Published: Mon, March 12, 2018
Markets | By Noel Gibbs

Trump Signs Off on Tariffs

Trump Signs Off on Tariffs

Trump says a 25 percent tariff will be added to steel and a 10 percent tariff will apply to aluminum.

The underlying basis for the president's order was national security.

'Any tariffs imposed on United Kingdom steel by President Trump on a scale that is being mooted would be misguided and deprive USA manufacturers of some of the most specialist steel in the world.

Quebec business groups are sounding the alarm that Canada's temporary exemption from tariffs for its aluminum and steel exports to the United States isn't enough to ease their concerns caused by the climate of uncertainty. "I just want fairness".

The seventh round of NAFTA talks between the three involved nations concluded in Mexico Monday. He added that NAFTA was an important part of the U.S. -Canada-Mexico security relationship.

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The prospect of across-the-board tariffs that would affect both America's allies and nations with massive US trade surpluses made some in the White House uneasy, especially chief economic adviser Gary Cohn, who announced his resignation this week.

Despite Trudeau's suggestion prior to Trump's announcement that Canada would be exempt "because of the work we've been doing over the past week", it was lobbying by American states - particularly border ones - and Ontario, to Kathleen Wynne's credit, that undoubtedly did the most to bend Trump's ear.

The new tariffs take effect in 15 days, with Canada and Mexico indefinitely spared "to see if we can make the deal", Trump said, referring to a possible renegotiation of the North American Free Trade Agreement.

Trump has complained about low-priced Chinese exports of steel and aluminum, but the latest move was likely to hit Japan and South Korea harder.

However, the announcement is expected to be the beginning of a wider trade war, with additional tariffs likely to follow.

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More than 100 House GOP lawmakers sent a letter to the president Wednesday urging him to "reconsider the idea of broad tariffs to avoid unintended negative consequences to the USA economy and its workers". At the White House, officials were working to include language in the tariffs that would give Trump the flexibility to approve exemptions for certain countries.

Ross defended the president: "I think what he was talking about is a much broader picture". "We're not trying to blow up the world".

In Tokyo, the steel industry was also concerned that the protectionist measures could affect global trade. Japan will continue to speak to the USA about being excluded, trade minister Hiroshige Seko said separately. "It's been an assault", Trump said at the White House.

Gary Cohn, Trump's top economic advisor, was publicly vocal about his disapproval for the tariff plans and had a falling out with the President, as he, reportedly, could not convince him to cancel them. That scenario, Tom Donohue said, would endanger the economic momentum from the GOP's tax cuts and Trump's rollback of regulations.

'We urge the administration to take this risk seriously, ' Donohue said. Mexico, which is the fourth largest aluminum exporter to the USA, is also expected to lobby strongly for a long-lasting exclusion.

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