March 18, 2018

Trump tariff will protect jobs, Jupiter Aluminum executive says

03 March 2018, 11:14 | Virginia Santiago

Trump tariff will protect jobs, Jupiter Aluminum executive says

Theresa May tells Donald Trump of her ‘deep concern’ over his EU steel tariff plan

He said he believes the tariffs will safeguard American jobs, but many economists say the impact of price increases for users of steel and aluminium, such as the vehicle and oil industries, will destroy more jobs than curbs on imports create. "As a key NORAD and North Atlantic Treaty Organisation ally, and as the number one customer of American steel, Canada would view any trade restrictions on Canadian steel and aluminum as absolutely unacceptable", Freeland said in a statement.

Under the plan, which is expected to receive a formal announcement next week, steel will be hit with a 25 percent import duty, while aluminum will receive a smaller import tariff at 10 percent.

The CEO of Nucor Corp., a North Carolina-based company that operates a steel mill in Marion, credited Trump for being a strong advocate for "holding other countries accountable for violating free market principles". Those higher prices, in turn, would squeeze the companies that use the materials and potentially the consumers who buy the finished goods.

By taking on Trump's remarks directly, Azevedo is signaling a tougher stance toward the US leader. His argument echoed a similar line of argument offered by Commerce Secretary Wilbur Ross on CNBC on Friday morning. He added the case would be similar for the steel in cars. He also pledged to protect the USA steel industry but this is the first major step in fulfilling those promises.

"The establishing a trade barrier with which it isolates itself from global steel imports", said Hans Jürgen Kerkhoff, president of Germany's steel association Wirtschaftsvereinigung Stahl, in a statement.

Hans Mikkelsen, a Bank of America Merrill Lynch strategist, said the new taxes will shift the supply and demand for overseas steel and aluminum. S. trade deficit with China, market access and unfair treatment of U. That would increase the cost of borrowing for consumers and businesses, since many types of loans - including mortgages - track government bond rates. Start a digital subscription for only $0.99.

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"A regional agreement between us will send a strong signal to the world, a signal that the European Union and ASEAN... will stand shoulder-to-shoulder in support of open trade". "National Security as an excuse for protectionism is not constructive", said the Norwegian Foreign Ministry.

The Canadian dollar was trading at 77.60 cents US, down from Thursday's average price of 77.81 cents U.S.

Yet previous trade sanctions have failed to stop a steady drop in America's steel jobs.

The two sides a year ago agreed to put the deal back on the agenda and have been hammering out their positions before the process formally begins.

Trudeau says he has spoken with Trump numerous times to press Canada's case about the potential impact of trade-limiting tariffs and will continue to do so, but it wasn't immediately clear how recently the two leaders had spoken.

"Employment in the industry has declined constantly", he said.

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