U.S. trade gap rises to $56.6 billion, highest since 2008

10 March, 2018, 02:03 | Author: Homer Porter
  • US steel tariffs impact on local farmers

The White House will follow through on its plan to levy tariffs on imports of steel and aluminum, President Donald Trump said during a cabinet meeting today - but it will grant temporary exemptions for imports from Canada and Mexico.

Another GOP bill would require Congress to approve trade actions, but it's doubtful the GOP-led Congress can muster the votes to block Trump.

It added that other countries like Australia could also be exempted depending on negotiations created to ensure that trade policies benefit the U.S.

Mr Trump said if his goals could be accomplished "by other means" the USA will remain "open to modifying or removing the tariffs for individual nations as long as we can agree on a way to ensure that their products no longer threaten our security". "We have to do something", Trump told reporters during the signing ceremony.

"It's about time", Trump said Thursday, before putting pen to paper. "A tenfold difference", the US President said. "There isn't anything about this that's going to turn out well for us". Janesville Republican House Speaker Paul Ryan has made it clear that he is not in support of the President's move. "I saw a tweet, just came in from Elon Musk who's using our wonderful space facilities and did a great job three weeks ago".

The president has said the tariffs are needed to reinforce lagging American steel and aluminum industries and protect national security.

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The US President has talked up the US-Australian relationship this morning, singling out Australia as an "ally" that may not face the steel and aluminium tariffs he is imposing.

In Beijing, Chinese Foreign Minister Wang Yi warned a "trade war" would hurt all parties and called for negotiations. A White House official said Trump was referencing an ongoing investigation of China in which the USA trade representative is studying whether Chinese intellectual property rules are "unreasonable or discriminatory" to American business.

Nations can apply for exemptions, something Australian Foreign Affairs Minister Julie Bishop - who is in the USA this week, said Australia will do. "It's been an assault", Trump said at the White House. However, he will "remain open to moderating and removing the tariffs" from any other countries, as long as we can "agree on a way to insure that their products no longer threaten our security".

"Ironically, estimates also show that the United States could overall also suffer job losses as a result of the measures".

The government will push for an exemption to newly-announced United States tariffs on steel and aluminium, the Finance Minister says. "Maybe he's insane like a fox, and his threats will produce a favorable outcome for the U.S. But given his global unpopularity, and how quickly world leaders have mobilized for war, I wouldn't count on it", Schiff wrote.

"When we're behind on every single country, trade wars aren't so bad", Mr. Trump said at a press conference with the Swedish prime minister on Tuesday.

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