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Trump's tariff on metal exports: India doesn't expect an immediate hit
05 Marcha 2018, 07:32 | Fidele Alvizo
By David Ljunggren and Lesley Wroughton
President Donald Trump's administration appears unbowed by broad domestic and international criticism of his planned import tariffs on steel and aluminum, saying Sunday the president isn't planning on exempting any countries from the stiff duties.
The president's authority to impose the tariffs comes from an investigation by Ross' department which concluded that foreign metal imports pose a threat to national security.
"The total amount of tariffs we're putting on is about $9 billion a year".
White House trade official Peter Navarro, making the rounds of weekly talk shows, says that excluding one country will create a slippery slope - he says tariffs would go up on the remaining countries, and everyone else would demand the same treatment as Canada. The Chicago-based company is the largest independent steel pipe and tube manufacturer in North America, employing more than 2,000 workers, including 500 in our region.
Trump has already repeatedly accused the EU of impeding U.S. imports and threatened customs taxes on European manufacturers, particularly Germany and its high-end brands.
Things got heated when Navarro said, "It would be helpful the media didn't have all these crazy headlines about trade wars".
Many economists say that instead of increasing employment, price increases for consumers of steel and aluminum such as the auto and oil industries will destroy more U.S.jobs than they create.
Wallace said, "I'm fanning the flames?" It finished with a loss of 71 points to close at 24538 the Nasdaq rose 77 points, and the S&P 500 added 13.
"The beer industry and other are ready to be part of the solution here, but we don't think this solution as proposed is the right one".
According to a report in The Wall Street Journal, White House economic advisor Gary Cohn has privately told confidantes that Trump's move against steel imports could prompt his resignation. "And that was the decision he reached", the official said. "The schedule is, these are going through legal review, Office of Legal Counsel for form and legality".
"If Canada fails to obtain an exemption from unjust and punitive tariffs on steel and aluminum exports to the US, then the Canadian government has no choice but to withdraw from NAFTA renegotiations", Unifor said in a statement.
"The fact is NAFTA, whether it's Mexico or Canada, is a disaster for our country", Trump said.
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