Canada lucky to 'escape the guillotine' on Trump's tariffs: Frank McKenna

Canada lucky to 'escape the guillotine' on Trump's tariffs: Frank McKenna

President Donald Trump said he's "looking forward" to meeting at the White House Thursday afternoon on his call to impose sweeping tariffs on imported steel and aluminum despite threats of retaliation from trading partners and calls by some Republicans for reconsideration.

"Some estimates show that cost us about 200,000 jobs", Ginn said. Both China and the European Union said they would retaliate with their own import taxes against the USA if Mr Trump implemented the tariffs.

The action being taken, the president said, follows a nine-month investigation by the Department of Commerce, documenting a growing crisis in United States steel and aluminium production that threatens the security of the country. Steel imports would see a 25% higher tariff while aluminum tariffs would be 10 percent higher.

Mr. Mnuchin spoke at a House appropriations subcommittee hearing on the Treasury Department's 2019 budget.

What will it cost for Europe to avoid new United States tariffs on imports of steel and aluminum?

Republicans say they fear the move could dampen the positive economic effects from the GOP's $1.5 trillion tax-cut law, which they're featuring as a key part of their 2018 midterm strategy.

But what we don't know, and what may significantly limit the impact, is whether the tariff is just on raw steel and aluminum that is imported, or if the tariff will attach itself to a finished product (a tractor component, auto engine) manufactured with steel and aluminum overseas, and then imported into the U.S.

"The proposal so far would be a global tariff on steel and aluminum", he said.

Despite the pressure, Trump and the administration have stood firm in public comments. Our PM needs to stop playing trade games before he does real damage.

China had a record $375.2 billion goods surplus with the United States previous year.

As a result of the current steel and aluminum tariffs, local agriculture could see economic woes. "Border trade empowers New Mexico's economy, and any change of our relationship with Mexico - because of tariffs or the renegotiation of NAFTA - must protect the thousands of working New Mexicans whose livelihoods depend on stable trade relations with Mexico".

More news: SP leads in Gorakhpur, Phulpur bypolls

In a tweet on Thursday, Trump gave a hint of Canada's exemption from the trade tariffs.

"The president has said if we get to a position where we have successfully renegotiated NAFTA, there won't be any tariffs for Canada".

"Remember, we're the biggest supplier of steel to the USA but we're also the biggest buyer of their steel and we also have to remember that if you get higher steel and aluminum prices in the United States, you're going to have big job losses from industries that use aluminum and steel".

The President also said other countries will be able to apply for exemptions based on their contributions to US national security and how much they pay into alliances such as North Atlantic Treaty Organisation.

In Michigan, those most impacted include automakers, the craft beer industry - companies like Founders Brewing Co. - and also furniture makers like Steelcase, which said in a statement that the tariffs will have "negative and unintended consequences". "Retaliatory actions would especially harm agricultural businesses in New Mexico and will only increase costs on consumers". "China would have to make a justified and necessary response".

Brazil, the second-largest exporter of steel to the US, is also the largest importer of USA metallurgical-grade coal to fuel the steelmaking furnaces.

Ginn contends NAFTA could be much better but it's not as destructive to the US economy as its critics suggest.

More than 100 House Republicans, led by Ways and Means Committee Chairman Kevin Brady, urged Trump on Wednesday to reconsider broad tariffs, warning that they would cost American jobs, raise prices for consumers and hurt domestic manufacturing.

Newly enacted US tariffs on aluminum and steel imports have sparked a sharp reaction from around the globe, with several nations warning of an all-out trade war.

Trump in recent weeks had complained India's tariff on the import of American motorcycles-specifically Harley-Davidsons-was too high.

Related Articles