Saturday, 22 September, 2018

Trump trade tariffs: Europe threatens U.S. bikes, bourbon and bluejeans

Donald Trump says 'trade wars are good' as Wall Street reacts badly to news of steel tariffs Donald Trump says 'trade wars are good' as Wall Street reacts badly to news of steel tariffs Credit UPI Barcroft Images
Scott Davis | 05 March, 2018, 01:33

The prime minister noted that the Trump administration indicated it would impose the tariffs under a rarely used provision of USA law that allows a president to unilaterally declare tariffs to counter threats to national security.

Trump struck a defiant tone on Friday, saying trade wars were good and easy to win, after his plan to put import tariffs of 25 percent on steel and 10 percent of aluminum triggered global criticism and a slide in stock markets. The EU responded with tariffs on Harley-Davidsons, American-made firearms and ammunition, Florida orange juice and more.

"We urge the U.S.to be restrained in taking trade protection measures, follow the multilateral trade rule, and positively contribute to the global economic and trade order", he said.

"We must show that we can also take measures".

"I think it's going to hurt us in the long run".

Trump said the "disgraceful" treatment of US steel and aluminum producers by other nations, especially China, helped lead to the decision. The American International Automobile Dealers Association said the tariffs could cause the cost of a vehicle to rise a lot.




Trump doubled down amid the firestorm on Friday, tweeting that "trade wars are good, and easy to win" and proposing "reciprocal taxes" on all goods from exporting countries which place duties on imports of United States products.

"If the European Union wants to further increase their already massive tariffs and barriers on US companies doing business there, we will simply apply a Tax on their Cars which freely pour into the US", Trump wrote on Twitter.

The steel and aluminum announcement caught many in the administration and on Capitol Hill flat-footed.

The combative posts follow Thursday's assertion on Twitter that U.S. steel and aluminium industries had been "decimated" by trade policies.

WTO Director General Roberto Azevedo said his agency was "clearly concerned" by Trump's threats, adding that "a trade war is in no one's interests".

Toyota warned that the "decision to impose substantial steel and aluminum tariffs will adversely impact automakers, the automotive supplier community and consumers, as this would substantially raise costs and therefore prices of cars and trucks sold in America". The U.S. tariffs would be applied under national-security sections of U.S. trade laws - and of the North American free-trade agreement - and Canada is an ally, with a defence industry that is integrated with that of the United States.

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