Trump Signs Steel And Aluminum Tariffs Into Law - Excludes Canada And Mexico

Donald Trump

US president Donald Trump

Beyond imposing retaliatory tariffs on USA goods, the EU is prepared to file a case at the World Trade Organization against the Trump administration in cooperation with other countries and to introduce "safeguard" measures to prevent steel shipments from other parts of the world to America from being diverted to the European market and flooding it.

Allowing country exemptions is a notable departure from the broader tariffs Trump was said to favor last week, but which drew fast criticism from trading partners around the world who threatened to retaliate with tariffs of their own.

President Donald Trump, center, speaks in the Roosevelt Room of the White House in Washington today.

The workers said they hoped it'll resurrect made-in-America metals.

That scenario, Tom Donohue said, would endanger the economic momentum from the GOP tax cuts and Trump's rollback of regulations.

US President Donald Trump slapped steep trade tariffs on foreign steel and aluminium Thursday, drawing sharp protests from allies at home and overseas amid fears of a global trade war.

However, he has argued that the tariffs would counter cheap imports, especially from China, which he says are undermining United States industries and jobs.

Reiterating that countries – including America's "friends and allies" – have been fleecing the USA economy and taking away jobs for decades, Trump pledged to impose "reciprocal tax".

President Trump will soon deliver his economic policy proclamation for new tariffs to be levied on aluminum and steel imports into the United States. Trump on Thursday declared the American steel and aluminum industries had been "ravaged by aggressive foreign trade practices" as he signed off on contentious trade tariffs. US stocks pared gains on Thursday after the administration official's comments. Canada and Mexico will be temporarily exempted, but could still be hit with tariffs later if they and the United States fail to renegotiate the North American Free Trade Agreement.

A senior administration official said those exemptions, however, could come at a price to other countries.

Phillips said that merely narrowing the tariffs to exclude Mexico, Canada or other allies would not be enough to alleviate his group's concerns.

"Tariffs are a tax increase on American workers and their families".

President Donald Trump had a laurel and a dig for one of his favorite "globalists" Thursday as he bid his top economic adviser farewell. Other countries have added production capacity that far exceeds demand.

But Trump took aim at Germany - the biggest economy in the European Union trade bloc - as a bad actor likely to face tariffs.

The EU intends to hit a range of U.S. goods with punitive tariffs in retaliation should the bloc face the USA import taxes.

Trump tweeted a noncommital message on Thursday, writing that he was '[l] ooking forward to [a] 3:30 P.M. meeting today at the White House'.

'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'. Mexico, which is the fourth largest aluminum exporter to the USA, is also expected to lobby strongly for a long-lasting exclusion.

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