Trump Unfazed By EU Tariff Threat - Bring On The Trade War!

Trump Unfazed By EU Tariff Threat — Bring On The Trade War!

Trump has touted the planned tariffs, which he announced last Thursday, as a way to revive the USA steel and aluminum industries.

Harley-Davidson Inc., the motorcycle maker based in Ryan's home state, is facing threats of retaliation from Europe over Trump's plans for steel and aluminum tariffs.

China warned yesterday that it was ready to hit back if the United States damaged its economic interests, fuelling fears of a trade war after President Donald Trump unveiled tariffs on steel and aluminium.

There are also local industry concerns that the tariffs could see cheap steel destined for the USA flood the domestic market instead. This resulted in aluminum nearing a two-year high at 17 cents per pound, while steel exploded to a six-year high of $840 per ton, prices that elated domestic metals producers and metalworkers who could see a more secure job outlook.

Canada and Mexico have threatened retaliation, and the European Union said it would apply 25 percent tariffs on about $3.5 billion of imports from the United States if Trump carried out his plan.

In effect since 1994, Trump has called the pact a "disaster", and he has repeatedly threatened to abandon it if the talks do not result in a better deal for American companies and workers.

Meanwhile, foreign governments lambasted the tax, suggesting that these trade restrictions could elicit reactionary tariffs against US goods.

He is expected to sign the formal order as early as this week after certain formalities are completed, Peter Navarro, director of the National Trade Council at the White House, said Saturday in an interview on satellite radio.

"We must make every effort to avoid the fall of the first dominoes".

In another tweet, Trump said that trade wars are good and easy to win.

The Trump administration says the tariffs are necessary to preserve the American industries - and that doing so is a national security imperative.

"We expect that the administration will include carve-outs to the tariffs, nearly certainly company-specific and likely some limited country-specific exemptions".

If the tariffs do go through, Howe believes Canada will retaliate in such a way that it will deter the Americans. "As I described to US Secretary of Commerce Wilbur Ross past year, there is not a market in America that can support the demand for ultra-thin aluminum for employers here in Wisconsin and across the country".

"We are on the losing side of nearly all trade deals".

Energy industry officials raised concerns about the tariffs on steel since the sector relies on imports.

"Obviously this is the time for cool heads but it is also a time for governments around the world - and alternative governments - to point to dangers of this sort of protectionism and the benefits of trade".

Seeking to roll back the US liberal trade regime is hardly the way to influence other economies to open their markets.

President Donald Trump's announcement that he'll impose stiff tariffs on imported steel and aluminum has labor unions and liberal Democrats in the unusual position of applauding his approach. But export-driven industries support millions of jobs, raising the potential political cost of any disruption. Negotiators had hoped to wrap up their work with an eighth and final session by the end of March, but officials say they will not now meet that deadline.

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