Marcha 23, 2018

United States tariffs 'wrong way' to resolve trade issues, says UK

09 Marcha 2018, 10:03 | Gerardo Tarin

GETTYDonald Trump's steel tax Brussels is now threatening to take UK to court

Donald Trump's steel tax Brussels is now threatening to take UK to court

They are scheduled to take effect in 15 days.

The most recent report from the Bureau of Labor Statistics (BLS) shows that consumer prices rose 2.1% year-over-year in January, but as I said earlier, real inflation could be grossly understated. White House trade adviser Peter Navarro said that other countries who also sign a new North American Free Trade Agreement could also receive a similar exemption.

The move drew consternation outside the US.

The Chinese Commerce Ministry called Trump's tariffs "a serious attack on normal global trade order" and said that Beijing is "firmly opposed" to the measures.

Signaling a sharp departure from a decades-long US-led drive for more open and less regulated trade, Trump declared that America had been "ravaged by aggressive foreign trade practices".

Trump's remarks seemed to trigger a leg down for the broad stock market, but the White House had signaled that the Nafta trading partners would get temporary exemptions, so it's too soon to draw conclusions.

If not, the European Union vowed to retaliate.

Trump seems to be using the threat of steel tariffs as leverage to undo other perceived inequities with trading partners that contribute to the high USA trade deficit.

In and of themselves, the steel and aluminum tariffs are seen by market strategists as having limited overall impact.

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

Nucor, the North Carolina-based steelmaker that has a facility in Louisiana, said the tariffs will help the US industry finally compete with foreign producers, which have used "unfair" practices to flood the global market.

Liam Fox is heading to Washington in a bid to secure tariff exemptions for UK
EPALiam Fox is heading to Washington in a bid to secure tariff exemptions for UK

EU commissioner Cecilia Malmstrom, who earlier this week warned of a multi-billion-euro list of reprisal tariffs, tweeted last night: "The EU is a close ally of the United States and we continue to be of the view that the EU should be excluded from these measures".

The EU has warned that it stands ready to slap "rebalancing" tariffs on about 2.8 billion euros ($3.4 billion) worth of USA steel, agricultural and other products, like peanut butter, cranberries and orange juice. Ford, General Motors and Fiat Chrysler all fell more than 2% as U.S. steel producers rose on the Thursday, and losses extended into Friday.

To make his point, he stood in front of large barrel-shaped rolls of thin aluminium sheets at a manufacturing plant owned by industrial products maker Bemis. Our top priority must be promoting existing good-paying American jobs and creating new ones.

Shortly after Trump authorized the tariffs, Sen.

For other countries, including U.S. allies, Trump said on Thursday that the USA is open to negotiations to modify or drop the tariffs for individual exporters. "We will continue to urge the administration to narrow this policy so that it is focused only on those countries and practices that violate trade law", CNN quoted Ryan as saying on Thursday night. Australian trade minister Steve Ciobo said his government "made very concrete representations" to the Trump administration about why the country should be exempt.

Britain blasted the tariffs as "not the right way" to tackle the problem of global overcapacity in steel and said it would work with the European Union to consider the scope for exemptions.

Canada, the largest supplier of both steel and aluminum to the United States, welcomed the news it would not immediately be subject to the tariffs, but vowed to keep pressing Washington until the threat of tariffs had disappeared. The tonnage of steel imported from Brazil, South Korea and Mexico dwarf the amount that comes from China.

The tariffs will affect a wide range of products, including high-tech gadgets, food, furniture and beverages.

NPR's Philip Reeve tells Morning Edition that Brazil is gravely concerned about the US tariffs, saying they will hurt trade relations and that the South American country has not ruled out sourcing its coal from elsewhere.

The head of the National Retail Federation, whose members include department store chains, grocery stores and other merchants around the world, also raised objections to the tariffs Thursday, calling them a tax on all Americans.

President Donald Trump says he'll hold an afternoon meeting on the steel and aluminum industries. "Having just helped consumers keep more of their money by passing tax reform, it makes little sense to take it away via higher costs".

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