Economy

Trump Commerce Secretary Says Warnings About Tariffs Are Overhyped

Trump Commerce Secretary Says Warnings About Tariffs Are Overhyped

U.S. President Donald Trump's decision to impose tariffs on steel and aluminum imports could result in economic growth that is slower than states assumed in their budget forecasts, S&P Global Ratings said on Friday.

Last year, China's steel exports to the USA constituted about 2.9 per cent of the 35.6 million tonnes of the metal imported annually by America. He insisted that domestic metals production was vital to national security.

Europe's main steel federation said Trump's reasons for slapping tariffs on steel and aluminum are absurd and warned that the move could cost tens of thousands of jobs across the continent. Moon granted permission, prompting Trump to make his first known foray into the White House briefing room to inform reporters that the South Koreans would soon be making a major announcement.

Sen. Ron Wyden, who said last week that steel tariffs were overdue, said the details of Thursday's order created additional uncertainty around dealing with China. Sen.

Republicans in Congress maintained their opposing stance on Trump's tariffs and urged the president to take a more surgical approach to tackling the problem of China's flooding of global markets with cheap steel. "It is dismaying that the voices of farmers and many other industries were ignored in favor of an industry that is already among the most protected in the country". Trump was acting on a Commerce Department report that found steel imports were about four times what US exports are.

But legal experts say Trump and his advisers have undermined their own national security case by tying restrictions on Canada and Mexico to their cooperation in NAFTA talks.

He pointed out the U.S. has been undermining the dispute settlement process for a number of years, so if a complaint was lodged against Trump's tariffs, it could hit some institutional hurdles inside the WTO.

Despite lingering uncertainty about how long the exemption will last, the Mexican peso rose against the USA dollar after the president's announcement and the Canadian dollar also regained ground it had lost against the greenback.

Chinese officials have said US soybeans are a prime target for retaliation against tariffs imposed by the Trump administration on steel and aluminum imports, according to the American Soybean Association.

Trump must keep promise to protect farmers in a modernized NAFTA
For the G20 countries also including Turkey, global trade agreements include as much opportunities as challenges. The United States imported $44.6 billion in auto parts, and exported $20.48 billion in parts in 2017, U.S.

Trump has exempted Canada and Mexico from the tariffs of 25 per cent on steel and 10 per cent on aluminium due to their status as regional allies. "I will seek more clarity on this issue in the days to come".

"The administration argued that healthy steel and aluminum industries are vital to the national defense".

Sen. Cory Gardner, R-Yuma, said he agreed with Trump's view that the USA needs fair trade agreements, but he thinks Trump's broad tariffs could misfire instead of deliver higher wages and economic growth.

Representatives Speaker Paul Ryan's home state of Wisconsin.

"This is protectionism which offends close partners like the European Union and Germany and which limits free trade", Brigitte Zypries said in a statement.

"We are reaching out to people in the United States and asking 'Are you aware that you run a steel trade surplus with Canada?" That has put him at odds with many in his Republican Party, traditionally a supporter of free trade. "At the same time, we have some friends and some enemies where we have been tremendously taken advantage of over the years on trade and on military", he said.

One of his sales team mused that there was a "little bit of worry" about unintended effects on other areas of the economy, and hoped there would not be a trade war.

Canada's Foreign Minister Chrystia Freeland termed the two things "separate issues" while Mexico's economy ministry said "the negotiation of the NAFTA should not be subject to conditions outside the process". "China would have to make a justified and necessary response".

In goods alone, the USA trade deficit with China in 2017 was a record $375.2 billion.


  • Woman Claims Drag Queen's Breast Caused Multiple Injuries

    Woman Claims Drag Queen's Breast Caused Multiple Injuries

    Neldin Molina from Denver, Colorado, filed a complaint last month against Hamburger Mary's, a restaurant in Tampa, Florida . Molina claims she started to feel headaches and neck pain afterwards so she informed a manager at the restaurant.
    Facebook gets exclusives rights to 25 Major League Baseball  games this season

    Facebook gets exclusives rights to 25 Major League Baseball games this season

    It is also the latest instance of Silicon Valley's biggest names getting involved with America's favorite sports leagues. Facebook is swinging for the fences when it comes to live baseball.
    PM pitches for development of weaker districts

    PM pitches for development of weaker districts

    He also appealed to the lawmakers to make the public involved in the work that is being done in districts across the country. He said development in the 115 "aspirational" districts would be a work of social justice and if.
  • Shubhankar, Wallace share lead after 3rd round in Indian Open

    Shubhankar, Wallace share lead after 3rd round in Indian Open

    Gurgaon: The battle for the prestigious Indian Open title is really going down to the wire at the DLF Golf and Country Club. Ajeetesh Sandhu (74) was the next best Indian after Shubhankar as he occupied tied 26th at two-over-218.
    India welcomes North Korea's proposal for talks with US

    India welcomes North Korea's proposal for talks with US

    Signs of a thaw emerged this year, with North and South Korea resuming talks and North Korea attending the Winter Olympics. The United States would prefer Washington, while North Korea will want Trump to come to Pyongyang, its capital.
    Here's how violent the Trump administration thinks video games are

    Here's how violent the Trump administration thinks video games are

    I'm hearing more and more people say the level of violence on video games is really shaping young people's thoughts. Even if you don't dig into the research, the issue should be clear through the rudimentary lens of common sense.
  • OPP to focus on inattentive, distracted drivers over March break

    The North Bay Detachment of the Ontario Provincial Police will be participating in the OPP Distracted Driving Campaign. This is the fifth straight year that distracted driving has been the leading cause of death on OPP patrolled roadways.
    Kevin Feige Teases Details About Captain Marvel

    Kevin Feige Teases Details About Captain Marvel

    In the comments of the picture, rumors are rife that Nick is about to undergo a BIG change in Anna Boden and Ryan Fleck's movie. The full schedule of upcoming Marvel movies can be found here.
    A US Figure Skating Coach Has Been Suspended For Alleged Sexual Misconduct

    A US Figure Skating Coach Has Been Suspended For Alleged Sexual Misconduct

    Richard Callaghan , the former coach of champion skaters like Tara Lipinski and Todd Eldredge, has been suspended by U.S. Figure Skating then issued an order barring him from all of its events until further notice, as mandated in its bylaws.
  • Tiling Stocks - Spirit Realty Capital, Inc., NYSE: SRC), NOW Inc., (NYSE: DNOW)

    Investors as well as the sell-side will be paying close attention to how the actual numbers compare with the estimates. Moreover, Hbk Invs Limited Partnership has 0.12% invested in Microsoft Corporation (NASDAQ:MSFT) for 202,100 shares.
    Brandon Jennings returns to Bucks on 10-day contract

    Brandon Jennings returns to Bucks on 10-day contract

    Last season, Jennings posted 7.1 points, 4.9 assists and 2.4 boards per contest in time split between the Knicks and Wizards. The Milwaukee Bucks will reportedly sign veteran guard Brandon Jennings to a 10-day contract Saturday, according to Marc J.
    White Sox prospect Luis Robert to miss six weeks with thumb sprain

    White Sox prospect Luis Robert to miss six weeks with thumb sprain

    Luis Robert's grand slam against Cincinnati is one of the great moments of this year's Spring Training . Robert was expected to open the season at Class A Kannapolis or Winston-Salem.