UK Trade Minister Will Discuss 'Wrong' Metal Tariffs With US Next Week

Steel tariffs of 25 per cent on "foreign steel" were announced by American President Donald Trump this afternoon. So, will other leaders want to sit across from the United States to make such a deal?

After Trump announced his tariffs last week ministers were unable to say if Australia would secure exemptions from the tariffs as it did under the previous steel import duties imposed by the Bush administration in 2002. "Our factories were left to rot and to rust all over the place; thriving communities turned into ghost towns", he said.

Trump has made strong hints that Australia will be given special consideration, given the special ties between the two countries, but no firm answer. A group of 107 Republicans on the Hill released a letter on Wednesday urging the president to "reconsider the idea of broad tariffs to avoided unintended negative consequences onto the USA economy and its workers".

"These measures could make a significant impact on the economic and cooperative relationship between Japan and the USA, who are allies", said Japan's trade minister, Taro Kono, in a statement.

Most Democrats were equally critical of the tariffs. Sen.

Both Brussels and Beijing voiced hope that a trade war could be averted, and the European Commission raised the prospect that Trump could consider exempting the EU's 28 member states from the measures along with US neighbors Canada and Mexico.

In the event of a breakdown over NAFTA, these tariffs would likely bring swift retaliatory tariffs on US goods imported into Canada.

Arizona Republican Sen. Jeff Flake has threatened to introduce legislation to nullify the President's tariffs if they are anything like what Donald Trump is predicting.

But trade experts fear the biggest risk to New Zealand lies in the fallout if the moves spark a bigger trade war. "There may be people that are harmed less, maybe America is in a better position, but I think there's so much collateral damage, I think it's a risky and unsafe strategy".

The United States will be imposing a 25% tariff on steel imports and a 10% tariff on aluminium imports.

Countermeasures would include European tariffs on USA oranges, tobacco and bourbon, he said.

"If they try to make an exemption for one of our member states, it means the EU as a whole", European Commission Vice President Jyrki Katainen said Thursday.

But the official said that with any alternative remedies, it was important to maintain the target for increasing steel and aluminum industry capacity utilization, which could result in higher tariffs for other countries.

"Due to the unique nature of our relationship with Canada and Mexico. we're gonna hold off the tariff for those two countries, " Trump said during the ceremony.

"We are prepared, as we were prepared for Brexit, we're prepared for this", Ms Bienkowska said. "We have a very close relationship with Australia". A $1 billion reduction is a drop in the bucket considering the fact that the USA trade deficit with China in 2017 was $375 million. Great country, long-term partner.

China meanwhile warned Thursday it was ready to respond to U.S. tariffs if they materialise. The White House said the tariffs are needed because steel and aluminum are a a critical part of the USA defense base, as well as infrastructure.

  • Leroy Wright