March 18, 2018

Will Trump's tariffs help or hurt American jobs?

06 March 2018, 01:47 | Christie Tate

Businesses try to coax Trump from tariffs brink, aides quarrel

What President Donald Trump's Steel, Aluminum Tariffs Would Mean for Retailers

A U.S. -China trade war would be a tragedy says Bridgewater founder Ray Dalio. He says when the United Kingdom tried to protect its vehicle industry in the 1960s and '70s "we lost all our export markets" because other countries were more competitive.

US allies, including Canada, Mexico and the European Union have been lobbying to be exempted from the tariffs, contending they pose no security risk to the United States.

European Commission President Jean-Claude Juncker said last week the European Union would propose new tariffs on big-name American products, such as Harley-Davidson, Levi's denim and bourbon.

Members of the House Ways and Means Committee were also circulating a letter criticizing the tariffs, while high-ranking Senate Republicans voiced their own opposition.

Robert Lighthizer, Trump's top trade envoy, hinted Monday that the tariffs were an attempt to speed up the pace of NAFTA talks.

In a pair of Monday morning tweets, Trump is reiterating his displeasure with trade deficits with Mexico and Canada.

"Canada would view any trade restrictions on Canadian steel and aluminum as absolutely unacceptable", the statement read.

She said if the U.S. applied new tariffs to European steel, the EU would take the issue to the World Trade Organization (WTO).

In 2017, Canada, Brazil, South Korea and Mexico accounted for almost half of all US steel imports.

Since President Trump announced the proposal late last week, stock markets around the world have fallen, along with iron ore prices, due to concerns the tariffs could hurt global demand for steel. "Very bad deal with Canada", Trump said.

Game 10: No. 3 Purdue rallies, eliminates tourney darling No. 14 Rutgers
Haas, who is usually reliable from the free throw line, missed the front end of a one-and-one, not once but twice in crunch time . Yet, he was equally impressive Friday at Madison Square Garden for MI basketball, scoring 21 points in a 77-58 win over Nebraska.

On Thursday, he said steel imports would face a 25% tariff and aluminium 10%.

In a tweet on Sunday, he argued: "We are on the losing side of nearly all trade deals".

To apply these tariffs, the invoking a rarely used clause in a 1962 trade law that allows the president to declare tariffs if required by national security. Adding 25 percent to those sourcing costs as a favor to U.S. Steel is going to help a lot more people in the United States than it hurts, with no real benefit gained by anyone.

"Once we start down this path, it will be very hard to reverse direction".

They also said it could cause political problems ahead of 2018 midterms. "Tariffs on steel and aluminium will only come off if new & fair NAFTA agreement is signed", Trump had tweeted.

Navarro tells "Fox and Friends" Monday: "There are virtually no costs here".

Speaking on CNN's "State of the Union", Navarro says: "At this point in time there's no country exclusions".

In a later tweet, he tried to further his case by touting protection for the U.S.

Meanwhile, Republicans were asking the White House not to take such a firm stance with steel and aluminum tariffs, fearing the ripple effect on overall trade.

The tariffs will be made official in the next two weeks, White House officials said Monday, as the administration defended the protectionist decision from critics in Washington and overseas.

Other News

Trending Now

All of Vikings' QB eggs appear to be in Kirk Cousins basket
Alex Smith was traded from Kansas City to Washington, essentially assuring Kirk Cousins becomes a free agent. McKissic, Kerwynn Williams, Benny Cunningham, and Corey Grant are all interesting potential recruits.

Critics Weigh In On 2018 Oscar Favorites
And Octavia Spencer of The Shape of Water , who has an Oscar for The Help, is the top vote-getter for Best Supporting Actress . And as they have in the past, Americans select the actors they know the best as the ones deserving of prizes.

Intensity the key for Newcastle at Liverpool, says Rafa Benitez
So, who will be picked? Huddersfield can go into the Tottenham game this weekend and if they lose it's no big deal. Liverpool recall Dejan Lovren and Jordan Henderson for their Premier League clash with Newcastle United .

Wenger denies it was 'all rubbish' in latest Man City defeat
City inflicted more pain on Gunners boss Arsene Wenger with a second crushing 3-0 victory over his side in the space of four days.

Trump tariff will protect jobs, Jupiter Aluminum executive says
His argument echoed a similar line of argument offered by Commerce Secretary Wilbur Ross on CNBC on Friday morning. The Canadian dollar was trading at 77.60 cents US , down from Thursday's average price of 77.81 cents U.S.

Stubborn Storm To Bring Wind, Rain And Snow, Starting Thursday Night
Flight tracking website says more than 1,000 flights involving USA airports have been canceled for Friday . Western New York into northern Pennsylvania was expected to get hit hardest by the snowfall, with 8 to 12 inches likely.

Samsung Galaxy S9, Galaxy S9+ India launch: Features, specifications and price
Samsung has just launched its new Galaxy S9 flagship smartphone and its sights are firmly set on dethroning Apple's iPhone X . However, the Galaxy S9 Plus has a dual camera setup on the back whereas the Galaxy S9 only has a single camera on the back.

President loses his fourth communications chief as ex-model Hicks to resign
USA Today published an opinion piece about arming teachers by conspiracy theorist and InfoWars Washington bureau chief Jerome R. But Hicks also knew when to pick her battles, at times siding with Trump against other staff, arguing that he knew best.

Chinese censors move to block ridicule of 'Emperor' Xi Jinping's power grab
Xi became vice president in 2008 and was given a top spot in the powerful Central Military Commission in 2010. Limits were introduced more than 30 years ago ostensibly to prevent a repeat of the Mao dictatorship.

Saquon Barkley has met with the Denver Broncos at the Combine
The 40-yard dash will be an event to watch as prospects will look to surpass John Ross' record-setting time from a year ago . I doubt anyone in the National Football League is taking one out of the Varsity Blues playbook. "I'm a good learner".