Thursday, 14 November, 2019

Trump says USA to impose harsh steel and aluminum tariffs

NATION-NOW     Fact check Trump's tariff hikes rattle allies. Is he right?     
       Fact check Trump's tariff hikes rattle allies. Is he right NATION-NOW Fact check Trump's tariff hikes rattle allies. Is he right? Fact check Trump's tariff hikes rattle allies. Is he right
Patty Aguilar | 02 March, 2018, 09:30

The countries to which the 25 percent tariff for steel and 10 percent tariff for aluminum would apply were not identified. It says that's because Canadian aluminum is essential to the U.S supply chain.

"It will be 25 percent for steel". It said USA national security was indeed threatened, and made three recommendations, one of which was putting in place a 24% tariff on all steel imports.

The president spoke at a hastily called meeting White House after hours of confusion over what - if anything - he was going to announce.

"What's been allowed to go on for decades is disgraceful", Trump said, adding that without being able to make aluminum and steel, "you nearly don't have much of a country", especially the defense industry. "We need it. We need it even for defense".

Investors will now be watching and waiting for further details on the new tariffs and any indication the market sell-off could soften Trump's stance.

There is also a concern that United States farm exports could be hit hard due to potential retaliatory moves by steel-exporting countries.

The European Steel Association criticized the tariffs because of its potential impact on US trade allies in Europe. So, we will probably see you some time next week.

While the proposed tariffs are not country specific, the move is definitely a slap in the face for China, which the Department of Commerce reportedly encouraged the president to hit harder.

Expect Trump tariffs on imported steel, aluminum
Stocks are turning sharply lower in afternoon trading as talk of steep tariffs on steel and aluminum spook investors. Big exporters like Apple and drugmaker Pfizer, which would suffer if trade tensions picked up, also fell .

Trump to governors: Don't worry about NRA
"I got to watch some deputy sheriffs performing this week, and they weren't exactly Medal of Honor winners, all right?" he said . The tragedy, at Marjory Stoneman Douglas High School , has reopened the debate about gun control in the United States.

Fight against terror is not a fight against Islam: Modi
He had received his first PhD from Trinity College, Cambridge University, and his second PhD from Al-Azhar University, Cairo. He was speaking at the conference on Islamic heritage: Promoting understanding and moderation at Vigyan Bhavan .

Trump's announcement seemed likely to tip off a period of fierce lobbying by foreign governments and multinational companies who will argue that their products should be exempted from any sanctions.

The Trump administration has considered tariffs on steel and aluminum, reports indicate.

The move, which will hit countries such as Canada, Russia and China, is created to prevent "unfair trade" according to Trump.

Employment in American steel plants has been falling since the 1960s, but economic studies suggest most of this is due to productivity improvements by manufacturers rather than competition from cheap imports, suggesting there is little likelihood that protectionist measures will actually help to bring back jobs. Politicians in both the European Union and China have already threatened to retaliate against the USA if Trump implements import tariffs. Meanwhile, the Nasdaq Composite Index declined 1.6% at 7,155.

'We must not let our country, companies and workers be taken advantage of any longer.

"They used to be a lot bigger, but they're going to be a lot bigger again", he said at the White House Thursday.

John Lapides, president of United Aluminum Corp., said unfair competition has hurt investment in his business "and that lack of investment is reflected in a loss of jobs in America".

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