ibusinesslines.com September 20, 2018

USA Makes Taxes on Steel and Aluminum Imports Official

14 March 2018, 04:22 | Erica Roy

USA Makes Taxes on Steel and Aluminum Imports Official

USA Makes Taxes on Steel and Aluminum Imports Official

However, the president exempted Canada and Mexico from the tariffs as the three North American nations continue their contentious renegotiations of the 24-year-old North American Free Trade Agreement (NAFTA).

He suggested in an earlier meeting with his Cabinet that Australia and "other countries" might be spared, a shift that could soften the worldwide blow amid threats of retaliation by trading partners.

Two dozen conservative groups, including the Club for Growth, FreedomWorks and the National Taxpayers Union, urged Trump to reconsider, writing in a letter that the tariffs would be "a tax on the middle class with everything from cars to baseball bats to even beer".

"However, history has shown that tariffs imposed on imported steel could raise prices on both domestic and imported materials, thus causing a financial burden on our customers", the company said.

But Isely said unless someone is buying a new auto, which could cost a couple hundred dollars more, the tariffs likely won't have a big impact on an individual consumer or their wallet.

Overall, this stance that Trump has taken is the simplest discontinuity with the Grand Old Party (aka GOP) on economic philosophy on trade.

In Sydney, Prime Minister Malcolm Turnbull said there is no case for imposing tariffs on Australian steel.

An almond farmer himself, Zipser said that growers are "nervously watching" the tariff situation.

The White House has yet to announce the timing and extent of the planned tariffs. The contentious tariffs will go into effect in 15 days. Perhaps there's no success like failure for Trump, but the costs will be heavy for USA exporters and workers.

John Ries, another trade expert at UBC, said the tariffs will affect about 25 percent of steel and aluminum products entering the US market, according to his own calculations. He invited some of the workers to speak from the presidential podium, and several said that excessive "dumping" of foreign steel and aluminum had negatively affected their jobs and families.

Historically, tariffs tend to be targeted - on specific types of imports, against certain nations and for a limited number of years.

President Trump's negotiating tactics often show him throwing out an idea, watching his critics set their hair on fire, and then finding common ground with a less severe approach.

The tariffs were aimed at China, which has been dumping cheap, subsidized steel into the USA and undercutting American producers who have been forced to slash production and jobs. According to the Canadian Steel Producers Association, exports of steel directly support 20,000 Canadian jobs.

Yes, the USA has a trade deficit with Mexico, but it also has a trade surplus with Canada. "It's really an assault on our country".

On Thursday, President Donald Trump officially announced tariffs on imported aluminum and steel.

President Donald Trump listens during a meeting with steel and aluminum executives in the Cabinet Room of the White House, Thursday, March 1, 2018, in Washington.

And on Thursday, while making the link between trade and national security, he repeated previous accusations that some American allies have not been paying their fair share on defense.

"Let's look at what we're doing here at home that's also maybe raising the cost of living and raising the cost of doing business such that China and other countries are having a competitive advantage in the global market", he said.

The people were not authorized to discuss details in advance and spoke on condition of anonymity.

On Friday, Cecilia Malmström, European trade Commissioner, said the move by the United States would "put thousands of European jobs in jeopardy, and has to be met by a firm and proportionate response".

He has also left open the possibility of later excluding allies such as Australia.

The announcement comes amid a last-minute lobbying effort to blunt the impact of tariffs.

Trump says he's sticking with his initial plan for import tariffs of 25 percent on steel and 10 percent on aluminum.

But business experts, including Paul Isely, associate dean for the Grand Valley State University Seidman College of Business, said the tariffs will also drive up the cost of the products - not just overseas, but also in the United States.

And there is now a race for the rest of the world to catch the exemption train, before it leaves the station in two weeks' time. Earlier this week, Ryan said he was "extremely anxious about the consequences of a trade war" and urged Trump to drop his tariff proposal.

"It would not impact the imported kegs", he said. Morneau stressed that these duties are not beneficial neither for the country nor for national security.

Trump kept Canada and Mexico as potential tariff targets because that served US interests in winning concessions in ongoing NAFTA negotiations.

Sen. Orrin Hatch told reporters he thought Congress could stop the tariffs from being implemented.

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