Donald Trump's tariff will hurt United States, wars International Monetary Fund

06 March, 2018, 02:08 | Author: Anita Tucker
  • Trump Steel and Aluminum

Show hosts are asking him how the White House can possibly justify using a national security excuse for imposing tariffs on a close North Atlantic Treaty Organisation partner, and official member of the USA military-industrial complex.

The EU would "form a coalition of like-minded countries and potentially take the U.S. to the WTO court together", he said.

An advocate of "Made in America", Trump has been a harsh critic of his predecessors' trade agreements, which he says have taken millions of jobs away from the U.S.

They are "safeguard" tariffs, a kind of emergency shield erected to stop a sudden, unforeseen and damaging import surge that could seriously damage a particular industry.

The combative posts follow Thursday's assertion on Twitter that United States steel and aluminium industries had been "decimated" by trade policies. The President cited national security concerns and a desire to support domestic industries as the driving forces behind the tariffs.

"We have large trade deficits with Mexico and Canada".

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The tariffs have prompted a wave of condemnation and threats of retaliation around the world, from the European Union to Canada.

"Mexico shouldn't be included in steel & aluminum tariffs".

However, Navarro indicated he had not seen Trump's tweets on Canada and Mexico being exempted if a NAFTA deal was achieved. The European Union, Canada and China are among those threatening to retaliate with tit-for-tat duties if Trump goes ahead with the steel and aluminum tariffs.

Between 2013 to 2016, Canada was the largest source of steel and aluminum imports to the USA, with the trade critical to both countries.

Trump is on the verge of starting a trade war - and China isn't taking it lying down.

The U.S. and Canadian steel and aluminum industries are heavily integrated, with major U.S. players owning portions of both, including Alcoa and Stelco. Over the weekend, Trump advisers gave no indication that any countries would be excluded from the tariffs. That's his motivation for announcing that the USA will impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports.

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British Prime Minister Theresa May told Trump she had "deep concern" about the expected tariffs, May's office said on Sunday following a phone call between the two leaders. CNBC quotes Juncker saying "we strongly regret this step, which appears to represent a blatant intervention to protect USA domestic industry and not to be based on any national security justification".

"There is always retaliation, and typically a lot of these countries single out agriculture when they do that".

"The US oil and natural gas industry, in particular, relies on specialty steel for many of its projects that most US steelmakers don't supply", American Petroleum Institute President Jack Gerard said last week.

He said he would slap a tax on cars from the continent after the European Commission's president said on Friday the bloc would tax American goods, mainly from strong Republican states.

The Trump administration has argued that it is imposing such a tariff under national security interests.

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