Trump Comes To California Next Week
- Author: Zachary Reyes Mar 08, 2018,
Mar 08, 2018, 18:39
President Trump is certainly talking tough on his promise to raise tariffs by taxing imported steel if certain trade deals don't go his way. There are historic things that have taken place in the first year.
The tariff turmoil has also led US trading partners such as China and the European Union to suggest that they may take retaliatory action against the United States.
The White House on Wednesday raised the possibility that impending hefty United States tariffs on steel and aluminium imports could exclude a clutch of countries other than Canada and Mexico as President Donald Trump planned to authorise the measures on Thursday. "If we tax them 25 per cent, believe me, they won't be doing it for long".
Trump's tariff plan has raised widespread concern about sparking trade wars with the US' trading partners, including from Cohn and the president's allies on Capitol Hill. The Dow Jones industrial average edged up 9.36 points to 24,884.12.
Donald Trump stuck to his guns over his controversial trade policy on Wednesday, despite the departure of his economic adviser Gary Cohn the night before. When asked whether Cohncould return to the administration in another capacity, Sanders said "I'm not closing the door". We can not lose our steel industry. Mr. Trump has repeatedly said that too many countries - both friends and enemies - have taken advantage of the USA for far too long, and that's going to change.
Despite fears from U.S. allies and Washington Republicans that the measure could spark a trade war, Ross insisted the President's goal wasn't to drive the economy into chaos.
International Monetary Fund chief Christine Lagarde warned "nobody wins" in a trade war, saying it would harm global economic growth.
The gulf between the president and Mr Cohn was made plain in a dramatic trade policy meeting on Tuesday in the Oval Office. Trade wars are bad for all countries involved, and the biggest losers will be American families and American workers in industries that depend on trade.
Republicans in Congress have lobbied administration officials to reconsider the plan and focus the trade actions on China, warning that allies such as Canada and members of the European Union would retaliate.
A White House official says Trump is referencing the ongoing Section 301 investigation of China, under which the U.S. Trade Representative is studying whether Chinese intellectual property rules are "unreasonable or discriminatory" to American business.
Mr Trump was expected to finalise the planned tariffs later in the week, although some observers familiar with the process said it could occur next week.
The president's moves on trade so far this year have brought United States policy closer to his aggressive campaign rhetoric that accused China and other countries of unfairly taking advantage of the US.
Shortly after Ross delivered his comments United States foreign trade figures for the month of January showed a widening of the trade deficit, which reached its highest level in nine years at $56.6 billion in one month.