Area Steel Company Will Take a Big Hit From Trump Tariffs

Area Steel Company Will Take a Big Hit From Trump Tariffs

Brussels has prepared a list of U.S. products to hit with countermeasures if its exports are affected by the tariffs, but says it hopes to join Canada and Mexico in being exempted.

China's Commerce Ministry criticized Trump for acting unilaterally rather than working through the World Trade Organization.

China threatened to slap retaliatory tariffs on USA farm products like soybeans, and the European Union said it too could impose tariffs on signature American brands like Harley Davison motorbikes, Levi's jeans and bourbon.

"If they drop their horrific barriers & tariffs on U.S. products going in, we will likewise drop ours".

Turnbull's tweet followed a similar post from Trump that indicated the United States ally would be spared from the 25% duties on foreign steel and 10% duties on foreign aluminium that Trumped signed into law on Thursday March 8. It is clear the U.S.is willing to risk ruffling a few feathers to achieve its goals - the Paris Agreement a year ago being one example - but would a trade war with the E.U.be a battle the USA can't win?

Gary Cohn resigned from his position as national economic director at the White House in the wake of the tariff announcement.

The steel and aluminum industries did not need these tariffs to be more competitive globally, because they were already made more competitive thanks to the recently enacted Tax Cuts and Jobs Act (TCJA). Based on the fact that there are few parts necessary for the upkeep of a vehicle that do not contain significant amounts of steel and aluminum, this action will have a significant negative impact throughout the supply chain, including many medium and small businesses and their employees that comprise the auto care industry.

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The EU exports around five billion euros ($4 billion) worth of steel and a billion euros worth of aluminum to the United States each year, and the European Commission, the bloc's executive arm, estimates Trump's tariffs could cost some 2.8 billion euros.

Dutch Finance Minister Wopke Hoekstra said the tariffs are "a bad idea".

This progress was "unexpected" and a source of cautious optimism on solving the tariff row, an European Union official said on condition of anonymity. Every other country will be required to negotiate a separate deal with U.S. Trade Representative Robert Lighthizer to avoid the duties, which are scheduled to take effect in less than two weeks.

"An in-kind tariff by the United States' top ten trading partners would expose close to 42 per cent of total USA exports, leading to a widening in the trade deficit", they said. "We are going to be doing a lot of that".

It also said Mr Trump was "cherry-picking" particular tariffs to highlight differences, and maintained average tariffs were very similar on each side of the Atlantic - 3 per cent for products into Europe and 2.4 per cent for those entering the United States.

Prime Minister Justin Trudeau is heading to Canadian steel country this week on a three-day tour created to shore up the industry.

For the U.S., Trump has long touted and tweeted that economy will see big gains from the move, as he throws a lifeline to domestic manufacturers. "Industries that are net consumers of steel and aluminum in the USA now face cost disadvantages relative to their worldwide competitors, especially at a time when the labor market is tight and wage inflation is picking up", he wrote.

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