March 18, 2018

George W. Bush tried steel tariffs. They didn't work

12 March 2018, 10:03 | Cesar Cruz

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For partners like the European Union - which is the top supplier of steel to the United States in terms of value, though not volume - the exemptions serve to make the tariffs even more punitive, because their products will now be forced to compete not only with USA products but also with Canadian and Mexican materials, which will benefit from not having to pay the tariff. Both countries had warned of retaliatory measures if they were not exempt.

At talks in Brussels, economy ministers underlined that the European Union - the world's biggest trading bloc - supports free and open trade but that its 28 countries will respond if they are targeted by the USA tariffs, which are set to enter force next week. Giving rise to the possibility of a potential trade war, Trump's tweet read, "When a country (U.S.) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win." . Not fair or sustainable.

As with his other America First policies, Trump's protectionist move faces criticism even inside the United States, with news reports saying that some of his advisers opposed imposition of the new tariffs.

The European Commission is considering a preliminary list of punitive tariff on U.S. products in response to Trump's adoption of protectionist tariffs under the pretext of preserving his country's national security.

Tariffs on steel and aluminum stand to have a major impact on some of the United States' most important allies, including the United Kingdom.

"The European Union, wonderful countries who treat the US very badly on trade, are complaining about the tariffs on Steel & Aluminum", Trump tweeted.

She argues that since European Union companies are not state subsidised or in overcapacity, they can't be considered a source of "unfair trade" with the US. Big Deficit. If not, we Tax Cars etc.

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Trump on Thursday signed tariffs of 25 percent on steel and 10 percent on aluminum imports. "Do you know quite how much USA steel Canada buys?" said another person familiar with Canada's lobbying effort.

The EU is also maintaining a threat of countermeasures that would target USA imports ranging from corn to motorcycles, and might publish its list next week to allow industry and other interested parties to give their input. The exemptions for Canada and Mexico, which are temporary, were also seen as being prompted part by the North American Free Trade Agreement talks, where USA negotiations could use the prospect of making them permanent as a bargaining chip.

"We have been building a global trading system for decades".

According to statistics from Australia's Department of Foreign Affairs and Trade, the country's exports of steel to the USA were worth $133.5 million in the 2016-2017 fiscal year and exports of aluminum to the US were worth $129.6 million during that time.

Some countries may take action against the United States' 25 per cent tariffs on imported steel, but Malcolm Turnbull says Australia is exempt and won't join them. The bloc does impose a 10 percent levy on USA auto imports, while the US charges a 25 percent levy on trucks and pick-ups, and up to 40 percent on some clothes, she said.

Directly subjecting Australia to US President Donald Trump's proposed steel and aluminium tariffs would have been dire for the country's resources sector, according to more than half (63%) of respondents in Financial Standard's weekly spot poll.

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