Monday, 17 December, 2018

Trump threatens to tax European cars

US says time running short for NAFTA talks, floats bilateral deals Trump threatens to tax European cars
Andy Castillo | 05 March, 2018, 01:38

Trump vowed several times during the 2016 presidential campaign that he would impose tariffs and reciprocal taxes on other nations believing that the US trade imbalance puts American workers at risk.

Trump's tweet suggested he is refusing to yield to U.S. business interests and foreign trading partners alarmed at the prospect of a trade war that rattled financial markets this week.

But China doesn't sell much steel to the United States, so these tariffs won't really hit the Chinese hard. "We have been clear that we are particularly concerned by any measures that would impact the United Kingdom steel and aluminum industries".

"The European Union: brutal".

Steel prices have been increasing since the recession.

"The imposition of a tariff like this will do nothing other than distort trade and ultimately, we believe, will lead to a loss of jobs", said the Australian trade minister, Steven Ciobo.

Since 2000, the steel industry has suffered, with production dropping from 112m tons to 86.5m tons in 2016, and the number of employees in steel work falling from 135,000 to 83,600 in the same period.

Israel PM questioned for first time in corruption case
Protestors shout slogans during a demonstration outside the Israeli Prime Minister's residency in Jerusalem March 2, 2018. The case centers around Netanyahu's previous term as prime minister when he also served as Minister of Communications.

Some 16% of steel is used in mechanical equipment. "Other countries' responses to tariffs will be a key determinant of their ultimate impact on aircraft demand, and China stands out here as a critical buyer of airplanes and a leading target of the administration's proposed tariffs".

"The WTO is clearly concerned at the announcement of U.S. plans for tariffs on steel and aluminium". The value of steel shipped into the United States was just over $29 billion in 2017.

According to European steel association Eurofer, the USA was the destination of about 15 percent of Europe's steel exports in 2017.

Meanwhile, the European Union has vowed to take retaliatory measures.

The new tariff could put those countries squarely in the firing line. In 2014 they were worth almost $38 billion, but that figure declined to just over $22 billion in 2016. If friction gets out of hand, the president's action will cause a meltdown in global trade.

While the President did not say this to reporters on Thursday, the official said Mr. Trump's tariff decision will be "an across-the-board tariff with no exclusions", applying to all other nations - and that it will only have positive economic effects. "But the fact that they are being justified under a flimsy pretext of national security increases the risks of retaliation", said Andrew Kenningham, chief global economist at Capital Economics.

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