Trump hints at steel tariff flexibility for 'real friends'

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As early as Thursday, the Trump administration will sign off on the proposed plan that imposes a 25% tariff on imported steel and 10% on aluminum imports.

"Today I'm defending America's national security by placing tariffs on foreign imports of steel and aluminium", he added.

"This is an industry that is in serious condition if you turn to the steel industry since 200,000 we've lost over 50,00 jobs, since 200 we've lost 40,000 in aluminum", a senior administration official said Friday. The U.S. excluded Mexico and Canada, a concession that will remain in place as long as they reach agreement on a new North American Free Trade Agreement that meets U.S. satisfaction.

Stephen Roach, former chairman of Morgan Stanley Asia and the firm's chief economist, said raising tariffs shows the USA administration's fixation on trade imbalances with its partners, including China.

The tariffs, signed Thursday by President Donald Trump, are "protectionism in the name of national security", said Wang Hejun, director of the Chinese Ministry of Commerce's Trade Relief and Investigation Bureau.

The EU was clear on Friday that it views tariffs and defense as separate.

Asked at the conference whether she was ready to react if the 28-country European Union was included in the USA tariffs, Ms Malmstrom said she stood ready to go to the WTO, the worldwide trade arbiter, to impose the bloc's own safeguards within 90 days.

Businesses say the 25 percent tariff on imported steel and 10 percent levy on aluminum will jack up costs, raising prices for consumers and potentially putting people out of work. "I just want fairness".

On 8 March 2018 President Donald Trump repeated an often-derided claim regarding the USA trade deficit during a press conference in the White House. Not one to back down, especially to the Europeans who he's previously mocked as "socialists", Trump dug in and tweeted back that "If the E.U. wants to further increase their already massive tariffs and barriers on USA companies doing business there, we will simply apply a Tax on their Cars which freely pour into the U.S".

Why is Wall Street worried about Gary Cohn's exit
Trump hints at steel tariff flexibility for 'real friends'

"We didn't know exactly what the exclusion was until it got announced", said Gerard, who is Canadian.

But she warned that if the issue can't be resolved bilaterally or through the World Trade Organization, then "we will have to protect our industry with rebalancing measures".

"Significant damage in South Korea's steel exports to the United States seems unavoidable", the country's trade minister, Paik Un-gyu, said in a statement.

Australian Prime Minister Malcolm Turnbull said the U.S. could have "no complaints" about their bilateral trading relationship and his government would be "relentless" in pursuing an exemption from the tariffs. VIDEO: Oakland Mayor Libby Schaaf responds to Jeff Sessions" "how dare you' remarksThe looming departure of Cohn, a former Goldman Sachs executive who has opposed the promised tariffs, set off anxiety among business leaders and investors anxious about a potential trade war.

Trudeau also spoke on Thursday with U.S. Senate Majority Leader Mitch McConnell and House of Representatives Speaker Paul Ryan, prominent Republican critics of the tariffs, the prime minister's office said. At the White House, officials were working to include language in the tariffs that would give Trump the flexibility to approve exemptions for certain countries.

Sen. Ron Johnson of Wisconsin is asking Commerce Secretary Wilbur Ross to answer several questions about the move. "We're not trying to blow up the world". Even industries that Trump says he is trying to protect are seeing strong growth. The Russian company Thursday said it supports Trump's effort to combat dumped and subsidized steel into the USA and is grateful the president excluded Canada.

Some pundits and lawmakers fear the tariffs could set off a trade war with the European Union that could prove destructive to some USA industries, as well as the nation's economic vitality.

They wrote that adding taxes in the form of tariffs would undermine the economic momentum of the recently passed GOP tax plan.

"Of course, we would have to take proceedings against him at the WTO", Zypries said.

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