Trump's Tariffs On Aluminum And Steel Will Impact Us All

Malcolm Turnbull

Trump's Tariffs On Aluminum And Steel Will Impact Us All

"We are not afraid, we will stand up to the bullies", said Malmstrom in response to threats of trade tariffs against the European Union by US President Donald Trump.

"There are no winners in a trade war", Mr Zhong said.

"In itself, it will not make much difference to the direction of the world economy", he said.

These European officials failed to talk to the president's key trade advisers, Commerce Secretary Wilbur Ross, White House trade adviser Peter Navarro and U.S. Trade Representative Robert E. Lighthizer, all of whom support the tariffs. It isn't going to change the price of a auto.

Trump said the move would spur economic growth in the region.

With the world on the brink of the fiercest trade war in recent years, the tasks before South Korea are evident.

The tariffs don't take effect until March 23, and in the meantime, countries impacted by the tariff are making their cases to be exempted from the rule. He is a fellow at the American Enterprise Institute, and the former chief speechwriter for President George W. Bush. History shows that nobody wins a trade war.

British Prime Minister Theresa May expressed her concerns to Trump by phone.

The EU 's top trade official said the U.S. failed to provide full clarity on how Europe and Japan could be spared set to continue next week.

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Cody Lusk, president and CEO of the American International Automobile Dealers Association, said: "The burden of these tariffs, as always, will be passed on to the American consumer".

Canada has been particularly recalcitrant in making any concessions on its dairy policy, a key issue for the USA where dairy producers are suffering economically.

"Millions of jobs on both sides of the border depend on continued smooth flow of trades".

The EU rejected Mr Trump's argument that the tariffs are required for national security reasons.

Freeland said it was absurd to consider Canadian steel a national security threat and that "as far as Canada is concerned there is absolutely no connection" between the national security reasons cited for the steel tariffs and NAFTA. That could cause job losses and canceled investment.

While these threats from the European Union are a drop in the approximate $500 billion bucket the US exports to the European Union, they have the potential to spiral out of control if Trump retaliates with further protectionist measures. In the week since, Trump has unveiled sweeping tariffs on imports of steel and aluminum, and called out Canada and Mexico on Twitter. So then they say, 'We want those tariffs taken off'. President Trump doesn't believe they should pay no price if they refuse. In any case, "if the issue is a security issue on trade and aluminum, I fail to see how the vehicle issue fits into that picture". And to some degree, they're right. Now we're probably going to lose even more. NAFTA has turned into a dirty word.

Out here in farm country, we're anxious about the tariffs and NAFTA. Mexican federal elections scheduled for July 1 and US congressional elections in the fall are adding pressure, as changes of government as a result of either could affect both getting a deal and getting it ratified.

With the Trump administration expected to keep pushing trade protectionism, the government must beef up its trade diplomacy in the long term. The tariffs themselves aren't the main problem.

President Trump's announcement that he will impose stiff tariffs on American companies that purchase imported steel and aluminum should have come as no surprise. Whether specific countries are exempted or not, the uncertainty caused by Trump's action destabilizes companies' operations and causes unneeded confusion.

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