A trade war between the USA and China will spell "disaster" for the entire world economy, Chinese Commerce Minister Zhong Shan has warned, after Donald Trump signed orders greenlighting stiff tariffs on imported aluminum and steel.
"There is no victor in a trade war", Zhong said at a press conference in Beijing Sunday. Many trade experts say the fate of Trump's trade agenda rests to a large degree on whom he anoints as his next economic adviser. The exception comes due to Australia's status as an ally and Trumbull's commitment to "a very fair and reciprocal military and trade relationship", Trump said on Twitter.
Why impose taxes on imported steel and aluminum?
South Korea's "transshipment" of Chinese steel products to the USA is reportedly cited as a barrier in winning an exemption.
We applaud the administration's efforts to rebalance trade and protect the USA steel industry and workers, but we are concerned that global import tariffs on steel and aluminum would have a devastating effect on steel-consuming manufacturers downstream, including the auto care industry.
So then they say, 'We want those tariffs taken off'.
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And Benjamin felt the same, as he spoke with the New York Times following the whole debacle. Although he didn't make it past that round, the smooch helped him get more airtime.
Canadian Prime Minister, Justin Trudeau, has issued a statement on Canada's steel and aluminum workers and businesses. Both Brussels and Tokyo stressed their serious concern over the USA measures, the European Union said in a statement. He added that foreign steel dumping was an "assault" that put United States companies and factories out of business.
"As one example, Americans could pay about one per cent more for an automobile, or just over $300 US". In a Global News story, Keanin Loomis, CEO of the Hamilton Chamber of Commerce, noted, "That represents about $2 billion in local procurement, and conservatively that means there are about 30,000 other jobs that are reliant upon the steel industry here in Hamilton".
Although the U.S. does not import a large quantity of steel from China, the Asian country's unprecedented industry expansion in the past decade has added to global surpluses of steel, thus driving down metal prices. Japan and the European Union have been arguing publicly and privately with US officials that they must be excluded from the measures as close security and trade allies.
Michael Dolega, economist at TD Economics estimates that about 5,000 to 10,000 jobs could be added to steel and aluminum production in the US, but there could also be a loss of 25,000 to 50,000 jobs in metal-intensive sectors like machinery and transport equipment.
The new steel tariffs is a good idea, except I don't see how the U.S. can compete with China when the workers there probable get a few dollars a day when union steel workers in the USA get from $30.00 to $60.00 an hour.
"The bottom line is that any short-term gains for the domestic steel and aluminum industries will likely be offset by the lower demand that will come for their products as our economy suffers the impacts of these new tariffs and the trade war they encourage". Trumpalso appointed U.S. Trade Representative Robert Lighthizer, anotherfree trade critic, to be the point of contact for nations seeking tariff exemptions. This has caused a negative reaction among many USA trading partners.
According to the European steel association EUROFER, trade with the USA accounted for 15 percent of Europe's steel exports in 2017.