>President Trump said on Thursday that he will impose stiff tariffs on imports of steel and aluminum, thwarting some of his top pro-trade advisers and rattling stock markets as the prospect of a global trade fight loomed.
>The tariffs are expected to apply to all countries, according to an industry executive briefed on the president’s plans. At a White House meeting on Thursday, Mr. Trump told a group of executives that he did not want any nation to be exempted from the order, arguing that if one country was exempt, all other countries would be in line to ask for similar treatment, the executive who attended the meeting said. The president also argued that metals could end up being shipped to the United States through exempted countries.
>The trade action stems from a Commerce Department investigation that concluded imported metal threatens national security by degrading the American industrial base.
>“People have no idea how badly our country has been treated by other countries,” Mr. Trump said as he made the announcement. “They’ve destroyed the steel industry, they’ve destroyed the aluminum industry, and other industries, frankly.”
>Stocks fell as Mr. Trump made his comments about tariffs, with declines in the industrial sector outpacing the overall market. The Standard & Poor’s 500 industrial sector was down more than 2 percent, compared with the overall benchmark index, which was down a bit less than 1 percent as of around 1:30 p.m. Shares of Boeing and of American automakers, all large consumers of steel and aluminum, declined. Sales for Boeing, the country’s largest exporter, could be hurt as other nations retaliate against tariffs from the United States.
>However, the legal review of the trade measure was not yet complete and, as of Thursday morning, White House advisers were still discussing various scenarios for tariff levels and which countries could be included, according to people familiar with the deliberations. Just an hour before Mr. Trump made his remarks, a White House spokeswoman said that no announcement was expected that morning.
Source:
http://archive.is/kmzqH
https://www.nytimes.com/2018/03/01/business/trump-tariffs.html
Will this move spark a trade war?
/mlpol/ - My Little Politics
Archived thread
>>123457
But what about the corporate tax cuts? Shouldn't the cuts help to offset the increased price for steel?
But what about the corporate tax cuts? Shouldn't the cuts help to offset the increased price for steel?
Whether it does or not, manufacturing is about to get more expensive.
I don't understand big-picture economics well enough to know whether this is a good thing or a bad thing.
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>>123455
Protectionist tariffs are idiotic and this is idiotic of him.
He wants to do exactly what George Bush did in 2002 and rescinded in 2003 because of how harmful it was.
https://en.wikipedia.org/wiki/2002_United_States_steel_tariff
Trump wants to repeat Bush's mistake verbatim.
Protectionist tariffs are idiotic and this is idiotic of him.
He wants to do exactly what George Bush did in 2002 and rescinded in 2003 because of how harmful it was.
https://en.wikipedia.org/wiki/2002_United_States_steel_tariff
Trump wants to repeat Bush's mistake verbatim.
>>123509
After his gun control comments and this tariff, my opinion of him is entering Shrub territory.
After his gun control comments and this tariff, my opinion of him is entering Shrub territory.
European Union officials have said they will respond "firmly" if US President Donald Trump presses ahead with his plan for steep global duties on metals.
>EU trade chiefs are considering slapping 25% tariffs on around $3.5bn (£2.5bn) of imports from the US, Reuters news agency reports.
>Canada, Mexico, China, Japan and Brazil also say they are considering retaliatory steps.
>The prime minister of Canada - which exports more steel to the US than any other country - slammed the tariffs as "absolutely unacceptable".
http://www.bbc.com/news/world-us-canada-43264200
>EU trade chiefs are considering slapping 25% tariffs on around $3.5bn (£2.5bn) of imports from the US, Reuters news agency reports.
>Canada, Mexico, China, Japan and Brazil also say they are considering retaliatory steps.
>The prime minister of Canada - which exports more steel to the US than any other country - slammed the tariffs as "absolutely unacceptable".
http://www.bbc.com/news/world-us-canada-43264200
>>123690
Ironic considering the USA has lower trade tariffs than the EU or China, now we say we want to give them equal trade treatment and they get pissy.
I understand economically that trade tariffs have a negative impact on trade, but when one nation is getting fucked by the others who already have these implemented I don't give a shit if they get mad
Ironic considering the USA has lower trade tariffs than the EU or China, now we say we want to give them equal trade treatment and they get pissy.
I understand economically that trade tariffs have a negative impact on trade, but when one nation is getting fucked by the others who already have these implemented I don't give a shit if they get mad
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This is pretty good even if I am a leaf.
>>123690
>Trudeau said something is "absolutely unacceptable"
I'm shocked he used that kind of absolutist language for anything.
>Trudeau said something is "absolutely unacceptable"
I'm shocked he used that kind of absolutist language for anything.
Quite hipocritical of China and the EU to complain about protectinism
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