Trump's auto-tariff talk bullying, European Union says

Erika Holt
March 15, 2018

Not surprisingly, President Trump accepted the findings in the Commerce reports and ordered the imposition of additional tariffs through two Presidential Proclamations issued on March 8, 2018. Trump really, really wants to stick it to China!

"These measures could make a significant impact on the economic and cooperative relationship between Japan and the US, who are allies", said Japan's foreign minister, Taro Kono.

There are also fears that the USA could implement quotas.

Still, despite steel's political advantages, tariffs are still a large gamble for Trump. Americans are better off trusting Trump on trade.

As President Donald Trump prepares to impose a 25 percent tax on imported steel, America's steelmakers are actually faring pretty well: The U.S. steel industry a year ago earned more than $2.8 billion, up from $714 million in 2016 and a loss in 2015, according to the Commerce Department.

Golly, a whole One Billion Dollars!

Meanwhile, the tariffs would cost China only $689 million in trade losses, according to Bown's estimates, largely because the US has already imposed duties on Chinese products.

Trump's fixation on the trade deficit is overdone. Sen.

So Trump's metals tariffs look likely to be a self-inflicted wound for the United States - even if they don't spark retaliation from trading partners, and even if they don't weaken American alliances. Here's what you need to know. For all the internet memes comparing Trump officials to Bond bad guys, the bumbling villains of Austin Powers are the better reference.

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The combination of all these factors will have dire consequences for the working class and the poor". The developments have been received differently by the experts involved in the energy sector.

But Trump's trade policy is more about politics than economics: a symbolic gesture to fulfill his cynical campaign promise to bring back lost manufacturing jobs.

On March 10, Europe's Commissioner of Trade Cecilia Malmström and Japanese Economy and Trade Minister Hiroshige Seko metUS Trade Representative Robert Lighthizer, where the two outlined their arguments with Lighthizer, saying that both the European Union and Japan are strategic trade and security partners of the United States and are therefore exempt from the new tariffs according to US law that grants exceptions for allies and those that do not pose a national security threat.

To date, this administration's trade policy has been problematic. Yet in one fell tweet, he revealed his own trade-related ineptitude twice. He got the brouhaha he wanted. He has said trade wars are "easy to win" and spent part of his weekend firing barbs at the European Union, which has threatened retaliation against the United States.

Among Trump's first orders of business upon taking office, however, was to pull out of the pact.

The U.S. economy, boosted by a $1.5 trillion tax cut that Trump signed a year ago, is on a solid footing and the unemployment rate of 4.1 percent is the lowest since 2000.

Trump may consider himself a great deal maker, but history makes us wary of his contention tariffs will revitalize struggling USA industries.

In the call with Trudeau, Trump "emphasised the importance of quickly concluding the ongoing Nafta negotiations", the White House said.

After it became clear the Chinese constitution would change to allow President Xi Jinping to hold power indefinitely, Trump didn't criticize the authoritarian move.

"In some places trade has been to blame for the pains of globalisation or they used it as a scapegoat or they think we can live behind walls and borders", European Trade Commissioner Cecilia Malmstroem said at a trade conference in Brussels. But the comments letting Xi off the hook, in fact praising Xi for consolidating power, were far more consequential. He pointed to the July 1 presidential election in Mexico and the November mid-term Congressional elections in the USA as factors "which complicate our work".

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