Tuesday, 23 April, 2019

UK PM tells Trump of "deep concern" over trade tariffs

US President Donald Trump’s plan has ignited a firestorm of opposition with criticism from around the globe senior members of his own party and top manufacturers UK PM tells Trump of "deep concern" over trade tariffs
Russell Knight | 05 March, 2018, 00:30

The issue pits Trump's populist promises to his voters against GOP free trade orthodoxy and the interests of business leaders.

That brought a stiff response from trading partners and criticism from the International Monetary Fund and WTO.

The European Commission has said it would respond "firmly" to proposed USA import duties of 25 percent on steel and 10 percent on aluminium.

Trump's tweet Saturday appeared to be in response to European Commission President Jean-Claude Juncker's warning that the EU could respond by taxing quintessentially American-made products, such as bourbon whiskey, blue jeans and Harley-Davidson motorcycles.

The leaders also discussed Syria and humanitarian concerns in eastern Ghouta.

"If the European Union wants to further increase their already massive tariffs and barriers on USA companies doing business there, we will simply apply a Tax on their Cars which freely pour into the U.S." he wrote.

"They make it impossible for our cars [and more] to sell there", he added, slamming what he called a "big trade imbalance".

The EU would "form a coalition of like-minded countries and potentially take the USA to the WTO court together", Katainen said in reference to the World Trade Organization tribunal in Geneva. Canada's leadership said they would retaliate with tariffs on US exports. But they don't account for a large share of US imports in these metals, making it more hard for the White House to impose direct penalties.

The US is the largest export market for European Union cars - making up 25% of the €192bn (£171bn; $237bn) worth of motor vehicles the bloc exported in 2016 (China was second with 16%).

India, which sends only 2% of its steel exports to the United States, has raised concerns about the Trump administration justifying the levy in national security interest. But large German automakers also have a sizable presence in the United States, with BMW employing thousands of workers in SC and Volkswagen employing thousands more in Tennessee.

A number have questioned the wisdom of the tariff proposal and have been urging the president to reconsider.

Senator Orrin Hatch said: "I'm very surprised, he's had very bad advice from somebody down there. The people who are going to have to pay these tariffs are going to be the American citizens".

"The U.S. oil and natural gas industry, in particular, relies on specialty steel for many of its projects that most U.S. steelmakers don't supply", American Petroleum Institute President Jack Gerard said last week.

Howe & Rusling Inc. Sells 14734 Shares of Celgene Co. (CELG)
The stock of Celgene Corporation (NASDAQ:CELG) earned "Buy" rating by Suntrust Robinson on Thursday, January 7. Alles acquired 3,260 shares of the business's stock in a transaction that occurred on Thursday, February 8th.

Xiaomi to launch new Mi TV series in India on March 7
The Mi LED Smart TV 4 box has the monitor, two base stands, a Bluetooth-powered remote, power cord, user manual and five screws. The Xiaomi Mi TV 4A is powered by Amlogic L962-H8X quad-core processor that's clocked at 1.5 GHz and is paired with 1 GB RAM .

Red Alert Warning extended for Thurs & Fri
An orange snow-ice warning had been in place but this was upgraded to red for five counties in the early hours of this morning. Court sittings across the State have been cancelled on Thursday and Friday.

China on Friday expressed "grave concern" about the matter.

An influential Republican senator says President Donald Trump is "making a huge mistake" with his plan to impose steep tariffs on imported steel and aluminum.

Why does he want to impose tariffs?

Canada is now seeking an exemption and is vowing to retaliate if it's slapped with any new tariffs, but the new trade restrictions are something Scheer said the government should have anticipated.

Mr Trump tweeted on Friday that the United States was "losing billions of dollars" and would find a trade war "easy to win". Trump is justifying the tariffs in part on national security grounds.

The Pentagon recommended "targeted" tariffs, so as not to upset partners.

Trump is expected to sign a formal order for the tariffs in the coming week, or the week after that at the latest, after all legalities are finalized, Navarro said.

What has the worldwide response been? May's office says they agreed "the overwhelming responsibility" for suffering falls on the Syrian government and Russian Federation, its main backer. He said the tariffs would be in effect for a long period of time.

At North American trade talks in Mexico City, Republican Representative Kevin Brady, the top US lawmaker on trade policy, said the administration should exempt current aluminum and steel contracts to avoid business uncertainty.

"We would like a reasonable relationship to the United States, but we can not simply put our head in the sand", said Juncker.

"Gary was here yesterday afternoon, I talked to him in my office several times, so I don't have any reason to think otherwise", White House spokeswoman Sarah Sanders told reporters.

"We are very close to a fast spreading trade war and in this kind of war there are only victims, not winners", Katainen said.

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