Saturday, 21 July, 2018

Trump eyes tariffs on up to $60 bn of Chinese goods

Kelly Barichello Trump eyes tariffs on up to $60 bn of Chinese goods
Melinda Barton | 14 March, 2018, 10:00

A report put out by the Consuming Industries Trade Action Coalition (CITAC) found that about 200,000 Americans, in every USA state, lost their jobs in 2002 as a result of higher steel prices, representing some $4 billion in lost wages.

Moreover, both Alcoa (aluminum) and Stelco (steel) are major players in these two industrial sectors - and they are owned by US commercial interests. Countries also pledged that, if tariffs came down, the reductions would apply to all countries as much as to the "most favored nation". If U.S. Steel restarts part of its plant in Granite City, Ill., which has been out of commission for more than two years, the company could hire 500 workers.

"It will only bring disaster to China and the United States and the world", Zhong stated, in the wake of Donald Trump's decision to impose a 25 percent import duty on steel and 10 percent on aluminum.

Xi has charmed the trousers off Trump, who appears envious of the Chinese government's military parades, press controls and disregard for human rights. This makes trade imbalances inevitable as the USA government needs foreign investors to purchase its debt.

"Right now, half the country thinks that the president is a lunatic, and they have very little confidence in his rational approach to issues, so they are anxious about politics as an issue", said Auth.

The Trump administration is seeking to raise tariffs on a wide range of Chinese goods.

Tariff opponents argue that USA military needs for steel and aluminum amount to only 3 percent of domestic production. WTO and GATT stopped trade wars, but they didn't reset tariffs at a fair level.

The Commission said it expected to be in contact with Washington over the metals tariffs this week, but that no formal talks had been scheduled. Big Deficit. If not, we Tax Cars etc. Based on current import penetration, eliminating all imports - which these tariffs will not do - might in time create 50,000 additional jobs.

Now, I'm not advocating for Canada to recklessly get itself involved in a widespread trade war with our neighbour and best customer. South Korea had actually requested that the U.S. exempt it from the new steel tariff, in consideration of the ongoing negotiations to revise the Korea-U.S. FTA and their bilateral alliance.

"We expect the impact on USA growth and inflation to be fairly limited", said Mikael Olai Milhoj, a senior analyst at Danske Bank in Copenhagen.

One big concern, according to some USA industry officials, is that Europe will counter Trump's tariffs with its own tariffs on US products.

Asked to respond to Trump's accusations that the EU is imposing barriers to US automakers, Malmstrom said that "it's hard to argue on Twitter over these issues, but the European Union is a very open market".

In concurring with the investigation findings, President Trump declared that ad valorem tariffs would be imposed upon imports classified under the below-listed Harmonized Tariff Schedule of the United States import codes.

Trump wants to use trade policy to advance America's national and economic security priorities.

While that is not a lot for the economy as a whole, it would be painful for the individual industry.

Meanwhile, the tariffs would cost China only $689 million in trade losses, according to Bown's estimates, largely because the USA has already imposed duties on Chinese products. For comparison, the entire US steel industry employed 197,000 at the time. He will be removing jobs: while the American steel industry employees 140,000 people, its steel-consuming industry employs 6.5M. If they drop their horrific barriers & tariffs on USA products going in, we will likewise drop ours. That would hurt producers but boost profits of construction and other industries in Southeast Asia.

These agreements cover agriculture, application of sanitary and phytosanitary measures and a host of other details.Other agreements have been made between specific countries, like those the USA has between Israel (1985), Canada and Mexico (NAFTA, 1994), Jordan (2001), Australia (2004), Chile (2004), Singapore (2004), Bahrain (2006), Morocco (2006), Oman (2006), Peru (2007), the Dominican Republic (2007), Panama (2011), Colombia (2011) and South Korea (2011), as listed by Wikipedia.