Trade tensions have jumped to the top of the list of risks facing China this year, with proposed US tariffs on steel and aluminium imports suggesting more measures may be on the way, Zhou Hao, senior emerging markets economist at Commerzbank, told the Reuters Global Markets Forum this week.
While the White House signaled earlier that an announcement from Trump was expected Thursday afternoon, official are now saying it should come by the end of the week.
"We should be very careful with that word... there are only losers in that, and that's why we will respond in a proportionate and balanced way".
Gov. Scott Walker, R-Wisconsin, asked the administration to reconsider its stance.
So American companies would still need to buy imported steel and aluminum, even with tariffs in place.
Big Wall Street banks tend to be internally divided into two camps: the investment bankers, who cultivate the firm's clients and advise them on raising cash and doing deals; and the traders, who lay bets and take risks, often with the firm's money. "It's basically a tax increase".
Trump seemed poised to take action on imports, no matter the cost to other industries. Well-known brands with good distribution, like Deere (DE) and Caterpillar (CAT) might do better than Terex (TEX) and Oshkosh (OSK), Goldman said. Sherrod Brown, an Ohio Democrat. Sen.
Adding to investor worries, Trump showed no sign of backing down in his first tweet on Wednesday, while China raised its concerns at the World Trade Organization where 17 other WTO members also voiced misgivings.
Warning Trump's plans could lead to "a serious trade dispute" between Washington and the rest of the world, Tusk said European Union leaders would hold an emergency debate on the issue at a summit in Brussels on March 22-23. For the two-month period, the surplus expanded by 31 percent from a year earlier to $55.3 billion.
They point out that imports make up far too much of the market for some products, such as steel pipes and tubes, to have domestic mills make it up.
The problem is they would probably have unintended consequences that could hurt the economy.
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. "And so the cycle goes".
The New York lawmaker says, "Mr. President, focus on China. That's what ultimately led to the agreement by the Chinese to allow their currency to weaken (somewhat)".
More than 100 House of Representative Republicans, including Kevin Brady, chairman of the House Ways and Means Committee that oversees U.S. trade policy, wrote to Trump praising him for standing up to "bad actors", but emphasised that fairly traded products should be excluded from the tariffs.
Sanders says Trump will finalize the tariffs later this week.
For example, Canada is the United States' No. 1 foreign supplier of both steel and aluminum.
The essential economic argument is that while some jobs in specific steel and aluminum plants would benefit, those have to be weighed against job losses - or reduced job creation - in other sectors.
Malmstrom referred to Trump's national security reasoning as a "deeply unjust" pretext for tariffs.
In contrast, the Russell 2000 index, which tracks US small-cap stocks, was up 0.5 percent as more domestically focused companies are seen as having less exposure if foreign governments retaliate by slapping tariffs on USA exports.