Thursday, 16 July, 2020


Trump sticking with 25 percent steel tariff, vows flexibility later

President Donald Trump holds up a proclamation on aluminum during an event in the Roosevelt Room of the White House in Washington Thursday Trump sticking with 25 percent steel tariff, vows flexibility later
Bennie Garza | 10 March, 2018, 07:20

Last Thursday, Donald Trump announced - without first addressing his administration - that the US would be invoking a policy allowing them to put tariffs of 10 per cent on aluminum and 25 per cent on steel when there is a "threat to national security".

In the days since the announcement, American lawmakers and business leaders have voiced resistance to the tariffs, arguing that they will not have the intended positive effects on American businesses.

In the US, meanwhile, a Democratic party takeover of at least one branch of Congress in elections in November would bring more stability to Washington by curbing President Trump's ability to expand protectionist policies, he said. One lever that China has is United States agricultural exports, and it has said in the past that it could target soybeans.

Trump signaled other trade actions could be in the works.

"Trump undertook to evaluate his request for Argentina to be exempt from any restrictive measures that affect exports of steel and aluminum to the United States", Macri's office said in a statement.

Trump said the new policy would get USA steel factories reopened and producing at full capacity. "We want fairness. We want everything to be reciprocal".

"Exemptions will not address the fundamental problems tariffs will create for USA auto and truck manufacturing".

In fact, the legal precept used for the tariffs to go around World Trade Organization (WTO) rules was produced with reference to an alleged national security threat posed by the foreign production of USA steel and aluminum needs.

In its formal comments submitted to the Commerce Department on the 232 steel and aluminum investigations, AAPC highlighted the fact that its automakers source the vast majority of the steel and aluminum used in USA -built cars and trucks from American mills and smelters.

The move, which fulfills a Trump campaign promise, has been widely criticized by economists who say it is certain to increase costs to USA consumers on items such as automobiles, household appliances and even energy, due to higher costs for pipeline construction. AAPC also noted that the US automotive industry purchases about 15% of the steel consumed in the USA and almost 38% of all aluminum used in our country. House Speaker Paul Ryan and Ways and Means Committee Chairman Kevin Brady have criticized them, while Senator Mike Lee, a Utah Republican, is proposing a bill that would limit the president's ability to impose tariffs without congressional approval.

He said he disagreed with the action, fearing its "unintended consequences". Despite this fact, the US president frequently says that Canada is taking advantage of the USA and that the Americans are the ones with the deficit. He said "many of the countries that have been the worst on trade and military" were countries that are our allies or liked to call themselves that. Donald Trump replied with a counter threat: slapping tariffs on European cars.

Teri Schultz, reporting for NPR from Brussels, says Malmstroem expects more details from U.S. Trade Representative Robert Lighthizer on Saturday. "We can not possibly be a security threat to the United States so we are counting on being excluded". "In terms of the NAFTA negotiation, that is a completely separate issue", Freeland said. This critical decision, which inevitably escalated tensions with China, Canada, Mexico, Brazil and the European Union, was fiercely debated within the White House when Chief Economic Adviser Gary Cohn and Defense Secretary Jim Mattis expressed serious concerns.

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