Friday, 24 May, 2019


Imposing tariffs is stupid policy, from soup to nuts

Imposing tariffs is stupid policy, from soup to nuts Imposing tariffs is stupid policy, from soup to nuts
Bennie Garza | 06 March, 2018, 21:06

If the US can impose these tariffs on steel and aluminum on the basis of "national security", someone else is sure to try for tariffs on food, or clothing, or various other products on the same basis.

It's unclear whether the GOP pushback will have any effect on Trump, who surprised fellow Republicans Thursday when he announced tariffs of 25 percent on steel imports and 10 percent on aluminum imports.

Speaking on "Fox and Friends", White House trade adviser Peter Navarro said: "25 per cent on steel, and the 10 per cent on aluminium, no country exclusions - firm line in the sand".

"Our U.S. farm incomes are at their lowest in more than a decade, so we need to be removing barriers to trade, and giving our farmers all the advantages and opportunities that we can", Northam said. The speaker is "extremely anxious about the consequences" and is urging the White House "to not advance with this plan", according to a statement issued by his office.

The protectionist policy will be made official in the next two weeks, White House officials said Sunday, as the administration defended the decision from critics in Washington and overseas.

About 140,000 Americans work in the US steel and aluminum sectors.

On Sunday, Mr. Navarro told CNN that "there's no country exclusions", but said there would be "an exemption procedure" for us businesses and industries to apply for the right to import foreign steel and aluminum without paying a tariff. Freeland said the conversation around auto production rules "has been constructive".

Minister of Economy, Trade and Industry Hiroshige Seko on Tuesday repeated that Japanese steel and aluminium exports are not affecting America's national security but are helping America's economy.

The president said he will press ahead with tariffs on all imports of steel and aluminum.

Not only that, Trump's comments also fly in the face of facts as outlined by the US government's own trade officials. "We had a very bad deal with Mexico - we had a very bad deal with NAFTA". The latest round of a almost year-long renegotiation effort is concluding this week in Mexico City.

Mr Mackenzie said free trade was the "lifeblood and promoter of health" of the global economy, and he expects it to flourish despite the recent developments in the US.

Trump said on Twitter Monday that NAFTA has been "a bad deal" for the United States, causing "massive relocation of companies and jobs".

President Trump's top trade negotiator sent Mexico and Canada another warning on Monday: We're running out of time.

Mexican Economy Secretary Ildefonso Guajardo also spoke optimistically Monday about an improving pace of progress in the NAFTA talks. That prompted Canada, Mexico and the European Union to threaten counter-steps if the plan, based on Section 232 of a 1962 USA law that allows such tariffs based on "national security", went ahead.

Trump has long threatened to pull out of the 24-year-old trade pact if it can't be overhauled and encourage manufacturers to bring factory jobs back the United States.

Europe has expressed growing concerns about Trump's protectionist stance on worldwide trade.

Trump has been criticized by a swath of senior lawmakers from his own Republican Party, but has won support from some Democratic legislators.

And overseas, Jean-Claude Juncker, president of the European Commission, said the European Union could respond by taxing American goods including bourbon, blue jeans and Harley Davidson motorcycles. Congressional leaders believe that approach has worked well - until now.

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