Wednesday, 18 July, 2018


North American stock markets up as Trump exempts Canada from tariffs

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Bennie Garza | 14 March, 2018, 08:15

Even if the WTO panel rules after that time that Trump's tariffs are illegal, Trump administration officials indicated past year that they may not care that much.

The prime minister is hoping the rumours are true. In its reports and public statements, the Trump administration had undermined its own national security argument by claiming it was addressing foreign dumping of steel and aluminium and rising imports, she said. "We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan", Paul Ryan's spokeswoman AshLee Strong said.

Other countries have threatened reprisals, prompting fears of a global trade war.

"If our ability to sell aircraft worldwide is impacted", she said, "that hurts jobs in Gresham". In 2017, the USA trade deficit for goods and services was $566 billion, the largest since 2008. It also allowed companies to immediately write off the cost of their capital investments, which is a huge benefit to capital-intensive industries such as steel and aluminum production.

The McMinnville plant laid off 84 members a year ago because of steel getting dumped into California, according to Davis.

The European Union, the world's biggest trade bloc, chimed in.

"With these tariffs, I think it'll level the playing field", Davis said.

The President added that he was fulfilling a campaign promise by imposing the tariffs, asserting that support from steelworkers was part of the reason why he won the presidency.

UK Steel's director Gareth Stace said the tariffs "would have a profound and detrimental impact on the UK steel sector, which exported some 350,000 tonnes of products to the U.S. in 2017, over 7% of its total exports". That's especially true in Oregon.

An analysis the Brookings Institution performed for MarketWatch found the state has more than 63,000 workers in industries that use steel and aluminum -- 50 times more than those who actually make steel and aluminum.

Evraz North American employs hundreds at a rolling mill and steel pipe mill in Portland.

Countries seeking exemptions from the tariffs will have to make their case through U.S. Trade Representative Robert Lighthizer, but the president will make the ultimate decision, officials said. As such, the company has been following this issue carefully - and making our voice heard through direct appeals to elected officials - since the U.S. Commerce Department began investigating potential steel and aluminum tariffs previous year.

"While we do purchase the vast majority of our raw steel domestically, there is some material we require not available through USA suppliers".

The USTR declined to comment for this article. Republican leaders in Congress, meanwhile, know full well that their troops do not want a battle, and so they are not doing anything to rally them for one.

Both Senate Finance Committee Chairman Orrin Hatch of Utah and Senate Homeland Security and Governmental Affairs Committee Chairman Ron Johnson of Wisconsin are planning hearings in coming weeks about the decision. It's hard to see how the conclusion of a new NAFTA deal would alter the security situation, suggesting the president's linkage between an exception for Canada and Mexico and the conclusion of a renegotiated NAFTA agreement has little to do with national security and more to do with leverage and protectionism.

Economists aren't sure whether the tariffs are legal.

Sen. Ron Wyden, who said last week that steel tariffs were overdue, said the details of Thursday's order created additional uncertainty around dealing with China. Sen.

- As he blitzed through the industrial Midwest as a presidential candidate, Donald Trump pitched himself as the savior of the "forgotten" men and women in communities where factories had been shuttered and jobs were moved overseas.

Merkley he said he will soon propose his own trade bill.

Generally, though, he said OR businesses would "not be in favor of anything that would drive up the cost of their raw materials and dry up their markets for exports", Johnson said.

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