Thursday, 21 June, 2018

Republicans 'extremely worried' by Trump's metal tariffs plan

Republicans 'extremely worried' by Trump's metal tariffs plan Republicans 'extremely worried' by Trump's metal tariffs plan
Melinda Barton | 07 March, 2018, 11:22

Trump told reporters he does not believe his plan to impose the aluminum and steel tariffs will spark a trade war.

In another comment on the Nafta talks on Monday, Trump reprised two running criticisms of Canada and Mexico.

We now have a better idea of Trump's end game on steel tariffs.

Sen. Orrin Hatch, R-Utah, says history has demonstrated repeatedly that consumers ultimately bear the burden of tariffs.

USA stocks fell for the fifth straight trading day in response to Trump's comments, although falls were small compared with previous sessions.

The WA business could be affected by the new Donald Trump tariffs.

The letter was drafted by committee chairman Kevin Brady of Texas and Washington state's Dave Reichert, who heads the panel's trade subcommittee.

This measure, if approved by the President, will have serious repercussions on worldwide steel trade.

Trump is citing his power to impose limits on commodities necessary for national security. By increasing costs for raw materials, those tariffs would also undercut the competitiveness of a broad swath of US businesses, ironically making them more vulnerable to foreign competition. Massive relocation of companies & jobs.

Trump's decision sparked trade tensions with China which threatened to not "sit idly by" if the USA tries to hurt its economic interests.

Trump triggered global alarm last week when he announced he would sign off on measures created to protect U.S. producers, and defiantly swatted back at critics by saying trade wars are "good, and easy to win".

Steel: India's share of USA steel imports is only 2.4 percent.

Trump's decision to impose steep tariffs on steel and aluminum imports has drawn strong condemnation from some in his own Republican party and from USA trading partners around the world. He did not give examples.

However, much of the opioids that have flooded into American households is in the form of prescription drugs manufactured by U.S. pharmaceutical companies.

But Mr Trump has insisted he is "not backing down" on his plan to impose stiff tariffs on imported steel and aluminium, despite anxious warnings from House Speaker Paul Ryan and other congressional Republicans of a possible trade war. The decision to phase down tariffs and eliminate import quotas was central to jolting the Australian economy back to life after years of stagnation.

The Mexican and Canadian ministers were likely to press Trump's trade envoy for more details on how their countries could be excluded from the blanket tariffs. "But I think the smarter way to go is to make it more surgical and more targeted", he said.

Trump said the measures were necessary to balance global trade deficits. While his rhetoric has been focused on China, the duties will also cover significant imports from Canada, Mexico, South Korea, Japan and the European Union. The list of USA goods on which the European Union intends to apply its own 25 percent tariff sends a political message to Washington about the potential domestic economic costs of making good on the president's threat.

Mr Trump has threatened to increase taxes on European cars if the EU retaliates against his steel and aluminium tariffs.

Presidents Johnson, Nixon, Carter, Reagan and George W. Bush all imposed tariffs or took other measures to protect the US steel industry.

Canada, which is the single largest supplier of steel and aluminum to the United States, stands to be hardest hit by any such tariffs.