Donald Trump Threatens to Retaliate EU Decision Regarding Steel, Aluminium Export

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The tariffs was nearly universally panned by Republican lawmakers, who have been fighting Trump on his protectionist trade policies. " "Trade wars are good" was a tweet from the president, Mr. Navarro". Concerned about their jobs and the future, many will welcome Mr Trump's comments.

Chinese officials have appealed to the White House since last March to avoid hurting both sides by disrupting aluminum trade.

Steel-consuming companies said steel tariffs imposed in 2002 by President George W. Bush ended up wiping out 200,000 U.S.jobs.

It said others could follow Trump's precedent by claiming tough trade restrictions were needed to defend national security.

"Like most brewers, we are selling an increasing amount of our beers in aluminum cans, and this action will cause aluminum prices to rise", MillerCoors said in a statement. "There is no immediate historical precedent to this".

In another tweet he said other countries, "laugh at what fools our leaders have been".

"Sir, excuse me. "Trade wars are good" wasn't a media invention", Wallace said.

But some of Trump's supporters in the tariff decision said they were undeterred.

Trump has spoken to world leaders about the planned tariff hikes but has given no indication he would allow exemptions, Commerce Secretary Wilbur Ross said on Sunday. New technologies and the higher use of scrap recycling have led to a decline of US steel jobs from over 650,000 50 years ago to just 218,000 in 1998 and further down to 142,000 in 2017, according to the US Bureau of Labour Statistics. "China wins when we are fighting with Europe", Republican Senator Lindsey Graham said on Fox. "They've been brutal to us", Trump said at a Florida fundraiser."They've banded together in order to beat the United States in trade". It predicted that the European Union steel exports to the U.S. will be slashed by an estimated 50 per cent or more after the Trump's latest move.

Trump's decision to impose punishing tariffs on steel and aluminum imports has escalated tensions with China and other trading partners and raised the prospect of higher prices for American consumers and companies.

The move is expected to negatively impact the supply of two European vehicle manufacturers, including Volkswagen and BMW, which are further exported by U.S. raking in millions worldwide. It's unclear what this means or how it would work.

Trade groups representing automakers including General Motors and Toyota, plus parts suppliers like Robert Bosch GmbH, tried to warn the Trump administration of unintended consequences before Thursday's announcement. He's not trying to get any pro-trade legislation through Congress. France's CAC 40 and the FTSE 100 in London also slumped. It pledges to prevent Beijing from disrupting global trade.

Foreign Minister Chrystia Freeland said that Canada buys more than half of American steel, resulting in a US$2 billion surplus for the U.S. She also said it's "entirely inappropriate" for the U.S.to consider the country a threat to national security.

"They make it impossible for our cars (and more) to sell there".

While the impact of the steel and aluminium tariffs is still unknown at this stage, an escalating trade war will impact everyone. Ross said last month that the imports "threaten to impair our national security", noting, for example, that only one USA company now produces a high-quality aluminum alloy needed for military aircraft.

THE FACTS: History suggests that trade wars are not easy.

"We are of course a traditional partner of the United States, so we would be submitting to them that they shouldn't be catching New Zealand steel exports in a regime like that if they introduced it".

Investors are anxious how major United States trading partners like China, Canada and the European Union will respond.

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