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Trump's proposed tariffs are the retaliation
12 Marcha 2018, 06:37 | Crisanna Felipe
That plays loudly on the daily news cycle, but what will not be heard is that thousands of manufacturing jobs will be lost due to the impact of increased steel and aluminum prices. There is also the danger that the tariffs could cause job losses in other manufacturing industries in the U.S by making steel more expensive. That includes the Trans-Pacific treaty with 10 other countries (signed last week), plus a deal with four South American nations, potentially one with the United Kingdom if it "Brexits" the European Union, and ultimately with China.
In a concession to tariff opponents, Trump, despite being anti-NAFTA will for now exempt Canada and Mexico.
In 2002, it was pushback from these industries that helped persuade the National Association of Manufacturers to come out against the tariffs.
Diplomatic and USA business sources say the United States has frozen a formal mechanism for talks on commercial disputes with China because it is not satisfied Beijing has met its promises to ease market restrictions. There was never any good reason to think trade policy was safe from Trump's depredations. The tariff that Trump has imposed is a serious threat to the global trade order.
The realist in me, however, worries about a much different result.
So what happens when a country imposes tariffs?
That's not their objective. Trump has repeatedly singled out China for unfair trade that he aimed to curb with the tariffs.The government has emphasized that the transshipment accounts for only 2.4 percent of South Korea's steel exports to the U.S. and that South Korea's import of Chinese steel products for transshipment decreased 21 percent last year from a year earlier. "I disagree with this action and fear its unintended consequences", he said. We are the one who desperately need open trade.
It looks hard to turn the situation around without making drastic overtures over steel exports to the US.
If the Americans persist, we should go further.
"Increased costs will make our industry less competitive and harm American workers, consumers, and our economy".
Critics point out that the tariffs will do more harm than good to the overall U.S. economy.
"'We have beefed ours up, we've given our Anti-Dumping Commission stronger powers, we have given them more money", he said.
Yet even those of us who were planning to put off new purchases will feel pain from the tariffs.
Trump steel tariffs look to be as corrosive to the economy and foreign relations as salt on steel. Stakes are high for India in Mr. Trump's trade war.
The report argues that there are two ways to wave the white flag on China trade - one, favored by the Washington establishment, is to accept Chinese cheating as the way of the world; the other, perhaps favored by Trump, is to adopt a mercantilism of our own.
Consider the case of Chinese tires. While there may be players in the USA metals industry that benefit, there are even more people in the metal supply and fabrication industries that will be negatively affected.
China isn't the first developing country to adopt a policy of maximizing exports. Early signs suggest that in this new conflict, China may target sorghum, a grain grown in Kansas and elsewhere.
"Even though work in China is only a tiny fraction of the total manufacturing cost, the entire import cost of the iPhone is attributed to China in US trade statistics".
This latest dispute, however, isn't mainly about China.
The proclamation instead pointed to economic integration between the U.S., Canada and Mexico, the fact the U.S. also exports steel to both Canada and Mexico, and the three countries' shared commitment to national security and addressing global excess capacity in steel production.
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China is the world's largest producer of "met coal", but it consumes it all and buys more from overseas , including from the U.S. That scenario, Tom Donohue said, would endanger the economic momentum from the GOP tax cuts and Trump's rollback of regulations.