Published: Thu, March 15, 2018
People | By Leon Thompson

European Union dismisses Trump's auto threats, vows to 'stand up to bullies'

European Union dismisses Trump's auto threats, vows to 'stand up to bullies'

Trade wars are bad but President Donald Trump's steel and aluminum tariffs won't have much direct impact on the USA economy unless the situation escalates, according to a new survey conducted by Bloomberg News.

Many traditionally pro-trade Republican lawmakers in the United States also fiercely oppose the tariffs, saying they might help steel and aluminium makers, but would mean higher prices on many other products.

The action could have a greater impact on relations with USA allies than China, which has flooded worldwide markets with underpriced metals.

Recent weeks have seen him follow through on those promises, with Trump announcing in early March a 25 per cent tariff on USA steel imports, but with exemptions for Canada and Mexico.

Re "Trump orders tariffs on steel and aluminum, despite warnings of "unintended consequences"" (March 8): I believe in free trade, and nobody wants a trade war.

In Beijing, Chinese foreign ministry spokesman Lu Kang said Sino-U.S. trade relations should not be a zero-sum game, and that the two countries should use "constructive" means to manage tension. Vertical notes that similar tariffs on steel imposed by President Bush on imports under Section 201 of the Trade Expansion Act in 2002 ultimately exempted more than 700 different steel products from their effect, "prompting a resurgence in imports" after an initial slump.

Trade is not just about jobs and money; it's also about relationships.

"The steel and aluminium sectors have been under attack by predatory trade practices", said Leo Gerard, president of United Steelworkers International.

Nidahas Trophy: Bangladesh win toss, put India to bat first
But the young squad has done well so far in this series under the captaincy of Rohit Sharma who is in great form. India will play against Bangladesh after their winning game with host Sri Lanka on the 4th match.

The Commission said it expected to be in contact with Washington over the metals tariffs this week, but that no formal talks had been scheduled. "The risk that the steel tariff could cause a tariff war is real". Deere's shares fell 2.5 percent after Trump announced tariffs were formally being considered.

In 2009, President Barack Obama imposed a targeted tariff on Chinese tires as well as punitive tariffs on other Chinese goods. The move will certainly come as a huge burden to Korean steelmakers.

The new steel tariffs is a good idea, except I don't see how the U.S. can compete with China when the workers there probable get a few dollars a day when union steel workers in the United States get from $30.00 to $60.00 an hour.

U.S. President Donald Trump's decision to impose tariffs on steel and aluminum imports could result in economic growth that is slower than states assumed in their budget forecasts, S&P Global Ratings recently said. U.S. Steel and Century Aluminum are already ramping up, bringing back hundreds of workers.

"More American workers lost their jobs in 2002 to higher steel prices than the total number employed by the USA steel industry itself (187,500 Americans were employed by US steel producers in December 2002)", the report concluded. The Commission spokesman also pointed to US import duties of up to 48 percent on shoes, 12 percent on textiles and 164 percent on peanuts. The Korean government should optimize its negotiation ability and companies need to make their own preparations during the period.

This reminds me of 35 years ago, when roughly 300 protectionist-minded trade bills were pending in the U.S. Congress. But do these analysts even know what they're talking about?

The costs to the world economy could grow further if countries impose their own tariffs on US products, raising prices for goods globally and undermining economic confidence. Indeed, most European Union countries are in North Atlantic Treaty Organisation, the world's biggest security alliance, together with the U.S. The Beer Institute, a trade group representing the world's largest brewers, estimates the 10 percent tariff on the aluminum encasing most beer sold in the USA will push costs up by $348 million annually, threatening more than 20,000 jobs in the industry.

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