in Kentucky", McConnell said.

Navarro said the move will help strengthen USA industries that have a $70 billion trade deficit.

Despite objections by many business trade groups, by most Democrats and Republicans, and by a number of advisers in the Trump administration, the United States president forged ahead with his plan on Thursday, keeping a promise he made during his 2016 presidential campaign.

"Today, I'm defending America's national security", he announced.

Kosei Shindo, president of Nippon Steel Federation, said the move by the USA could lead to countermeasures being implemented by other countries around the world, which would go against the spirit of the free trade system.

The collateral damage from the White House's latest trade moves will resonate globally.

The people were not authorized to discuss details in advance and spoke on condition of anonymity.

The president suggested earlier Thursday he would provide temporary exemptions for Canada and Mexico as he aims to revise the North American Free Trade Agreement.

Meanwhile, other countries seeking exemptions will need to negotiate through offers to enhance USA national security.

The auto industry once again warned the tariffs may harm USA economic growth, jobs and wallets.

Canada may have been spared from US steel tariffs, but one Windsor company is still moving away from the alloy in anticipation of a new NAFTA agreement that could be "just as bad".

Aluminium imports into the United States will also be subject to a tariff, at the rate of 10 per cent.

Gareth Stace, director of UK Steel, said: "Slapping a 25% tax on steel from British companies is going to hit us hard". It will also add safeguarding measures and put its own tariffs in place to prevent an excess of steel imports to the marketplace.

"Let's hope that Trump's bluster on trade is just a negotiating tactic".

President Donald Trump says he'll hold an afternoon meeting on the steel and aluminum industries.

In 2002, former President George W. Bush had imposed steel tariffs of up to 30 per cent, The New York Times reported. The White House has not yet clarified the tweet.

At the White House, officials were working to include language in the tariffs that would give Trump the flexibility to approve exemptions for certain countries.

Fears of a trade war were among the reactions to President Trump's signing Thursday of a proclamation ordering new tariffs on imported steel and aluminum.

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