Trump's steel and aluminum tariffs to cost USA jobs: Research

Trump's steel and aluminum tariffs to cost USA jobs: Research

The Dow climbed 336 points on Monday after House Speaker Paul Ryan and other top Republicans broke with the White House over President Trump's planned steel and aluminum tariffs.

Let's remain calm while we await details on President Donald Trump's threat to impose tariffs on imported steel and aluminum.

Last week, Trump announced plans to impose a 25% and 10% tariff on imports of steel and aluminum, respectively. The tweet came after news media reported that Brussels was considering putting a 25 percent tariff on United States imports, and European Commission head Jean-Claude Juncker said they would target "Harley-Davidson, bourbon and blue jeans". "We are renegotiating NAFTA as I said I would, and if we don't make a deal, I'll terminate NAFTA".

"My view is the president should exempt all fairly traded steel and aluminum from every country that trades fairly", he said.

"Canada must. treat our farmers much better", he said.

Trump also laid down a marker with Mexico, saying the nation to America's south 'must do much more on stopping drugs from pouring into the U.S. They have not done what needs to be done. "Millions of people addicted and dying". "But if they aren't going to make a fair NAFTA deal, we're just going to leave it this way".

White House press secretary Sarah Huckabee Sanders said on Monday that Mr Trump was "very confident" the USA would win any trade war. Trump told reporters he will not scrap his plan despite concerns of a trade war.

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Brady said Monday he was circulating a letter for signatures to encourage Trump to tailor the tariffs to focus on unfair trading practices. More steel imports come from our allies - Canada, Japan and South Korea.

"We're not backing down", Trump said, adding tariffs can be negotiated through changes in NAFTA.

"Outside of the U.S. the sense that I have at the moment is that people are re-embracing free trade after a bit of a wobble - partly driven by the result of several elections", he told a business conference in Sydney. Much of the aluminum used in the USA comes from Canada.

Trump has touted the planned tariffs, which he announced last Thursday, as a way to revive the U.S. steel and aluminium industries.

"The American's have come after Canada on softwood, paper, aerospace and now steel and aluminum", said Dias.

While Trump is apparently aiming at China with these tariffs, he badly misfired.

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