Trump imposing tariffs on steel, aluminum imports

Trump Says He Plans To Impose Tariffs On Steel, Aluminum Imports

However, critics argue that the tariffs would fail to protect American jobs and would ultimately put up prices for consumers. The United States hasn't imposed trade restrictions because of Section 232 since 1983 (in a case about machine tools). "What's been allowed to go on for decades is disgraceful". And you'll have protection for a long time in a while. Experts say US domestic production could not be ramped up almost enough to eliminate imports. Trump has indicated he favors a duty of 24 percent on steel imports.

US stocks dropped in another dizzying day of trading on Thursday as investors dissected Federal Reserve Chairman Jerome Powell's latest testimony before Congress and the possibility of stiff tariffs on steel and aluminum imports. Trump, announcing tariff plans during a meeting with industry representatives.

The decision had been strenuously debated within the White House, with top officials such as economic adviser Gary Cohn and Defense Secretary Jim Mattis raising concerns. That's according to a person familiar with the process who spoke on condition of anonymity to describe internal deliberations.

Sources familiar with Trump's decision say he faced stern opposition from aides, including top economic advisor Gary Cohn, who argued the move could ultimately damage United States industry.

The confusion spread to Wall Street.

News of the tariffs drove the stocks of USA domestic steel and aluminum makers sharply higher, but also hit sentiment on Wall Street due to the potential impact of higher costs on consumers.

Automakers contacted by Automotive News had downplayed the potential effect of the proposed import limits on their operations, saying they use very little imported steel and aluminum.

Mr Trump tweeted that the United States had been "decimated by unfair trade and bad policy".

The Detroit 3 say the proposed combination of tariffs and quotas would raise their costs, even though most of the raw materials are obtained in the USA, while suppliers say they must rely on imports for specialty products and should be exempted from the proposed limits. China, possibly Russian Federation, and even possibly Indian steel and aluminum makers, and therefore I think it's likely we're going to get an exemption.

"Each one of those parts of the plan act together in a synergistic fashion to deliver exactly what he promised to the American people", DiNicco said. "I think this is terribly counterproductive for the agriculture economy", said Senator Pat Roberts.

Utah Republican Sen. Orrin Hatch, a long-time Trump ally and supporter, said the president should "carefully consider all of the implications". The tin cans that most vegetables, fruits, beans and other processed foods are sold in are made out of tinplate steel, but only 58 percent of domestic demand can be met by USA tinplate producers. "We want free, fair and SMART TRADE!"

The president had until April 11 to make a decision on steel and until April 19 to decide about aluminum.

On the other hand, China, which the Commerce Department characterizes as by far the worst offender, accounting for about half of global steel overcapacity, only provides about 2% of USA imports, so it won't feel much direct impact from a 25% tariff.

Like most brewers, we are selling an increasing amount of our beers in aluminum cans, and this action will cause aluminum prices to rise.

Asian steelmakers suffered with shares in South Korea's POSCO and Japan's Nippon Steel & Sumitomo Metal Corp down more than 3 percent. Under this option, the United States would also impose a quota limiting all other countries to the aluminum and steel they exported to the United States past year.

Major steelmakers like Nucor and U.S. Steel have sites in IL, as do companies that manipulate steel into flat bars, coils, and other finished steel products. Luke Popovich, a spokesman for the National Mining Association, said if tariffs boosted domestic steel making it would be a boon for some producers of metallurgical coal - used in steel mills.

The question of whether to impose the protectionist measures Trump has long favored on steel and aluminum set off a bitter debate between warring factions inside the White House.

Related news:

Hot News

isis-killer-beheading-video-story-top Nokia 1 Included In The First List of Android Go Handsets
Mar 02, 2018 - 09:09
MWC also saw HMD Global announce Nokia 1, which is an Android Oreo Go edition phone along with Nokia 6 Android One edition. The company also says that the Z50 facilitates search in 10 major Indian languages including Hindi, Gujarati, and Tamil.

isis-killer-beheading-video-story-top Trump expects a gun bill to emerge after bipartisan meeting
Mar 02, 2018 - 09:08
The teenagers who survived have been making impassioned pleas for action on television, social media and at the White House. He suggested expanding background checks for gun buyers and raising the legal age to buy rifles to 21 from 18.

isis-killer-beheading-video-story-top 'The Walking Dead' Winter Premiere Recap: The End of Carl's Journey
Feb 26, 2018 - 13:32
The former pacifist really has swung in the other direction, hunting down Saviors in a manner that would make a Terminator blanch. What did you think of The Walking Dead season 8 episode 9? But this looks more like a chest wound, similar to Carl's, to me.

isis-killer-beheading-video-story-top Olympics men's hockey: Canada outlasts Czech for bronze medal
Feb 25, 2018 - 08:52
It was certainly their most ambitious effort of the six games they played here and ensured they wouldn't go back empty handed. But here was Klinkhammer, the KHLer from Lethbridge, smiling widely: "I'm an Olympic medal victor now - I can't believe it".