US' Stiff Tariffs on Steel Imports

Justin Trudeau Leo Varadkar

Irish Prime Minister Leo Varadkar shows off his colorful socks to Canadian counterpart Justin Trudeau. Rex Shutterstock

Where President Trump's approach is wrong is to use national security as the reason to impose tariffs on steel and aluminum.

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

Trump's tariffs, like his hardline NAFTA demands, have the prospective to turn the internationally integrated auto industry upside down.

Mr. Trudeau said that the consequences of putting tariffs on steel and aluminum in Canada "would mean pain for workers here in Canada but also job losses and difficulties for workers and their families in the United States", he said.

While the tariffs have been introduced under the pretext of national security concerns, UK Steel claims only around three per cent of steel in the US is used for defence, and many see the move as politically motivated (a congressional seat in Pittsburgh, home to US Steel, is now up for grabs).

All indications are that this plan will go into effect, thus hurting a growing US economy and numerous voters, in Oklahoma and elsewhere, who helped to put Trump in the White House in the first place.

A European Commission spokesman said Trump was "cherry-picking" particular tariffs to highlight differences, and maintained that average tariffs were very similar on each side of the Atlantic at about 3.0 percent for products into Europe and 2.4 percent into the United States.

President Trump's prospective tariffs on steel and aluminum have put renewed focus on China trade, although the tariffs are a comically inept misfire if their true target is China.

These tariffs were controversial both at home and overseas because, even as they helped steelmakers, they squeezed steel users, such as the auto industry.

There's already a trade war, and it's being waged by Beijing.

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China has repeatedly vowed to defend its "legitimate rights and interests" if targeted by U.S. trade actions. Here's what you need to know.

Some trade deals, like the World Trade Organization agreements to which most nations subscribe, set out general rules involving a host of issues like anti-dumping, customs valuation and pre-shipment inspection.

"It will only bring disaster to China and the United States and the world".

Trump signed the new tariffs order on Thursday.

Trump further tweaked outraged free-traders, tweeting that "trade wars are good and easy to win".

The U.S. has been intensifying trade protectionism since a year ago. Democrats and Republicans, left and right, have often stood in opposition to them: President Trump and candidate Bernie Sanders being among those who campaigned against them in the last election.

This form of processing allows it to be stamped "made in Canada" and could avoid the USA tariff, which is why the federal enforcement officials will need to identify the country of origin of the original steel, said one industry executive who asked that his name not be used because he is not authorized to speak to the media.

Signing up for free trade agreements - in which global trade is left to its natural course without tariffs, quotas, or other restrictions - have always been one of the few legislative agendas with bipartisan support. They, and we, benefit from lower prices.

Right now China isn't even among the top 10 producers of USA steel imports.

"A tariff is a tax, plain and simple", said Matthew Shay, president and CEO of the NRF. South Korea needs to closely monitor its exports to the well as American companies' move to file a complaint against Korean firms. South Korea needs to work with the worldwide community to develop practical measures to tackle Washington's growing trade protectionism effectively and also sharpen the global competitive edge of the local steel industry.

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