Thursday, 18 July, 2019

Trump steel tariffs: Trade wars are good, says Trump

William C. Dudley President of the Federal Reserve Bank of New York Trump steel tariffs: Trade wars are good, says Trump
Patty Aguilar | 02 March, 2018, 22:00

European Commission President Jean-Claude Juncker, said that President Trump's strategy, "can only aggravate matters".

Meanwhile, the stock market took a sharp drop Thursday after the announcement, reports CNBC, with the Dow Jones industrial average closing at 420.22 points lower, after rising more than 150 points earlier in the day. The Nasdaq and the S&P also fell roughly 1.8 percent each.

On Thursday, Trump said the U.S. will set tariffs of 25 percent for steel and 10 percent for aluminum.

He said he will sign an executive order next week to impose tariffs of 25 percent on steel and 10 percent on aluminum.

"The measure may have an influence (damage) - which is not small - on the supply and price of materials in Posco's U.S. office and, therefore, on USA industries, including automobiles and appliances that require steel", said a spokesperson of the nation's largest steelmaker Posco.

The United States is the world's biggest importer of steel and aluminum, so any of these options would ripple throughout the global economy. Australian Trade Minister Steve Ciobo called the move "disappointing" and said his country is seeking an exemption. "And you'll have protection for a long time in a while". "You mess up your entire trading system for an industry that has a total of 80,000 jobs", Posen said.

Trump's announcement comes as a top economic aide to Chinese President Xi Jinping is visiting the U.S. to discuss trade.

He said the announcement was of no immediate concern for Invercargill, though it might limit available export markets.

Amid backlash from economists, national security experts and foreign leaders, Trump defended his position on Twitter. Chinese officials have threatened to take "necessary measures" to defend their country's interests. "What benefits one industry can hurt another".

He urged Trump to reconsider, suggesting that a trade war between allies would harm both sides.

They could slap their own tariffs on American products.

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Sen. Ben Sasse, R-Nebraska, also slammed the administration's decision, calling it "disastrous".

The move was roundly criticized by Republican lawmakers, however, with several speaking out Thursday.

Morneau says Canada is a "staunch and permanent ally" of the United States and shouldn't be affected if Trump declares a matter of national security to override trade rules and raise tariffs.

A similar effort during the George W. Bush administration to protect steelworker jobs by imposing tariffs ended up costing more jobs in steel-consuming sectors than it saved, said Senator Ron Johnson (R-Wis.).

Expressing disappointment, steelmakers in Seoul, however, said they would seek to persuade authorities that the increased steel prices, in turn, will cause reduced global competitiveness for steel-using companies in US.

"Our company has started considering new markets that can substitute for the U.S. We haven't come to any conclusion, but I think there will be many".

As prices drop, China will face competition from other suppliers such as Russia, Ukraine, the Middle East and Turkey, said CRU analyst Richard Lu.

Major steel maker Baoshan Iron & Steel fell 3.9 percent, while Aluminium Corp of China was 2 percent lower.

Canada, meanwhile, said that any trade restrictions on Canadian steel and aluminum would be "absolutely unacceptable". Most, however, cheered the tough talk.

"We will always stand up for Canadian workers and Canadian businesses", Freeland said Thursday in a statement. The meeting was "very productive" but short on specifics, he added.

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