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Over 146,000 Americans will lose their jobs because of Trump’s trade tariffs

31 May, 2018, 22:27 | Author: Kristi Dunn
  • A steel worker watches hot metal at the Thyssenkrupp steel factory in Duisburg Germany in a file

Barring an 11th-hour reprieve, those exemptions will expire as scheduled.

On March 1, President Donald Trump announced that the United States would impose a 25 percent global tariff on all imports of steel, and a 10 percent tariff on all aluminum imports.

Talks with Europe had "made some progress" but not enough for additional exemptions, he said in a conference call from Paris.

During a conference call early Thursday, Ross shrugged off questions about the USA facing possible retaliation, or whether the move would negatively affect the G7 meeting.

On Twitter, Manfred Weber, the leader of the European People's Party in the European Parliament said Europe had "no choice" but to defend itself.

Ross said the tariffs are based on national security concerns, which he said was an all encompassing category.

Canadian Foreign Minister Chrystia Freeland had traveled to Washington on Tuesday to discuss the issue, among other matters, with U.S. Trade Representative Robert Lighthizer.

If he does impose the tariffs, the European Union has vowed to hit back with its own tariffs on American goods, including iconic items such as Harley-Davidson motorbikes, blue jeans and bourbon whiskey.

European Commission president Jean-Claude Juncker, seemingly flippantly, identified Harley-Davidson motorcycles, Kentucky bourbon and Levi's jeans in particular in a German TV interview. We've been down this road before - blanket protectionism is a big part of why America had a Great Depression.

Shares of U.S. Steel and AK Steel jumped about 6 per cent each, while Nucor and Steel Dynamics gained more than 2 per cent.

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- While a trade war with China may be on hold, the European Union seems poised to retaliate against the U.S. measures.

The U.S. action widens a rift with America's closest allies, threatens to drive up prices for companies and consumers that buy steel and aluminum, heightens uncertainty for businesses and is already alarming investors in global financial markets.

Commerce Secretary Wilbur Ross told French daily Le Figaro it would be announced either before markets opened or after they closed.

The European Union (EU) has retaliated to US President Donald Trump extending tariffs on steel and aluminium to the bloc, confirming it is launching a dispute settlement case and adding further taxes to US imports.

Europe did not want a trade war, he said, but Washington had to back down from "unjustified, unjustifiable and risky tariffs".

"Without a strong economy, you can't have a strong national security", Ross said.

The steel and aluminum levies and auto-import probe could play well with Trump voters in Rust Belt states in the lead-up to congressional midterms in November.

Some members of Cabinet met earlier in the day to decide on retaliatory measures.

Malmström added the EU's response will be "proportionate and in accordance with WTO rules", and the "US measures clearly go against agreed worldwide rules".

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