Donald Trump trade tariffs: Europe threatens U.S. bikes, bourbon, Levi's jeans
- Author: Zachary Reyes Mar 05, 2018,
Mar 05, 2018, 5:43
President Donald Trump said Thursday he will impose tariffs of 25 percent on steel and 10 percent on aluminum next week, a step he said is meant to revive domestic manufacturing but the announcement has sparked worries of a global trade war. The New York Stock Exchange reacted badly, with the Dow Jones index dropping 420 points the same day.
National security as an excuse for protectionism is not constructive, Norway's Foreign Ministry also said.
Ross also said that economic advisor Gary Cohn - who fiercely fought the tariff plan - would not leave the administration over the decision.
Trump's announcement to impose tariffs came as Canada, the United States and Mexico continue talks to renegotiate the North American Free Trade Agreement (NAFTA).
He said they had done their job, giving the industry the "breathing space" it needed to restructure.
But, in an angry response to the EU's statements, President Trump threatened in a tweet on Friday that "trade wars are good" and "easy to win" vowing to defend his industry and workers in the America First trade policy.
And so what they do is they flood the world market with this product and that ripples down to our shores and into other countries. "Well, in our sized economy, that's a tiny, tiny fraction of 1 percent". It brought strong criticism from some Republicans and financial markets concerned about tariffs and their effect on the economy.
"That's Wall Street talking".
"But I can't see how this isn't part of warlike behavior", he said.
"I just think that the United States is not taking an advisable course in threatening a trade war", Lidington said. "So the notion that it would destroy a lot of jobs, raise prices, disrupt things is wrong". About 38% of imported aluminum came from China, according to an analysis by Jock O'Connell, the worldwide trade advisor at Beacon Economics.
The US president's announcement on Thursday to impose tariffs prompted a backlash from nations around the world, which Trump shrugged off on Friday by saying "trade wars are good, and easy to win". He suggested that cutting trade with nations who "get cute" with the USA would mean the USA wins big, since they had deficits with them in the first place.
White House trade adviser Peter Navarro told CNN's Jake Tapper that he expects President Donald Trump to sign a measures by the end of this week or early in the next.
Canadian Prime Minister Justin Trudeau said the tarrifs would hurt both his country and the US.
Ms May reiterated her hopes for a customs agreement that would prevent a hard border. But by most accounts, the short-lived Bush tariffs did not have a massive overall impact.
It is one of several countries that have said they will consider retaliatory steps if the president presses ahead with his plan next week.
In Berlin, Chancellor Angela Merkel's chief spokesman said the German government opposes Trump's plans. "If you're a Republican, you couldn't be happier".