Tuesday, 21 May, 2019

Trump trade tariffs: what they mean for Australia and what happens next

After Trump's Announcement Of Steel Aluminum Tariffs The Sell Side Reacts Trump trade tariffs: what they mean for Australia and what happens next
Patty Aguilar | 11 March, 2018, 04:10

The UK will seek an exemption from President Donald Trump's tariffs on steel and aluminium imports to the USA, according to Trade Secretary Liam Fox.

Donald Trump said Thursday morning that he was anticipating a mid-afternoon "meeting" about his promised tariffs on steel and aluminum imports, raising questions about whether he's ready to sign off on the punitive trade measures.

The US issued the tariffs under a little-used provision of trade law, which allows the President to take broad action to defend American national security.

Says Trump, "It's really an assault on our country".

He made the announcement during an afternoon ceremony at the White House, surrounded by steel and aluminum workers.

"China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States", Trump said in a tweet on Wednesday.

"The misuse of the "national security exception" clause by the U". "The misuse of the "national security exception" clause by the United States is wanton destruction of the multilateral trade system represented by the WTO and will surely have a serious impact on the normal global trade order".

The minister said Trump's proposed tariffs would violate the rules of the World Trade Organisation (WTO) and that Germany would coordinate closely with the European Commission on how to react if Trump pushed ahead.

The president temporarily exempted Canada and Mexico from the tariffs, arguing his administration would continue talks with the North American Free Trade Agreement (NAFTA) partners.

Exempting some nations marks a compromise from Trump's initial plan for across-the-board tariffs, which was harshly criticized by members of his own Republican party who said it would cost U.S.jobs, raise consumer prices and hit American manufacturers.

Winter Storm Watch for Greenbrier County
Meanwhile, along the East Coast, residents are still digging out from the second nor'easter to hit the region in a week.

China says USA soybeans 'prime target' over tariffs -trade group
The measures will trigger confusion in the steel market not only in the United States but in Asia", Seko told a news conference. Canada is expressing cautious optimism after Trump announced the country is exempt from the new steel and aluminum tariffs .

South African officials charged over Williams masks
The news also comes as the ICC steps up an investigation into how video of the Warner-de Kock altercation was originally leaked. The two officials were photographed with three spectators wearing the masks at the match at St George's Park in Port Elizabeth .

EU commissioner Cecilia Malmstrom, who earlier this week warned of a multi-billion-euro list of reprisal tariffs, tweeted last night: "The EU is a close ally of the United States and we continue to be of the view that the EU should be excluded from these measures".

The President's move is expected to be questioned and countered, and could further put the U.S. at odds with the global community.

US automakers, in particular, have much at stake as Trump makes decisions on issues such as the pending renegotiation of the North American Free Trade Agreement and a review of fuel economy requirements through 2025.

"That's like a whole plant's worth of annual production that is at risk of becoming uncompetitive", if Europe retaliates, he said Friday, adding that automakers could lose US sales from higher prices as well as exports.

"All countries will be welcome to discuss with the United States alternative ways to address the threatened impairment of the national security caused by their imports", a White House official said.

No fewer than 100 Republicans in Congress signed a letter Wednesday to Trump opposing a broad action against steel and aluminium imports, saying that tariffs are "taxes that make US businesses less competitive and consumers poorer". "I have a feeling we're going to make a deal", said Trump.

"With these tariffs, I think it'll level the playing field", Davis said. He suggested in an earlier meeting with his Cabinet that Australia and "other countries" might be spared, a shift that could soften the worldwide blow amid threats of retaliation by trading partners.

Mr. Norman and five other prominent Australian business leaders signed a letter beseeching Mr. Trump not to take "any action that might have demonstrable negative impact on the mutually beneficial American-Australian bilateral relationship". Speaking to reporters, US President Donald Trump said, "China says it's got 2%, but it sends much more". However, as news outlets have pointed out, that figure leaves out the fact that the USA has a trade surplus.

A revamped version of the Trans Pacific Partnership, which the U.S. withdrew from past year, was signed earlier today in Chile.

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