U.S. hits EU, Canada and Mexico with steel, aluminium tariffs

[webfact]

U.S. hits EU, Canada and Mexico with steel, aluminium tariffs

 

FILE PHOTO: An operator uses a hoist to lift a coil of aluminium at the Neuf-Brisach Constellium aluminium products company's production unit in Biesheim, Eastern France, April 9, 2018. REUTERS/Vincent Kessler

 

WASHINGTON (Reuters) - The United States on Thursday said it was moving ahead with tariffs on aluminium and steel imports from Canada, Mexico and the European Union, ending a two-month exemption and potentially setting the stage for a trade war with some of America's top allies.

 

U.S Commerce Secretary Wilbur Ross told reporters on a telephone briefing that a 25 percent tariff on steel imports and a 10 percent tariff on aluminium imports from the EU, Canada and Mexico would go into effect at midnight (0400 GMT on Friday).

 

"We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved," he said.

 

Ross offered little detail about what the EU, Canada and Mexico could do to have the tariffs lifted.

 

(Reporting by Jason Lange, Susan Heavey and Makini Brice; Editing by Tim Ahmann)

 

-- © Copyright Reuters 2018-06-01

[Kiwiken]

 Now the first  shots in a Global Trade War. USA versus the World. As i said when trump first muted this at the beginning how great will America be playing with itself? When you punch your friends you don't tend to keep them.

[poanoi]

EUro is a large enough currency to do away with dollar in global trade such as oil

[simple1]

1 hour ago, Kiwiken said:

 Now the first  shots in a Global Trade War. USA versus the World. As i said when trump first muted this at the beginning how great will America be playing with itself? When you punch your friends you don't tend to keep them.

Trump's a moron. He has gone against US manufacturing association and others advise who have warned of major US job losses with the imposition of tariffs and impacted countries likely retaliatory responses. As in the case of D'Souza Trump is pandering to his base, ignoring the damage he is doing to the Rule of Law and livelihoods of Americans.

 

Trump is unfit to hold the Office of the President of the United States of America.

[nobodysfriend]

Yes , the US is a big market for some european and some chinese companies , but it certainly becomes a more difficult one as well , ( lawsuits , imposed duties etc ... ) .

Now is the time for the Europeans to show that they are good in negotiating ...?

Better not to be scared of " big brother USA "  , time to become more independent.

[car720]

2 hours ago, Kiwiken said:

 Now the first  shots in a Global Trade War. USA versus the World. As i said when trump first muted this at the beginning how great will America be playing with itself? When you punch your friends you don't tend to keep them.

Amen brother

[car720]

26 minutes ago, simple1 said:

Trump's a moron. He has gone against US manufacturing association and others advise who have warned of major US job losses with the imposition of tariffs and impacted countries likely retaliatory responses. As in the case of D'Souza Trump is pandering to his base, ignoring the damage he is doing to the Rule of Law and livelihoods of Americans.

 

Trump is unfit to hold the Office of the President of the United States of America.

We all know what this guy is and we all complain bitterly about his stupidity but the one thing we overlook is his overall plan to be personally much richer in the end.

[attrayant]

3 hours ago, webfact said:

U.S Commerce Secretary Wilbur Ross told reporters on a telephone briefing that a 25 percent tariff on steel imports and a 10 percent tariff on aluminium imports from the EU, Canada and Mexico would go into effect at midnight.

 

The desiccated corpse of Wilbur Ross was on CNN  saying the economic impact to the USA would be small, perhaps only around 1%.  A 1% contraction of the economy would put us on the road to a recession.

[Chomper Higgot]

We’ll shortly be hearing who this actually benefits.

 

 

[samran]

Trade war against your closest allies. 

 

Gee, I wonder if they aren’t loving this in Moscow and Beijing?

 

 

 

 

[selftaopath]

That's because only Russia is Swamp King's puppet master. He will do anything to appease his messiah Putin. I hope the world is ride of this despicable individual sooner than later. 

[Morch]

Can just imagine Trump missing the point of this tune...

 

 

[selftaopath]

4 hours ago, car720 said:

We all know what this guy is and we all complain bitterly about his stupidity but the one thing we overlook is his overall plan to be personally much richer in the end.

I didn't overlook his basic desire. I've been saying forever he only wants to increase his own wealth and the wealth of his family and possibly anyone who can benefit his TAKEOVER. He will demolish democracy if not stopped. Some time back a few/several on TV indicated I was not in touch w/ reality. Really? Seems like my view of this degenerate is more real than many suspected.  He will destroy America to stay out of jail and in a position to suck at the trough. 

[Basil B]

It is time we in the UK hit back at American companies in the UK, time to tax them hard, starting with The Trump Turnberry...

Edited June 1, 2018 by Basil B

[fvw53]

...and what about the tarriffs on China ..is this only a threat or also in the pipeline ?

 

[tomacht8]

All American software is a threat to the national security of every country. The affected states, mexico, canada and eu should set the customs lever together.

 

Even tougher penalties should be introduced with regard to product liability. Faulty software and computer crashes cost billions.

 

Also the whole US junk food costs taxpayers worldwide huge sums of hospital money. Punitive tariffs, who brings this sh...t into a country.

 

In the short term, the EU is now considering levying tariffs on American jeans, whiskey, motorcycles and peanut butter.

 

The EU will probably have to look more closely at cooperation with Russia in the future.

 

[Morch]

37 minutes ago, tomacht8 said:

All American software is a threat to the national security of every country. The affected states, mexico, canada and eu should set the customs lever together.

 

Even tougher penalties should be introduced with regard to product liability. Faulty software and computer crashes cost billions.

 

Also the whole US junk food costs taxpayers worldwide huge sums of hospital money. Punitive tariffs, who brings this sh...t into a country.

 

In the short term, the EU is now considering levying tariffs on American jeans, whiskey, motorcycles and peanut butter.

 

The EU will probably have to look more closely at cooperation with Russia in the future. 

 

 

"The EU will probably have to look more closely at cooperation with Russia in the future."

 

While it's alright to fantasize, what does Russia got to offer that will counterbalance the EU's trade issues with the US? Had you picked China, maybe. But Russia?

[MrMuddle]

8 hours ago, simple1 said:

Trump's a moron. He has gone against US manufacturing association and others advise who have warned of major US job losses with the imposition of tariffs and impacted countries likely retaliatory responses. As in the case of D'Souza Trump is pandering to his base, ignoring the damage he is doing to the Rule of Law and livelihoods of Americans.

 

Trump is unfit to hold the Office of the President of the United States of America.

No ! Trump is the president America deserves. I hope he gets re-elected, and continues to show the rest of the world what the US really is, a country that wants to dominate everywhere, either by bullying, trade or force. He's already made plenty of enemies, by recognising Jerusalem as the capital of israel, now he's expanding the numbers of those against America, by his trade tariff policy.
Hopefully those he has targetted with his latest brainwave, will retaliate by stopping buying ALL goods made in the US.

[Srikcir]

8 hours ago, attrayant said:

 

The desiccated corpse of Wilbur Ross was on CNN  saying the economic impact to the USA would be small, perhaps only around 1%.  A 1% contraction of the economy would put us on the road to a recession.

Ross (May 1, 2018): “There will be pain, but the idea there will be Armageddon and everything will be horrible simply is not true,” https://www.barrons.com/articles/wilbur-ross-the-trade-war-will-cause-some-pain-1525207686

I don't recall such "pain" being said to American workers and farmers much less any idea of Armageddon when Trump was running for president. If Americans in the short term begin to experience dire economic consequences, they'll care little about long term results.

PS: Six months to mid-term elections is not a long term event.

[Morch]

21 minutes ago, MrMuddle said:

No ! Trump is the president America deserves. I hope he gets re-elected, and continues to show the rest of the world what the US really is, a country that wants to dominate everywhere, either by bullying, trade or force. He's already made plenty of enemies, by recognising Jerusalem as the capital of israel, now he's expanding the numbers of those against America, by his trade tariff policy.
Hopefully those he has targetted with his latest brainwave, will retaliate by stopping buying ALL goods made in the US.

 

So you hope for more global chaos, more economic problems and whatnot, just to satisfy some anti-US issues? What a carefully thought out plan. Doing Baldrick proud there.

 

Edited June 1, 2018 by Morch

[selftaopath]

3 hours ago, Basil B said:

It is time we in the UK hit back at American companies in the UK, time to tax them hard, starting with The Trump Turnberry...

I agree and I am an American. Not so proud these days however. Swamp king is a scourge on the world and he's the son of immigrants. 

[selftaopath]

2 hours ago, fvw53 said:

...and what about the tarriffs on China ..is this only a threat or also in the pipeline ?

 

Didn't China just "give" Swamp king a/b a half billion dollars and his daughter a/b 6 patents in China for her crap? Maybe that's a/b "tariffs on China."

[jvs]

https://www.telegraaf.nl/video/2101443/china-stuurt-vrachtwagens-vol-cash-naar-rusland

This is an article from a dutch newspaper,the heading is in Dutch but the video in English.They are saying trucks loaded with cash are going accross the border to Russia.

Edited June 1, 2018 by jvs

[dunroaming]

This is Trump showing the world that he is clueless beyond belief.  But it's a bit late because we were all to aware of it anyway.   Actually nothing new here. He will continue on his road to the destruction of the USA until he is stopped.

[Srikcir]

55 minutes ago, dunroaming said:

This is Trump showing the world that he is clueless beyond belief.  But it's a bit late because we were all to aware of it anyway.   Actually nothing new here. He will continue on his road to the destruction of the USA until he is stopped.

Here's more cluelessness (as Trump has access to the data).

From the US Chamber of Commerce Trump's trade policies could cost the US 2.6 million jobs due to Trump's new tariffs:

• 134,000 from tariffs on imports from China
• 470,000 from tariffs on steel and aluminum
• 157,000 from tariffs on autos and auto parts.
• 1.8 million from a withdrawal from NAFTA.

https://edition.cnn.com/politics/live-news/trump-today-05-31-18/h_c7ab20f4f08aa44767c5288d48101af1

[AYJAYDEE]

Where Mexico and Canada are concerned, this is just a cudgel to try and force them to give him what he wants in the NAFTA talks.

[AYJAYDEE]

7 hours ago, Morch said:

 

So you hope for more global chaos, more economic problems and whatnot, just to satisfy some anti-US issues? What a carefully thought out plan. Doing Baldrick proud there.

 

there's been enough global chaos and now some folks are anxious to see america reap a bit of what it has sown. a natural reaction

 

[simple1]

Tariffs can work, but not stupid ones...

 

https://www.theatlantic.com/politics/archive/2018/06/tariffs-can-workbut-not-stupid-ones/561854/?utm_source=newsletter&utm_medium=email&utm_campaign=atlantic-daily-newsletter&utm_content=20180601&silverid-ref=NDY3NTA4NDQ0NDc3S0

 

 

[Srikcir]

5 minutes ago, simple1 said:

Tariffs can work, but not stupid ones...

 

https://www.theatlantic.com/politics/archive/2018/06/tariffs-can-workbut-not-stupid-ones/561854/?utm_source=newsletter&utm_medium=email&utm_campaign=atlantic-daily-newsletter&utm_content=20180601&silverid-ref=NDY3NTA4NDQ0NDc3S0

 

 

"It [US] justifies this move [new tariffs] not on economic or trading grounds, but for “national security” reasons. It’s worth noting that the exercise of a national-security provision is being applied not to, for instance, Russia, but instead to countries that include America’s two immediate neighbors, its other most important diplomatic and strategic allies, and its most closely integrated economic and trading partners." Good luck arguing "national security" before the WTO.

 

Furthermore, the "proof is in the pudding." The trade relationships between the US and its various allied trade partners has existed for decades with no obvious threat to US national security. The primary threat, if one argues national security, has been US internal economic and banking policies.

 

The purpose of punishing a country with a tariff is to change the behavior of that country that violates or abuses its trade agreement. There is nothing being done by Canada, Mexico and EU that violates their trade agreements with the US. Trump admittedly applied new tariffs because he wants a better trade balance. Apart from such vague objective, a "better trade balance" lies in better competitiveness and marketing, not in import pricing. Some economists will argue that in certain cases having a negative trade balance can be beneficial ( https://www.nytimes.com/2018/03/05/us/politics/trade-deficit-tariffs-economists-trump.html ) and trade surpluses are not always a good thing ( https://www.forbes.com/sites/simonconstable/2017/02/27/mr-trump-heres-why-trade-deficits-are-good/#70995a1c2b96 ).

[Morch]

10 hours ago, AYJAYDEE said:

there's been enough global chaos and now some folks are anxious to see america reap a bit of what it has sown. a natural reaction

 

 

I'm well aware some posters tend to react over-emotionally, without thinking things through. That was the point made. Thanks.