How Trump's Tariff Punch Hurt His Pro-Business Agenda

05 March, 2018, 01:33 | Author: Kathy Ellis
  • A docker works in front of a container ship at Qingdao Port in Qingdao Shandong Province of China

In a tweet early on Friday, Mr Trump said the U.S. will "win big" in a trade war.

"Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big".

Some leading figures in Mr. Trump's administration see steel tariffs as a way of hitting back at China, which ramped up steel production in its heavy-industrialization years, and now produces half of the world's steel.

Trump's tweet suggested he is refusing to yield to USA business interests and foreign trading partners alarmed at the prospect of a trade war that rattled financial markets this week.

The union represents tens of thousands of workers in the automotive manufacturing, steel and aluminum sectors across Canada.

On Thursday, Trump said that he planned a 25 per cent tariff on steel and a 10 per cent tariff on aluminum that would go into effect next week. He added that the tariffs would remain for "a long period of time".

"Groups in China are getting together and evaluating what an increased retaliatory tax on Iowa agriculture looks like", Mitchell said.

In terms of response "all options are on the table", ranging from a challenge at the World Trade Organization to "counter-measures to limit U.S. imports in Europe", he said.

China also condemned the move, with a Chinese foreign ministry spokesperson saying: "If all countries followed the example of the United States, [it] will undoubtedly result in a serious impact on the global trade order". That is followed by Brazil and South Korea, with steel imports from China down 5% in the most recent period. They accuse the Chinese government of unfairly supporting Chinese exports and restricting the Chinese market in violation of its free-trade promises.

Trump's announcement sent stock markets around the world tumbling and could prompt other countries to take action.

But the prospect of other countries retaliating if Donald Trump slaps tariffs on imported steel and aluminium seems to be growing.

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French Finance Minister Bruno Le Maire supported the E.U.'s reaction and said "all options are on the table" in terms of a response.

"I think of those OH steelworkers in the Midwest that have been suffering", Richardson said. "What saves one job can jeopardize another".

He said the US will impose tariffs of 25 percent on steel and 10 percent on aluminum.

The new tariffs were requested by Commerce Secretary Wilbur Ross and White House trade adviser Peter Navarro.

"A lot more people have weighed in on both sides of the border and on both sides people are saying where does this come from?"

Trump's threat comes amid mounting transatlantic tension on trade.

But some Republicans in Congress were angry.

"If the president wants to protect good-paying, family-supporting jobs in America, especially here in Wisconsin, then he should reconsider the administration's position on these tariffs, particularly on ultra-thin aluminum" Walker warned.

A final decision on the tariffs is expected next week.

"A trade war is in no-one's interests".


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