Steel tariff battle isn't over yet, Sault leaders warn

Steel tariff battle isn't over yet, Sault leaders warn

On March 1, 2018, President Trump announced his intention to impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports.

In one alleged example of haphazard policy-making, a report this week said the president raised the tariff rates for branding purposes, increasing them from the 24 and 7 per cent recommended by the Department of Commerce - because he wanted nice, round numbers. "We want our workers to be protected and we want, frankly, our companies to be protected".

"We have a very close relationship with Australia". While the WTO does not have the power to overturn and nullify the tariffs, if the WTO finds that the tariffs are not consistent with US obligations under the General Agreement on Tariffs and Trade (GATT), and the President refuses to revise the tariffs, the WTO could allow complaining countries to levy costly retaliatory tariffs on USA goods.

Experts alike are more concerned now about how other countries might respond to the tariffs. In order to be excluded, the proclamations state that the Secretaries of State, Treasury, and Defense must determine, in coordination with White House officials, that a product is not produced in the U.S.in a sufficient and reasonably available amount or of a satisfactory quality.

In making the long-awaited announcement Thursday, Trump says the USA industry has been "ravaged by aggressive foreign trade practices". Not fair, ? he said.

Trump said on Twitter he looks forward to the meeting, tweeting, "We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military".

"We would perhaps have to raise the tariffs of everybody else, and modestly I may add, to ensure that our steel and aluminum industries are protected", the official said, speaking to reporters on the condition of anonymity.


Business leaders, meanwhile, continued to sound the alarm about the potential economic fallout from tariffs, with the president and CEO of the U.S. Chamber of Commerce raising the specter of a global trade war.

The American Iron and Steel Institute reported today that steel import permit applications for the month of February totalled 2,428,000 net tonnes (NT).

And according to an official White House readout of Trump's call with Canadian Prime Minister Justin Trudeau on Monday, Trump told his Canadian counterpart that the North American Free Trade Agreement "leaves the United States with a trade deficit".

The new tariffs would go into effect in 15-30 days, he said. "We're going to see what he actually announces... but we're continuing to push on getting the right deal for Canada, getting the right deal for Canadians".

Even before Thursday's announcement, Europeans were vowing to retaliate with tariffs of their own on a range of American products - Harley-Davidson motorcycles, Levi's jeans and bourbon, among them.

The prospect of approaching tariffs has set off furious lobbying from governments around the world, who have tried to sway the administration with offers of friendship and threats of retaliation, The New York Times reported. And some experts noted there are far more OH workers in industries that use steel and aluminum than workers who make those materials.

This is unedited, unformatted feed from the Press Trust of India wire.

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