December 14, 2018

Trump adviser: tariffs won't be imposed immediately on Canada and Mexico

14 March 2018, 04:24 | Devin Moran

US proposed steel, aluminum tariffs leave uncertainty for BC site

US Treasury Secretary supports steel and aluminum tariffs

Trump exempted only Canada and Mexico from the tariffs, citing their "shared commitments" with the United States on national security.

Last Thursday, Donald Trump announced - without first addressing his administration - that the USA would be invoking a policy allowing them to put tariffs of 10 per cent on aluminum and 25 per cent on steel when there is a "threat to national security".

Trump had originally said that the tariffs would be applied equally, with no exceptions for allies.

"Some estimates show that cost us about 200,000 jobs", Ginn said.

"Europe is certainly not a threat to American internal security, so we expect to be excluded", Malmstrom told reporters in Brussels on Friday. Argentina made a similar case.

In 2003, the WTO ruled that sweeping steel tariffs imposed by President George W. Bush were illegal.

The European Union has called the new tariffs "deeply unjust", and has said it is considering new tariffs on American products ranging from cranberries to peanut butter.

Another casualty in a pending trade war will be American exporters.

A tariff is essentially a tax, and the goal of the proposed tariff is to offer an incentive to USA manufacturers to use domestically produced steel and aluminum by increasing the cost of foreign imports.

Other officials at the EU, by far the biggest trading partner of the United States by value, have warned it could take counter-measures including European tariffs on USA oranges, tobacco and bourbon.

"A trade war is going to cost our industry jobs and money".

On Wednesday, President Donald Trump tweeted referring to an ongoing probe into whether China's practices are hurting American businesses that he is ready to go even further on trade, saying, "the acting swiftly on Intellectual Property theft". "So if we impose a 25 percent tariff, all we are doing is treating them exactly as they treat us".

"The declining steel capacity utilization rate is not economically sustainable", the U.S. Department of Commerce found in its report.

President Donald Trump has signed proclamations imposing tariffs on imports of steel and aluminum.

Overall, this stance that Trump has taken is the simplest discontinuity with the Grand Old Party (aka GOP) on economic philosophy on trade.

The effect is pretty obvious: The U.S. would export less to other countries and would substitute some domestic production by imports from other parts of the world.

Beijing vowed to "firmly defend its legitimate rights and interests". "If it doesn't work, they will be included in the tariffs". And the United States is the number one destination of Canadian steel exports.

"It is now more important than ever that Theresa May and Liam Fox use every bit of influence they have left in America to protect the jobs of British steelworkers".

Trumps plan for stiff and sweeping steel and aluminium import tariffs would face retaliation from Americas top trading partners, the European Union and China. At the same time, 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 as he singled out Germany as a bad actor likely to face tariffs.

Right now it is unlikely that the Republican-led Congress can muster up enough votes to block Mr Trump.

The move, which was announced Thursday by President Trump, has received both high praise and sharp criticism. A total of 10 blast furnaces have been shuttered or idled in the United States since 2000, a 50-percent reduction that was attributed to foreign competition and excessive imports.

The WTO's Dispute Settlement Body has never arbitrated a case filed under its national security clause - known as Article 21 - which was first enshrined after World War II in the General Agreement on Tariffs and Trade (GATT).

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