According to Virginia Tech associate professor Jason Grant, who opposes the proposed increased tariffs, trade economists are concerned about retaliation from other countries if the USA should follow through with the suggested 25% steel and 10% aluminum tariffs. Japan's top government spokesman Yoshihide Suga said the move could harm the global trading system and the entire world economy and said Tokyo would urge the USA to give the country an exemption.
"We are friends, we are allies we work together", EU Trade Commissioner Cecilia Malmstroem said. It's really an assault on our country. Some business groups are mulling court challenges, but experts say any challenge could be hard because Trump is invoking a 1962 law that gives him sweeping authority to impose tariffs for national security reasons. Canada was the single-largest USA source of steel past year, followed by Brazil, South Korea, Russia, Mexico, Japan and Germany.
"We need a dialogue with the United States".
The exemptions for Canada and Mexico could be ended if talks to renegotiate NAFTA stall, the White House said. The agreement was negotiated by Democratic President Barack Obama's administration, but had broad support from GOP leaders who have long backed multilateral free trade pacts. Nobody. And what will Trump do next to distract us from the chaos he's creating?
Both Germany and France backed the European Union position, with German government spokesman Georg Streiter telling reporters in Berlin that "The exact nature of the (EU) steps will be decided after a close analysis of the American measures", according to Reuters. "Many of the countries that treat us the worst on trade and on the military are our allies, as they call them", he complained.
"[And I think they know] that whatever the video game industry thinks that they are doing to limit kids' access is not enough, because kids are able to see these violent images and get these violent video games into their hands without much difficulty at all".
China has been singled out as a prime target of the new policy and Beijing has said it "firmly opposes" the tariffs and has in the past threatened retaliation.
"The problem is that the demand has been stolen by the illegally traded imports, taking up that new demand", Nucor said Thursday on CNBC's "Closing Bell". "We will have to protect our industry".
Chinese officials routinely warn about the reciprocal damage of a trade war, but kept fairly quiet about the tariffs before Trump's announcement Thursday. Administration officials have sought to iron out how certain national security "carve-outs" might be implemented amid a push by some officials to lessen the economic impact of the tariffs.
But that was before Tuesday, when Cohn's announced resignation heightened doubts about the direction of Trump's economic policies just as Republican lawmakers were preparing for midterm elections against Democrats re-energized by their opposition to the White House.
"We are an ally, not a threat", he said, rejecting any hint that the bloc's exports threatened USA national security - Trump's justification for imposing the tariffs.
"They say, if your baseball lands in his yard", he stage-whispered, "he'll come out and make you his chief economic adviser!"