Tuesday, 21 August, 2018

Trump tariffs are about national security: Peter Navarro

Steel pipes to be exported are seen at a port in Lianyungang Jiangsu province Steel pipes to be exported are seen at a port in Lianyungang Jiangsu province
| 01 June, 2018, 20:31

Massive US tariffs on steel and aluminium imports from the European Union have come into force, raising fears of a transatlantic trade war.

"I think Donald Trump has made a massive mistake", said Mr Ellis.

The Dow Jones Industrial Average lost 1 percent and the S&P 500 shed 0.69 percent.

White House National Trade Council Director Peter Navarro said national security is the primary reason behind ending the two-month exemption from US steel and aluminum tariffs for Europe, Canada and Mexico.

The White House has sought to include a "sunset" provision in the NAFTA renegotiation for months, but Canada and Mexico have always been cool to the idea, saying it would remove any economic security and certainty for businesses trying to comply with trade rules.

Wick said MA cranberry growers export more than 30 percent of their crop, much of which goes to Europe, Mexico and Canada.

Study says auto tariffs will cost 157K jobs MORE announced Thursday morning that Trump had decided to make good on a threat to place stiff steel and aluminum tariffs on Canada, Mexico and the European Union, a move that ignited tensions between White House and business groups.

The United States is also exploring the possibility of putting new tariffs on cars.

Canadian Prime Minister Justin Trudeau called the move "totally unacceptable", while in London a spokesperson for Theresa May said the British government was "deeply disappointed".

US officials announced the tariffs are a result of their failure to win trade concessions.

Mexico has also responded, promising to slap tariffs on US products including pork bellies, grapes, apples, and flat steel.


One effect of today's developments was further pressure on the peso, which fell to its weakest level in 15 months.

The European Union said it would impose taxes on a number of United States imports, including Harley-Davidson motorcycles, Levi's jeans and Kentucky bourbon.

Reverse tariffs could be slapped on items like Harley-Davidson motorcycles. That's the reaction from the European Commission's president to the USA decision to impose tariffs on steel and aluminum imports from the European Union.

"It's entirely up to U.S authorities whether they want to enter into a trade conflict with their biggest partner, Europe", France's finance minister, Bruno Le Maire, said after meeting with Ross on Thursday.

Liam Fox has condemned Donald Trump's steel and aluminium tariffs as "patently absurd" but has insisted the President's "protectionism" and apparent disregard for the United Kingdom economy will not affect a post-Brexit trade deal.

Temporary exemptions were granted to a number of nations and permanent ones to several countries including Australia, Argentina and South Korea. And America is already locked in an escalating trade dispute with China - as both countries announce new penalties on a variety of goods aimed at hitting each other other hardest.

The U.S. tariffs are expected to be particularly injurious to the European steel sector, only just recovering from a protracted crisis.

Century Aluminum jumped 7.1 per cent, and Alcoa gained 3.6 per cent.

"We take the view that without a strong economy, you can not have strong national security", Ross told reporters.

But the impending arrival of "Brexit Day" makes the United Kingdom more vulnerable in a global trading atmosphere poisoned by insularity and mistrust, says Sean O'Grady in The Independent.

Trump has threatened to take steps to withdraw from NAFTA for more than a year, but during his first year in office he was coaxed out of taking dramatic steps by advisers like National Economic Council President Gary Cohn and Secretary of State Rex Tillerson.

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