Saturday, 20 October, 2018

Tariffs To Create Ripple Across US Economy

Days after jibe on PM Modi, Trump threatens to impose 'reciprocal tax' on India, China Tariffs To Create Ripple Across US Economy
Jay Anderson | 11 March, 2018, 01:58

Since announcing new tariffs on steel and aluminum imports last week, the Trump administration has argued that it is protecting American industry from China, which in recent years flooded the global market with cheap metals.

The tariffs will go into effect 15 days from Thursday and will retain flexibility for the president. "Working very quickly on a security agreement so we don't have to impose steel or aluminum tariffs on our ally, the great nation of Australia".

Mr Trump has complained about low-priced Chinese exports of steel and aluminium, but the latest move was likely to hit Japan and South Korea harder.

Railroad tracks run past the blast furnaces of the now-closed Bethlehem Steel mill in Bethlehem, Pennsylvania, April 21, 2016.

That country supplies less than 5 percent of the steel and about 10 percent of the aluminum that the United States imports.

The British steel industry could be badly hit by the tariffs, with trade body UK Steel saying the tariffs could have a "profound and detrimental impact".

His Twitter message, promising "great flexibility and cooperation" with United States allies, signaled Trump is willing to exclude some countries from the tariffs for national security reasons.

"So these industries are industries which the president has said we need to be a country, we need to national security, and they are under significant threat".

Business leaders in the steel and aluminum sectors were reportedly flying to Washington Wednesday night in anticipation of a tariff signing created to protect them against foreign competition.




Flake noted that when President Jimmy Carter imposed a tariff on oil imports in the 1970s, Congress voted to nullify them and even overrode a subsequent presidential veto to do so.

"The reality is that the real friends are going to be those who are willing to partner with us on national security issues and also look to make sure there is free and fair and reciprocal trade", White House Legislative Affairs Director Marc Short said in an interview on Bloomberg TV on Friday.

Trump has declared that trade wars are "easy to win" and campaigned on the promise to renew American industries by slapping barriers on trade from other countries.

The overall United States labor market continued to improve in February, with 313,000 new jobs added last month.

Are European officials planning their own form of retaliation?

"By these tariffs going into place, it gives us the ability to come back to 100 percent capacity", said one steel worker from Kentucky. "We work together. We can not possibly be a threat to national security in the USA, so we are counting on being excluded", she said.

With markets tumbling following the resignation of Wall Street favorite Gary Cohn - Trump's top economic adviser who had lobbied ardently against the tariffs - Ross tried to assuage fears.

Opposition leader Bill Shorten said he was confident the government was doing everything it can to get the steel tariff exemption and believed it would be successful.

He has left open an avenue for potentially modifying or removing a tariff under certain conditions for individual countries, it said. "Steel is steel. If you don't have steel, you don't have a country. The business community sure hopes the administration will carefully do all the work it needs to do to make this an easy and transparent process".

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