Thursday, 21 June, 2018

Trump's 25% steel tariff angers world leaders and business

Trump to hit EU, Canada and Mexico with steel and aluminium tariffs Trump slaps steel tariffs on closest allies as tensions rise
Jan Cook | 31 May, 2018, 22:24

Europe and Mexico pledged to retaliate quickly, exacerbating trans-Atlantic and North American trade tensions.

"This is the strongest trade action Canada has taken in the post-war era".

Trump's legal authority for imposing the tariffs rests on the claim that America's reliance on foreign steel is a threat to its national security.

The European Commission tweeted that the tariffs represented "protectionism, pure and simple".

Canadian Prime Minister Justin Trudeau said the steel and aluminum tariffs were "totally unacceptable" and a violation of a centuries-old relationship between the USA and Canada.

"We expect immediate retaliation from the European Union, which, on a net basis, to us serves no positive economic goal", KeyBanc analyst Philip Gibbs said in a note.

The decision sparks new concerns of a trade war with three of the United States' most important trading partners.

Le Maire warned that the European Union would take "all necessary measures" if the USA imposed the tariffs. "This is not an action against them, it's simply an action to defend our industries as President Trump said he would".

The three close US allies had been part of a small group of foreign governments that received temporary exemptions from the tariffs, until trade deals could be signed.

Commerce Secretary Wilbur Ross said there will be a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum.

Body found of man who disappeared amid Maryland flooding
During the flood a handmade, white flag hung from an upper story of a Main Street building bearing the letters SOS. Larry Hogan said in a statement. "Are we gonna die ma'am?" another caller asked.

And Britain, which has hopes of agreeing a trade liberalisation deal with the United States after Brexit, expressed alarm at Ross's announcement.

"This is a bad day for world trade", he said in response.

European officials, bracing for the tariffs, have threatened to retaliate against US orange juice, peanut butter, kitchenware, clothing and footwear, washing machines, textiles, whiskey, motorcycles, boats and batteries. Ross said that he intends to continue talks with European diplomats and officials from Canada and Mexico, but those are likely to be contentious.

Tariffs might protect some jobs in the U.S. steel industry, but far fewer than the number of jobs that will be lost.

For the past couple of months, it has looked like a trade war might be avoided, Greg Valliere, chief global strategist at Horizon Investments, wrote in a note distributed early Thursday morning.

Should the tit-for-tat escalate further, Trump might choose to impose tariffs on the European vehicle industry - which would hit Germany hardest.

Prime Minister Justin Trudeau and Foreign Affairs Minister Chrystia Freeland said the surcharges will total $16.6 billion on USA steel, aluminum and other products. This will force them to cut jobs, economists and industry officials say. South Korea also received a permanent exemption from steel tariffs, having negotiated instead an absolute quota equivalent to 70 percent of 2015-2017 imports. "We will respond appropriately", she said.

The bloc's response will be "united and firm", French Finance Minister Bruno Le Maire warned. We think on the contrary that global trade must have rules in a context of multilateralism.

"The UK and other European Union countries are close allies of the U.S. and should be permanently and fully exempted from the American measures on steel and aluminium". Noting her discussions with US officials, she said.

Recommended

  • Afghan troops free prisoners held by Taliban; bomb wounds 6

    Afghan troops free prisoners held by Taliban; bomb wounds 6

    All 10 attackers - three suicide bombers and seven gunmen - were killed by security forces, the Interior Ministry confirmed. All eight attackers were killed, while one Afghan soldier was killed and several wounded.
    Apple Officially Releases iOS 11.4 with AirPlay 2, Messages in iCloud

    Apple Officially Releases iOS 11.4 with AirPlay 2, Messages in iCloud

    Messages in iCloud have been coming soon for nearly a while now, and its good the firm is finally delivering on their promise. As of the writing of this article, iOS 11.4 should be available as a free over-the-air update to all users running iOS 11.
    Golden Knights win Game 1 of Stanley Cup Finals

    Golden Knights win Game 1 of Stanley Cup Finals

    Obviously they got the first goal and the crowd was into it and all, and I didn't like the first part of the second period. It was the first time the Knights had trailed at home in regulation in the play-offs but they levelled through Karlsson.
  • Decisions in confronting school shooter were 'only acceptable actions'

    Decisions in confronting school shooter were 'only acceptable actions'

    The district said counselors will be on hand at other schools, and that counseling services will continue into next school year. On Friday morning, he shot a science teacher and another student in the class of secondary school Wellsville West.
    White House refuses to say why Trump hasn't fired Sessions despite criticism

    White House refuses to say why Trump hasn't fired Sessions despite criticism

    Presidential attorney Rudy Giuliani and former Trump campaign adviser Sam Nunberg say Mr. Trump acted within the bounds of his presidential authority.
    Mega Man 11 is coming to Xbox One this October

    Mega Man 11 is coming to Xbox One this October

    The game will focus on Mega Man defeating the Robot Masters and absorbing their powers, being able to swap between the powers. But then, late a year ago , Capcom announced Mega Man 11 - a 2.5D game that goes beyond what was capable on 16-bit systems.
  • Trump weighs in as backlash against ‘racist’ Roseanne Barr continues

    Trump weighs in as backlash against ‘racist’ Roseanne Barr continues

    Donald Trump Jr. retweeted two of Barr's statements about Soros, although not the remark about Jarrett. Meanwhile the subject of the tweet, Valerie Jarrett , responded to the controversy on MSNBC.

    Reportedly Killed Russian Journalist Appears At News Conference In Ukraine

    Arkady Babchenko was an outspoken critic of President Vladimir Putin and a veteran of the Chechen wars. He left Russian Federation in February 2017 because he feared for his life, according to Reuters .
    Service dog delivers puppies inside Tampa Airport (Cute photos!)

    Service dog delivers puppies inside Tampa Airport (Cute photos!)

    A service dog went into labor and delivered eight puppies in the middle of a terminal at Tampa International Airport on Friday. The father to the little ones, named Nugget, was also traveling with the crew and was there for the birth.
  • Malaysia says it will axe high-speed railway to Singapore

    Malaysia says it will axe high-speed railway to Singapore

    Mohamad said that the process to cancel the project will take some time because of Malaysia's agreement with Singapore. He added: "When Malaysia requested to discontinue the cases, without them being argued, we were happy to agree".
    Sleeping In On Weekends Might Prevent Early Death

    Sleeping In On Weekends Might Prevent Early Death

    However, the effect of not sleeping enough during the working days may be at least partially offset during the weekend. But channeling your inner cat and sleeping too much can be just as bad for your health , studies have found.
    James dominates as Cavs down Celtics to stay alive

    James dominates as Cavs down Celtics to stay alive

    Celtics: Tatum is the first rookie to have 10 or more playoff games with at least 20 points since Kareem Abdul-Jabbar in 1970. James poured in 46 points with 11 rebounds and nine assists. "We have to go out there with an aggressive mentality".

China Vows to Retaliate After US Imposes Fresh Tariffs China Vows to Retaliate After US Imposes Fresh Tariffs The US is preparing to send a trade delegation back to Beijing later this week to continue talks aimed at easing trade tensions. Commerce Secretary Wilbur Ross is scheduled to be in Beijing on June 2 to 4 for the latest round of negotiations.

New Zealand to kill 150,000 cows to end bacterial disease New Zealand to kill 150,000 cows to end bacterial disease All cattle on infected farms and future infected farms, plus some high-risk farms under movement controls, will need to be culled. Government will meet 68 per cent of this cost and DairyNZ and Beef+Lamb New Zealand will meet 32 per cent.

Oil prices mixed amid worries over growing supplies Oil prices mixed amid worries over growing supplies Anything above that level "can lead to certain problems for consumers, which also isn't good for producers", he said. The US West Texas Intermediate ( WTI ) crude futures ended at $66.78 per barrel, down $1.1 or 1.6 percent.

‘I’m alive’: Russian reporter, Ukraine police faked killing ‘I’m alive’: Russian reporter, Ukraine police faked killing Vasyl Gritsak, head of Ukraine's security service, initially appeared at the conference before inviting Mr Babchenko to join him. He left Russian Federation for Prague in February 2017 after receiving threats, and moved to Ukraine in August with his family.

Serena tells of medical reason behind superhero catsuit Serena tells of medical reason behind superhero catsuit Though she is back on the court, Williams said her emphasis is looking after her daughter: "No matter what, that's my priority". Maybe this goes without saying, but it needs to be said in a powerful way: I absolutely want more Grand Slams".

Trump administration will fingerprint child migrants' parents Trump administration will fingerprint child migrants' parents The president implied that children were being separated from their parents at the border because of a law enacted by Democrats. While this photo may not be from the time of Trump's presidency, the discourse surrounding immigration has been tense.

Govt slashes fuel prices by 1 paisa Govt slashes fuel prices by 1 paisa Fuel prices in Delhi now stand at Rs 78.42 per litre for petrol and Rs 69.30 per litre for diesel. The main reason for the futures is to hedge against rising prices of petrol and diesel.

Roseanne Barr Tweets Back at Co-Stars After They Condemn Her Racist Remark Roseanne Barr Tweets Back at Co-Stars After They Condemn Her Racist Remark More than 18 million people on average have watched the reboot of " Roseanne " this season, according to Nielsen Co . Roseanne Barr is blaming the racist tweet that got her show canceled with the quickness on " Ambien Tweeting ".

Future unclear for Ronaldo, Bale after Champions League win Future unclear for Ronaldo, Bale after Champions League win Karius was in tears at the end of the game and went over to the Liverpool supporters with his hands raised in apology. Karius made a post on social media yesterday, writing: "Haven't really slept until now".

Serena William Returning To Paris, Could Face Sharapova In 4th Round Serena William Returning To Paris, Could Face Sharapova In 4th Round After beating Serena Williams in the 2016 final, Muguruza's title defense was ended in the fourth round past year . Without a seeding, Williams was placed in the same quarter of the draw as Sharapova, who is unseeded too.

Fourth man on the moon dies at age 86 Fourth man on the moon dies at age 86 He was among the elite group NASA chose for its third group of astronauts in 1963, having served as a test pilot in the US Navy. He leaves his second wife, Leslie, a son, Clay, and a daughter, Amy Sue, from his marriage to his first wife, Sue.

Feds explore buying Trans Mountain; Morneau's decision coming Tuesday Feds explore buying Trans Mountain; Morneau's decision coming Tuesday The statement said it remains focused on two objectives: "the ability to construct in BC and to protect our shareholders". Prime Minister Justin Trudeau has repeatedly pledged to get the project built.

'Solo: A Star Wars Story' struggles to take off in opening weekend 'Solo: A Star Wars Story' struggles to take off in opening weekend Given Solo's numerous struggles, Star Wars faithfuls were understandably concerned about the quality of the movie. In contrast, 2015's Star Wars: The Force Awakens rang up $247 million during its first weekend in release .

Trump, Abe say 'imperative' to dismantle North Korean weapons Trump, Abe say 'imperative' to dismantle North Korean weapons But he and Republican Senator Marco Rubio agreed it's unrealistic to expect Kim to give up his nuclear weapons. And on Sunday, the US State Department said American and North Korean officials had met at Panmunjom.

Alberto brings little rain to Volusia/Flagler area Alberto brings little rain to Volusia/Flagler area National Hurricane Center forecasters said that as of 11 a.m., the storm was about 130 miles (210 kilometers) southwest of Tampa. By midday Sunday, the US Southeast was seeing 50-mile-per-hour (80-km-per-hour) winds and up to 10 inches of rain in some places.