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04 March 2018, 08:39 | Christie Tate
Donald Trump says 'trade wars are good' as Wall Street reacts badly to news of steel tariffs
Credit UPI Barcroft Images
Amid backlash from economists, national security experts and foreign leaders, Trump defended his position on Twitter.
Steel-consuming companies said steel tariffs imposed in 2002 by President George W. Bush ended up wiping out 200,000 U.S.jobs. She called the steel and aluminumindustries "the backbones of this country". It is also seen as a slap to China which is now going through a steel overproduction glut.
Trump's announcement to impose tariffs came as Canada, the United States and Mexico continue talks to renegotiate the North American Free Trade Agreement (NAFTA).
The tweet came after news media reported that Brussels was considering putting a 25 percent tariff on U.S. imports, and European Commission head Jean-Claude Juncker said they would target "Harley-Davidson, bourbon and blue jeans". U.S. Sen. Ron Johnson, R-Oshkosh, who co-founded a manufacturing company, issued a statement Thursday opposing the tariffs.
Investors are anxious how major U.S. trading partners like China, Canada and the European Union will respond. We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk.
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While a Washington policy research group, Capital Alpha Partner, says a quick reversal or changes to the proposed tariffs is highly unlikely at this stage, they remain hopeful that once enacted, the policy could be modified.
Trump on Thursday announced an imposition of 25% and 10% tariffs on imported steel and aluminium respectively.
The U.S. imposes a 2.5 percent tariff on the import of foreign cars and a 25 percent tariff on the import of foreign trucks and commercial vans.
The United States, China's No. 2 trade partner after the European Union, buys about 20 percent of Chinese exports but allows Beijing to run multibillion-dollar surpluses that offset its deficits with other partners. Societe Generale SA identifies Germany's Thyssenkrupp AG and Austria's Voestalpine AG as exporters of high-quality steel to the U.S. U.S. imports four times as much steel than it exports. The tariffs on aluminum and steel and large tariffs on European automakers would have the biggest impact on Canada, the United Kingdom, Germany, South Korea, Turkey, and Japan, countries which the US has extremely close national security ties.
"We buy as much domestic can sheet aluminum as is available, however, there simply isn't enough supply to satisfy the demands of American beverage makers like us", MillerCoors said. Using steel and glass in smartphones make it easier to dissipate heat while improving signal reception. But long time trends suggests that the picture is more complex. "We get a half-trillion dollar-a-year trade deficit".
Trump said firm action was crucial to protect US industry from unfair competition and to bolster national security.
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