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09 March 2018, 11:41 | Christie Tate
Lightly informed economic adventurism by the US president is not good for the US and it is not good for the world. Illustration Jayachandran Mint
Trump's audience includes a number of steelworkers along with administration officials. "It's a concern because we don't to see those prices skyrocket", Fox said.
"The actions we are taking today are not a matter of choice; they are a matter of necessity for our security", Trump said in a ceremony at the White House on Thursday evening where he officially authorised the tariffs, which will go into effect in 15 days.
Trump says a 25 percent tax will apply to steel imports, and 10 percent will be added to aluminum brought into the U.S. The president insisted, however, they are necessary to revive America's steel industry.
The president views trade deficits as a sign of economic weakness and as the result of unfair practices by America's trading partners. That would leave the country without a domestic source of steel needed for essential military projects, say officials, as well as essential infrastructure such as dams and the electricity grid. Canada and Mexico are exempt from the tariffs for the time being, and other United States allies will be allowed to apply to be let off.
"It will be country by country, and it will be based on national security", she said.
Trump told reporters in the Cabinet Room that certain countries would be excluded, including Canada and Mexico, and kept open the possibility of excluding other nations like Australia, which are important national security allies.
European Trade Commissioner Cecilia Malmström said in a tweet that the European Union is a "close ally" of the United States and "we continue to be of the view that the EU should be excluded from these measures".
The people were not authorized to discuss details in advance and spoke on condition of anonymity.
Donald Trump signed an order meaning U.S. steel imports now face a 25% tariff and aluminium 10%.
Congress has the authority to act on trade issues, but the pendulum has swung in recent years, through court cases and by Congress delegating its authority to the executive branch. "And I think in the end we're going to have a lot of great jobs, could have a lot of great companies all coming back into our country". International Monetary Fund Managing Director Christine Lagarde said no one wins in a trade battle and warned the proposed tariffs could have a serious negative economic impact. He's favored more gun control and cast himself as the "biggest fan" of the Second Amendment in the country.
Trump mentioned China several times in his remarks, saying it takes the country "one month to produce as much steel as the USA does in one year" following years of reductions in American steelmaking capacity.
"Any business or any manufacturer that utilizes steel or aluminum is potentially going to be harmed by this", said Johnson. "We will have to protect our industry with rebalancing measures, safeguards".
The developments Thursday cap a week of frenzied lobbying by Canada, and come after the seventh round of NAFTA talks, which concluded Monday. "That betrayal is now over", The New York Times quoted the President as saying.
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