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| Trump Set To Announce Steel & Aluminum Tariffs | |
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| Tweet Topic Started: Mar 8 2018, 03:24 PM (52 Views) | |
| Webster | Mar 8 2018, 03:24 PM Post #1 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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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 | Mar 8 2018, 05:05 PM Post #16 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) President Trump cites this tweet from technology entrepreneur Elon Musk, showing how China currently has higher tariffs than America... --For example, an American car going to China pays 25% import duty, but a Chinese car coming to the US only pays 2.5%, a tenfold difference (Elon Musk, 8 March 2018) We are pushing for more reciprocal tax programs in future, Trump says. |
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| Webster | Mar 8 2018, 05:06 PM Post #17 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) Some of the countries who treat America the worst on trade and military relationships like to say they are our allies, Trump says - a remark that might worry Europrean politicians. |
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| Webster | Mar 8 2018, 05:07 PM Post #18 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) Steel workers welcome new tariffs We’re now hearing from the US steel workers who are attending today’s proclamations. Dustin Stephens from Kentucky explains that his factory is only running at 40% capacity. He’s confident that they can move back to full capacity. --Dustin Stevens, Superintendent at Century Aluminum Potline: "This gives us ability go back to 100 percent capacity" and bring back jobs. (Steve Herman, Voice of America - 8 March 2018) |
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| Webster | Mar 8 2018, 05:11 PM Post #19 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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--JUST IN: Senate Finance Committee Chairman Hatch, criticizing tariff announcement, says he'll work with Trump administration to 'mitigate the damage' (Reuters Business, 8 March 2018) |
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| Webster | Mar 8 2018, 05:17 PM Post #20 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) Oops! There’s a moment of levity, as the president of a local steel union, Scott Sarge, thanks president Trump for implementing these tariffs. Trump, showing his people skills, tells Sarge that his father Herman will be looking down proudly. Oh he’s still alive, Scott insists, as the room cracks up. He’s even more proud of you then, replies the president quickly. Nice save.... -Watch: https://twitter.com/CBSNews/status/971853683121061888 |
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| Webster | Mar 8 2018, 05:18 PM Post #21 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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![]() (The Guardian) Trump then does the official signing... |
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| Webster | Mar 8 2018, 05:30 PM Post #22 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) President Trump has one last message for Beijing, as he leaves the room. He says America will hopefully have a great relationship with China, but something has to be done about the trade deficit. He seems to suggest this deficit is $500bn... |
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| Webster | Mar 8 2018, 05:31 PM Post #23 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) Now for the backlash! Republican Senator Jeff Flake of Arizona has announced he will introduce a law to undo these tariffs. Reuters has the details: US Republican Senator Jeff Flake said on Thursday he would introduce a law to nullify President Donald Trump’s aluminum and steel tariffs, which Trump finalized in a proclamation earlier in the day. The Republican chairman of the Senate Finance Committee, Orrin Hatch, also criticized the tariffs but said he would work with the White House to “mitigate the damage.” |
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| Webster | Mar 8 2018, 06:10 PM Post #24 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) UK urged to seek exemption from metal tariffs In the UK, union leaders are pushing the British government to ask for an exemptions to these tariffs. Gareth Stace, UK Steel Director, says: It is of course promising to note that flexibility may be provided by the US administration to grant national exemptions on national security grounds and it is vital that the EU and UK authorities now do all they can to deliver this. Stace also worries that excess steel could now be dumped in Europe, rather than sold into America. We must ensure our market is not now destabilised by millions of tonnes of steel diverted away from the US to the EU. We trust and hope that the UK Government will support such measures in due course.” |
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| Webster | Mar 8 2018, 06:12 PM Post #25 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) Could Australia be spared from tariffs? Donald Trump has given his strongest hint yet that Australia will be exempt from the US tariffs on steel and aluminium imports, but did not outline any details. During the formal announcement of the tariffs, he made strong hints that Australia would be given special consideration. “We’re are going to be very fair, we’re going to be very flexible, but we’re going to protect the American worker,” he said, adding: “We’re negotiating with Mexico, we’re negotiating with Canada. We have a very close relationship with Australia. We have a trade surplus with Australia. Great country, long-term partner. We’ll be doing something with them. We’ll be doing something with some other countries.” The US is not a major market for Australian steel – it accounts for only about 0.8% of Australia’s steel exports and about 1.5% of aluminium exports – but the tariffs have triggered wider fears of a trade war which could affect Australia’s trade-exposed economy and that of its largest trading partners, including China. |
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| Webster | Mar 8 2018, 06:13 PM Post #26 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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![]() --There are unquestionably bad trade practices by nations like China, but the better approach is targeted enforcement of those bad practices. Our economy and our national security are strengthened by fostering free trade with our allies. (Paul D. Ryan, Speaker of the House - 8 March 2018) |
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| Webster | Mar 8 2018, 06:14 PM Post #27 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) There is some relief that Donald Trump has softened his stance on tariffs, by giving Canada and Mexico a free pass. This could calm worries of a full-blown trade war breaking out. Economist Shane Oliver of AMP Capital says... --Trump confirms tariffs of 10% on al, 25% on steel w Can & Mex excluded (pending NAFTA renegotiation) & scope for other allies to apply for exclusions. Lessens risk of global trade war.Another case of Trumps bark worse than his bite..but still more to go on this issue, eg China IP (Shane Oliver, AMP Capital - 8 March 2018) |
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| Webster | Mar 8 2018, 06:15 PM Post #28 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) John McCain: This could hurt US defense Senator John McCain has also criticised the tariffs, saying they will cost jobs, hurt the economy and damage relations with America’s allies. McCain also disputes the ‘national security’ justification, saying it isn’t backed up by evidence. He says it could actually backfire: According to the Department of Defense, U.S. military requirements for steel and aluminum each represent only about three percent of U.S. production. The Department of Defense assesses that its programs are able to acquire all the steel and aluminum necessary to meet national defense requirements. In fact, by potentially triggering significant increases in the price of steel and aluminum, President Trump’s new tariffs could harm our national defense by raising the cost of production for critical military systems needed to sustain the United States’ comparative military advantage against our adversaries, from ships, to armored vehicles, to fighter aircraft. |
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| Webster | Mar 8 2018, 06:31 PM Post #29 |
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Wasatch Storyteller & Resident Forum Curmudgeon
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(The Guardian) US commerce secretary Wilbur Ross has told CNBC that America needs to impose broad tariffs, to prevent China circumventing them. Ross claimed: “China has been very clever at transshipping products through other countries and dislodging domestic demand in other countries, which causes their producers to dump on us. So the reason we have to go on a broader basis is to deal with the problems of transshipment and the problems of displacement.” |
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