ibusinesslines.com March 24, 2018

Donald Trump says won't back down on decision to impose tariffs

13 March 2018, 09:55 | Justin Tyler

Trump: Planned Steel, Aluminum Tariffs Will Go Away if New NAFTA Deal

Trump's move on steel and aluminium may spark global trade retaliation

Chairman Kevin Brady of Texas has urged more targeted tariffs on unfairly traded products, rather than broad measures that could hurt economic growth, Aronson said.

"No, we're not backing down", Trump said at an Oval Office meeting with Israeli Prime Minister Benjamin Netanyahu. We've had a very bad deal with Mexico, a very bad deal with Canada.

Trump on Thursday announced that his administration this week would impose a new 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports.

Trump has alleged that the U.S. faced severe losses in trade pacts with Canada and Mexico, which is the other partner of NAFTA deal.

"We have had a bad deal with Mexico".

Congress has ultimate Constitutional power over trade, although they have delegated a good deal of it by statute over the years. "Our jobs have left our country".

Now, he's about to take his awful trade policy to an even more unsafe place.

He insisted that it must be made more fair and threatened to end NAFTA if he doesn't get a better deal. "We don't think tariffs in respect of steel are at all helpful".

Mexico's Economy Minister Ildefonso Guajardo in a tweet said the threat is "the wrong way to incentivise the creation of a new & modern NAFTA".

But the Trump administration is coming under political pressure at home to exclude Canada, which is the largest source of imported steel and aluminum to the United States.

Beijing's concerns are that this is only the first step in Washington, and other areas will soon be addressed, such as an investigation into China's efforts to get the USA intellectual property as announced by the White House administration in the past year.

Trump's aversion to German vehicle imports had manifested before.

Donald Trump last week fired the first round of shots in a potential trade war when his tweet blamed the country's trading partners for its $800 billion annual trade deficit.

In a tweet on Sunday, he argued: "We are on the losing side of nearly all trade deals".

US Speaker of the House Paul Ryan said he was "extremely worried" about the impact of a trade war, adding that it could undermine economic gains. Everybody! China, Russia and take people that we think are wonderful: "the European Union".

Officials within Alberta's steel industry are feeling uneasy about comments by U.S. President Donald Trump.

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