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Trump Set To Announce Steel & Aluminum Tariffs
Topic Started: Mar 8 2018, 03:24 PM (53 Views)
Webster
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(The Guardian) Anticipation is building as we wait to see exactly what Donald Trump does in two and a half-hours time.

Despite the criticism, the president is expected to press on and announce new tariffs on steel and aluminum. metals imports. But he’s already hinted that ‘friends’ will get special treatment.

(The Guardian's) Dominic Rushe has the latest: Donald Trump on Thursday looked set to push forward with plans to impose tariffs on steel and aluminium imports, a plan that threatens to undermine decades of detente in international trade. The president will meet metal industry executives and workers at the White House on Thursday afternoon to discuss the controversial levies. Officials from China and Europe have threatened retaliation if Trump goes ahead with his plan.

“Looking forward to 3.30pm meeting today at the White House,” the president wrote on Twitter before the meeting. “We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military.”

Trump’s plan is to impose a 25% tariff on imports of steel, and a 10% tariff on aluminium. The initial plan was for a global levy, although it now appears that Australia, Canada and Mexico and other countries will be exempted. Other exceptions for some US companies may also be allowed.

-Read more: https://www.theguardian.com/us-news/2018/mar/08/donald-trump-metal-tariffs-trade-war
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Webster
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--It's happening people. (Kaitlin Collins, The Guardian - 8 March 2018)
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Webster
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(The Guardian) At the today’s cabinet meeting, Donald Trump told reporters that his steel and aluminum tariffs would be flexible.

The president explaines: “I’m sticking with 10 and 25 (percent) initially. I’ll have a right to go up or down, depending on the country, and I’ll have a right to drop out countries or add countries.”

That should keep everyone on their toes. It’s also the sort of unilateral approach that ECB president Mario Draghi criticised today.
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Webster
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--Spox for @JeffFlake confirms to @thedailybeast the senator will introduce legislation to nullify Trump's tariffs on steel and aluminum (Andrew Desidero, The Daily Beast - 8 March 2018)
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Webster
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--BREAKING: AP sources: Trump tariffs on steel, aluminum to take effect in 15 days; Mexico and Canada exempted indefinitely. (Associated Press, 8 March 2018)

--BREAKING: AP sources - All countries invited to negotiate exclusions from new US tariffs on steel, aluminum imports. (Associated Press, 8 March 2018)
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Webster
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(The Guardian) The Canadian dollar has jumped against the US dollar, shrugging off its earlier losses. Traders are welcoming AP’s report that Canada will be exempt from the tariffs.
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Webster
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(The Guardian) The US stock market is also pushing higher. The Dow is up 73 points, or 0.3%, at 24,875, having fallen into the red earlier today.
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Webster
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--The 2002 tariffs (smaller than Trump ones) cost America 200,000 jobs - more jobs lost in first 8 months in connected industries than there were jobs in US steel ind as a whole. These new tariffs be bad for UK steel ind, but even worse for American jobs. Self defeating stupidity (Stephen Kinnock, Labour MP for Aberavon, South Wales - 8 March 2018)
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(The Guardian) The Mexican stock market has jumped by almost 1% - on relief that Mexico will get an ‘indefinite exemption’ from the steel and aluminum tariffs. Canada’s market is also rising, up 0.5%.
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Webster
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(The Guardian) A government official has confirmed to Reuters that Donald Trump’s import tariffs on steel and aluminum will start in 15 days with initial exemptions for Canada and Mexico and the possibility of alternatives for other nations, a senior administration official said on Thursday.

Trump’s proclamations on Thursday ordering the tariffs of 25 percent on steel and 10 percent on aluminum will allow other countries to discuss with the administration “alternative ways” to address the national security threat caused by their steel and aluminum exports to the United States, the official said. Asked whether those ways would include voluntary export restraints, the official did not provide specifics, saying only that the order could be “flexibly modified.”

The exemptions for Canada and Mexico would start immediately, but their continuation would depend partly on progress in negotiations to modernize the North American Free Trade Agreement, the official said. He added that NAFTA was an important part of the U.S.-Canada-Mexico security relationship.
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(The Guardian) A group is assembling in the Oval Office, ready for the proclamation to be signed. Treasury secretary Stephen Mnuchin and Commerce secretary Wilbur Ross are there, along with a group of US steel workers.
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(The Guardian) Donald Trump has arrived. He pays tribute to the steel workers, saying they are the backbone of the US...and one of the reasons he’s here in the White House.

Steel is steel, he continued. If you don’t have steel, you don’t have a country.
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Webster
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(The Guardian) TRUMP ANNOUNCES TARIFFS
It’s official. Donald Trump confirms that the US is taking action to correct the “travesty” of unfair steel and aluminum dumping on the American market. He is, as expected, imposing a 25% tariff on steel imports, and 10% on aluminum.

If you want to avoid these tariffs, Trump continues, you should set up your steel plant in America - and also benefit from his tax cuts.
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Webster
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(The Guardian) Trump says that his tariffs are already having an effect.

He points out that US Steel yesterday announced it will reopen a steel furnace at its site at Granite City, Illinois. That’s happening all over the country, he continues.

Trump says Century Aluminum will reopen a plant to create military-grade aluminum facility.

Donald Trump says he is delivering on one of his most important campaign pledges.

Previous politicians have let people down, he says, by not protecting the US steel and aluminum industry. Factories were “left to rot and to rust”, communities turned into ghost towns. That betrayal is now over, he adds.
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(The Guardian) Trump: Canada and Mexico get exemptions
Importantly, President Trump says he is open to modifying or removing the tariffs, as long as countries can prove that they don’t threaten America’s national security.

He also confirms that the tariffs don’t begin for 15 days, while the US checks who treats it fairly and who is paying their bills (a reference to military spending).

Trump also confirms that he’ll hold off on tariffs for Canada and Mexico.

And on China, he pledges that the trade deficit (which jumped last year) will fall.
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