Canada, Mexico will be temporarily exempted from US metals tariffs

Adjust Comment Print

Exemptions will be allowed initially for Canada and Mexico, the president said, pending the outcome of ongoing renegotiation of Nafta. "If we don't make the deal on NAFTA, and we terminate the deal because they're unable to make a deal that is fair for our workers and fair for our farmers, we love our farmers, and fair for our manufacturers, then we will terminate NAFTA and start all over again or we'll just do it a different way".

He suggested in an earlier meeting with his Cabinet that Australia and "other countries" might be spared, a shift that could soften the global blow amid threats of retaliation by trading partners.

But there are critics of Trump's tariff threat on his own side of the border, and within his own party.

"However, history has shown that tariffs imposed on imported steel could raise prices on both domestic and imported materials, thus causing a financial burden on our customers", the company said. Producers in the three countries are plugged into common supply and value chains, and if trade between them is distorted, it basically means that the price of their production goes up and their competitiveness goes down. Rep. Mark Walker of North Carolina, the chairman of the conservative Republican Study Committee, said it's better to target "these rogue players".

The prime minister is hoping the rumours are true. Century Aluminum said it would reopen a smelter in Kentucky and double the work force there, to 600.

Name SearchWatch Service' Malcolm Turnbull of Australia and President Mauricio Macri of Argentina, the White House said. He signed separate proclamations ordering the tariffs.

The new tariffs would go into effect in 15-30 days, he said. "I would hate to see more Americans not have a job when we've had an expanding economy". Perhaps there's no success like failure for Trump, but the costs will be heavy for USA exporters and workers.

Trump drew on rarely used national security grounds to place a 25 percent tax on steel imports and 10 percent tax on imported aluminum.

"Tariffs are taxes, and the American taxpayer will pay the cost of a trade war", said Cody Lusk, president and CEO of the American International Automobile Dealers Association.

Trump says American steel and aluminum workers have been betrayed, but "that betrayal is now over". Our industries have been targeted for years and years.

However, Texas Public Policy Foundation senior economist Vance Ginn believes tariffs are the wrong policy for Trump to pursue.

The President added that he was fulfilling a campaign promise by imposing the tariffs, asserting that support from steelworkers was part of the reason why he won the presidency.

Canada exported a combined $15 billion of the two metals to the US last year, so a tariff would bite deep and likely prompt some sort of retaliatory tariff on USA goods imported into Canada.

South Korean Ex-President Faces Interrogation Over Corruption Charges
Both their sentences were reduced on appeal, and they were eventually pardoned and released after serving about two years each. Moon, who was Roh's chief of staff, previously called the Roh investigation by the Lee government politically motivated.

General Motors, which purchases over 90 percent of the steel used for US production from USA suppliers, said Thursday it was encouraged by the temporary exemption for Canada and Mexico. "There is no question that the Chinese are dumping steel and it's having a dramatic negative impact on American jobs".

"The declining steel capacity utilization rate is not economically sustainable", the U.S. Department of Commerce found in its report. "It's really an assault on our country".

At risk of immodesty, I think my reaction to Trump's initial announcement-On Tariffs, Hold the Hysteria-has been borne out.

Details of the plan came from a briefing by administration officials ahead of Trump's speech.

President Donald Trump says new tariffs on steel and aluminum are needed because of "large trade deficits with Mexico and Canada".

Brazil, which after Canada is the biggest steel supplier to the US market, said it wanted to join the list. "We will work with European Union partners to consider the scope for exemptions outlined today".

Some contend these punishing tariffs, along with heated rhetoric by the president, are a bargaining ploy to negotiate more favorable terms with Canada and Mexico on the NAFTA Treaty, the world's largest trade agreement.

The EU considers itself to be caught in the crossfire of a trade dispute, in which Trump has mainly singled out China for being unfair in its commercial deals.

Dr Fox said the policy championed by Mr Trump was "the wrong way" to tackle the problem of cheap steel being dumped on the U.S. market.

Major producer Brazil immediately vowed to take "all necessary steps" in order to "protect its rights and interests" in response to the USA move. Earlier this week, Ryan said he was "extremely anxious about the consequences of a trade war" and urged Trump to drop his tariff proposal. "We should prevent a trade war situation from excessive protectionism, in which the entire world harms each other", Trade Minister Paik Un-gyu told a meeting with steelmakers.

"Tariffs can be an appropriate punitive tool when people are cheating the system, however, I'm not sure the administration has thought this through", he said. The White House has not yet clarified the tweet.

With national security as the primary issue, it would be hard to apply the tax to South Korea and Australia, meaning that they could ultimately land on Russian Federation more than nearly any other country, said Levy, now at adjunct professor at Northwestern University.

Mexico's Economy Minister Ildefonso Guajardo raised the prospect of reprisals if Washington pushed ahead with tariffs and insisted NAFTA remain "a trilateral accord" in response to a USA proposal to hold talks with Canada and Mexico separately.

Comments