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China stands to gain from Trump's steel tariffs

06 March, 2018, 02:08 | Author: John Swanson
  • China stands to gain from Trump's steel tariffs

Meanwhile, they may also face retaliatory tariffs from foreign countries against the goods they export, hurting their ability to sell overseas. He calls them "the wrong way to incentivize the creation of a new & modern #NAFTA". Highly restrictive. Mexico must do much more on stopping drugs from pouring into the U.S. They have not done what needs to be done.

Canada's Finance Minister Bill Morneau reacted to Trump's tweets on Monday saying the country is negotiating NAFTA with a partner that has "changed the terms of the discussion".

U.S. Commerce Secretary Wilbur Ross uses a can of Campbell's Soup to defend steel and aluminum tariffs in this screen grab from CNBC, March 2, 2018.

"We are very close to a fast-spreading trade war, and in this kind of war there are only victims, not winners", Katainen said. But Trump revived his complaints about Nafta being a "bad deal" for the U.S.in tweet on Monday and linked the talks underway in Mexico to the tariffs. The American International Automobile Dealers Association quickly issued a statement against the plan.

Ryan notes through his spokeswoman that the new tax overhaul "has boosted the economy and we certainly don't want to jeopardize those gains".

There's a popular myth that these new tariffs are aimed at China.

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The letter doesn't mention any countries as potential targets.

Senator Mike Lee, a Utah Republican, tweeted about his bill to limit the president's ability to impose tariffs without approval from Congress.

That has included the threat that Washington will withdraw from the North American Free Trade Agreement if it is not satisfactorily renegotiated, and his unexpected, market-rattling announcement of plans for hefty tariffs on steel and aluminum imports.

Trump's criticism of trade agreements and China's trade policies found support with white working-class Americans whose wages had stagnated over the years. The latest round of a almost year-long renegotiation effort is concluding this week in Mexico City.

They also seem likely to damage USA allies such as Canada more than Trump's ultimate rival China.

It was the latest worldwide reaction to Trump's announcement Thursday that he will impose 25 percent tariffs on steel imports and 10 percent on aluminum, raising fears of a trade war and sending global stock markets tumbling.

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And Navarro argued Monday that "there are virtually no costs here".

The union represents tens of thousands of workers in the automotive manufacturing, steel and aluminum sectors across Canada.

Ross told Stephanopoulos that the US tariffs would help to correct a decades-old trade policy that has disadvantaged America.

"Firm line in the sand", he says. The tariffs will cause prices on items made from steel and aluminum to increase, and retaliation by other nations is a near certainty.

He said: "The United States must know that if these unilateral decisions were to be maintained and confirmed, they would lead to a strong, coordinated and united answer from the European Union".

White House trade adviser Peter Navarro said Sunday that Trump is not planning to exempt any countries from the tariff hike. The announcement angered key United States allies - Canada, the EU, Australia, Mexico and China.

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