Trump imposes tariffs on steel and aluminium imports

Trump imposes tariffs on steel and aluminium imports

Trump imposes tariffs on steel and aluminium imports

The official told reporters the tariff proclamations will allow other countries to discuss with the administration "alternative ways" to address the national security threat caused by their steel and aluminum exports to the United States, the official said.

WASHINGTON ― President Donald Trump's decision to impose steep tariffs on steel and aluminum imports drew rare bipartisan criticism from lawmakers, who warned the move could trigger a transatlantic trade war and hurt USA companies. The U.S. excluded Mexico and Canada, a concession that will remain in place as long as they reach agreement on a new North American Free Trade Agreement that meets U.S. satisfaction.

"We're going to hold off the tariff on those two countries, to see whether or not we're able to make the deal on NAFTA", Trump said.

But he said the change could help a dying American steel industry gain life. It's really an assault on our country.

Mr Trump announced a 25 per cent tariff on steel, and 10 per cent on aluminium, to begin in two weeks' time. He was joined by steel and aluminium workers holding white hard hats.

"The American aluminum and steel industry has been ravaged by aggressive foreign trade practices". The former real estate developer said politicians had for years lamented the decline in the industries, but nobody was willing to take action.

Robert Lighthizer, the USA trade envoy, will be leading negotiations with countries that want to be exempted from the tariffs.

EU's trade chief Cecilia Malmstrom will meet with US Trade Representative Robert Lighthizer in Brussels tomorrow but the European Union executive said the talks would not solve all the problems.

Fox argued it was "doubly absurd" to target Britain with steel tariffs on national security grounds when it only provided the United States with one percent of its imports and made steel for the American military.

A White House official argued that dissent from Congress and others had not led to a "softening of our position in any way whatsoever", but that the proclamation was created to be flexible with partners "we have great relationships with", naming Canada, Mexico, Europe and Australia.

Critics have called it a thinly veiled excuse to enact protectionist policies and gain leverage over Canada and Mexico in the ongoing renegotiation of NAFTA.

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Watch above, via The White House.

Farmers aren't the only ones frustrated by the new tariffs.

Cohn, who vocally opposed the president's plan to institute broad tariffs, announced Tuesday that he will resign from his White House post.

House Speaker Paul Ryan, appearing at a session with Home Depot employees in Atlanta, said ahead of Trump's announcement, "I'm just not a fan of broad-based, across-the-board tariffs". Many others argued this week the tariffs could lead to higher prices for other products, such as cars, planes, boats, soup and beer. "We urge you to reconsider the idea of broad tariffs to avoid unintended negative consequences to the USA economy and its workers", 107 House Republicans wrote in a letter to Trump.

China has accused Donald Trump of damaging the global trading system by hiking steel and aluminium tariffs, while Japan and South Korea expressed alarm at potential economic damage.

The EU has warned that it stands ready to slap retaliatory tariffs on USA steel, agricultural and other products, like peanut butter, cranberries and orange juice.

President Trump has signed tariffs on steel and aluminum imports from some countries.

In a statement in response to the exemption, Mexico's Economy Secretariat said that Mexico recognizes the problem of global steel oversupply, adding that "the negotiation process for the modernization of NAFTA is running its normal course".

International Monetary Fund Managing Director Christine Lagarde said no one wins in a trade battle and warned the proposed tariffs could have a serious negative economic impact.

India's miniscule export of steel to the U.S. means it may breathe freely, but not other major countries.

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