Trump may exempt more countries from trade tariffs

Trump may exempt more countries from trade tariffs

Surrounded by steel and aluminum workers holding hard hats, Trump cast his action as necessary to protect industries "ravaged by aggressive foreign trade practices". If the USA leaves NAFTA and all sides raise their steel tariffs, the US would certainly destroy its trade surplus with NAFTA.

Exemptions will be allowed initially for Canada and Mexico, the president said, pending the outcome of ongoing renegotiation of Nafta.

Malmström will have a chance to make the EU's case again on Saturday, when she meets US Trade Representative Robert Lighthizer in Brussels.

He suggested in an earlier meeting with his Cabinet that Australia and "other countries" might be spared, a shift that could soften the worldwide blow amid threats of retaliation by trading partners. Trump has also threatened to impose hefty tariffs on European auto exports if the EU does take retaliatory measures.

Republican Senator Jeff Flake has already introduced legislation to nullify the tariffs.

Canada is the No. 1 seller of both products to the United States. The group also warned that retaliatory tariffs from other countries could drive up the price of other US goods, as well. Rep. Mark Walker of North Carolina, the chairman of the conservative Republican Study Committee, said it's better to target "these rogue players".

What is Trump's true trade endgame?

In Sydney, Prime Minister Malcolm Turnbull said there is no case for imposing tariffs on Australian steel.

But Labour's shadow trade secretary, Barry Gardiner, wrote to Dr Fox criticising his failure to address Parliament on the tariffs since they were first announced earlier this month.

Many top Republicans disagree with the President's tariffs, including House Speaker Paul Ryan. The Almond Board of California is aware of the European Union's list of potential products that could be targeted for a retaliatory tariff, the organization said in its March 2018 newsletter. Perhaps there's no success like failure for Trump, but the costs will be heavy for USA exporters and workers. "Exemptions will not address the fundamental problems tariffs will create for USA vehicle and truck manufacturing", said John Bozzella, president of the Association of Global Automakers, which represents worldwide brands in the U.S. You don't have steel.

If the Trump administration is not receptive, the European Union could turn to its backup plan: retaliation.

Trump says the steelworkers are part of the reason he won the presidency.

Hyundai Motor Co. last week said it may revisit how many vehicles it builds in the US, joining the world's largest automakers in speaking out against Trump's crackdown on steel and aluminum imports.

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The dispute has fuelled concerns that soybeans, the United States's most valuable export to China, might be caught up in the row after Beijing launched a probe into imports of us sorghum, a grain used in animal feed and liquor.

"We are confident that steel consumers, most of whom are agile, profitable, and flush with cash from the recent tax cut, can navigate this new landscape if importers choose to raise prices", he said.

The action being taken, the president said, follows a nine-month investigation by the Department of Commerce, documenting a growing crisis in USA steel and aluminium production that threatens the security of the country.

As a result of the current steel and aluminum tariffs, local agriculture could see economic woes.

And on Thursday, while making the link between trade and national security, he repeated previous accusations that some American allies have not been paying their fair share on defense.

"Higher tariffs will increase costs of Hyundai and Kia, putting them at a disadvantage compared with their rivals in the United States", a senior Korean trade ministry official told reporters in a background briefing on Friday.

The people were not authorized to discuss details in advance and spoke on condition of anonymity.

President Trump on Thursday made good on a promise to impose a 25 percent tariff on imported steel and a 10 percent tariff on aluminum imports. "We will be going to be doing a lot of them", he said. The country's powerful industry body, the China Iron & Steel Association, has also urged Beijing to retaliate against the measures by taking action on American agricultural and other products.

The announcement comes amid a last-minute lobbying effort to blunt the impact of tariffs. We will again seek an exclusion for this steel to ensure we can protect our business.

Efforts by Trump and United States trade negotiators to link the NAFTA trade pact talks to the duties have been heavily criticized by Ottawa and Mexico City.

Leaning on a little-used and decades-old national security clause in USA trade law, Trump said he was fulfilling a campaign promise.

Across the pond, a trade war really is brewing. The White House has not yet clarified the tweet.

The U.S. may exempt countries from the duties based on national security considerations, White House Press Secretary Sarah Huckabee Sanders said Wednesday. However, this innovation is not going to catch two bordering countries: Canada and Mexico, with whom negotiations on the NAFTA (free trade).

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