Trump Adopts Steel Tariffs but Opens Door to Exemptions — FT

Analysts believe the new tariffs will increase the costs consumers pay for a new vehicle in the U.S

Analysts believe the new tariffs will increase the costs consumers pay for a new vehicle in the U.S

Commerce Secretary Wilbur Ross recommended that Trump consider instituting a tariff of at least 7.7 percent on all aluminum exports from all countries, setting a 23.6 percent tariff on all aluminum products from China, Hong Kong, Russia, Venezuela and Vietnam and making them subject to quotas, or imposing a quota on all aluminum imports from countries equal to a maxium of 87 percent of their 2017 exports to the U.S. "We are looking to make sure that USA companies can compete fairly around the world", Treasury Secretary Steve Mnuchin said Tuesday at the House Appropriates hearing. As two massive trading partners, the fallout among the three countries from retaliatory tariffs could have been enormous.

The exemptions for Canada and Mexico would start immediately with an unspecified duration.

Traders also were encouraged by news Mr Trump might meet North Korean leader Kim Jong-un. He enacted the tariffs using a rarely used legal provision that allows the president to impose tariffs unilaterally if imports are determined to pose a national security risk.

The EU insists that it is committed to open, global trade, and that Trump's tariffs are a protective measure to prop up US industry that could undermine the worldwide trading system. He did not say whether he would sign the proclamation then.

Jacobi said he hoped that progress could be made in the next 15 days to soften the measures further and that any response from trading partners was handled through the WTO.

The announcement highlighted the need for New Zealand to seek diverse trade with new markets, he said.

Trump invited the workers to speak.

"The American aluminum and steel industry has been ravaged by aggressive foreign trade practices".

"Significant damage in South Korea's steel exports to the United States seems unavoidable", said Mr Paik's statement.

"Steel is steel; you don't have steel, you don't have a country", Trump said. The former real estate developer said politicians had for years lamented the decline in the industries, but nobody was willing to take action.

A senior administration official dismissed these concerns on Thursday.

If the countries providing 25, 30 or even 40 percent of the steel coming into the United States - it would be 40 percent if Japan and South Korea were also exempted - are not subject to the new tariffs, that would not seem to be much of a boon to USA steel manufacturers.

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"When it comes to a time when our country can't make aluminum and steel you nearly don't have a country", Trump said.

But the official said that with any alternative remedies, it was important to maintain the target for increasing steel and aluminum industry capacity utilization, which could result in higher tariffs for other countries. The proclamations he signed on Thursday impose a 25 per cent penalty on steel imports and 10 per cent penalty on aluminium imports.

"This is on balance a good thing today", he said in an interview this afternoon with CBC News Network. The exemptions for Canada and Mexico could be ended if talks to renegotiate NAFTA stall.

The people were not authorized to discuss details in advance and spoke on condition of anonymity.

Uncertainty surrounds whether the tariffs will ultimately impact Canada, but for now, workers are bracing for the worst.

"Once again, President Trump is keeping his promises and standing up for American families, American businesses, and American workers", Ross said. Canada and Mexico have been exempted from the order, and Trump has indicated he will be able to tailor or wave the levies on a country-by-county basis.

"We have been very clear that (the USA decision) is not in compliance with the WTO", she said. Trump won arbitration against porn star: WH US President Donald Trump has won an arbitration proceeding against adult-film actress Stormy Daniels, his spokeswoman said on Wednesday, a day after Daniels sued Trump for the right to speak about the "intimate relationship" she claims they had. "Looking forward to 3:30 P.M. meeting today at the White House".

The president did not say whether he will sign tariffs on steel and aluminum imports at the meeting.

But while the exemption has no deadline, the White House insists it is not open-ended.

Kosei Shindo, chairman of the Japan Iron and Steel Federation, echoed the view, saying that the measures may create "a negative chain reaction by other countries taking similar actions under similar pretenses".

Canadian Prime Minister Justin Trudeau said on Thursday there was a "level of confidence" that the country's close relationship with the United States would protect it from USA tariffs on steel and aluminum imports.

The White House noted that more than 50,000 have been lost in the steel industry and 40,000 in aluminum since 2000.

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