Industry groups say US tariffs will cost jobs, raise prices


UK Steel's director Gareth Stace said the tariffs "would have a profound and detrimental impact on the UK steel sector, which exported some 350,000 tonnes of products to the USA in 2017, over 7% of its total exports".

Analysts said that the European Union could also offer Trump help on China, a frequent target of the American president, which produces roughly half the world's steel. "This exclusion reinforces Mexico's role as a partner of the United States in terms of trade and national security".

The U.S. trade group that represents General Motors, Ford Motor and Fiat Chrysler Automobiles hinted that automakers will seek to water down President Donald Trump's tariffs on steel and aluminum by carving out exceptions for imports from some countries.

"The so-called "carve out" of Canadian steel and aluminum tariffs would allow USA trade negotiators to have what a senior administration official described as "ongoing discussions" about various issues between the three countries", CBC reporter Pete Evans writes.

The EU could impose levies totaling $3.5 billion on US agriculture, steel and industrial products, as well as iconic American products such as Harley-Davidson motorcycles.

Trump's unexpected announcement of the tariffs last week roiled stock markets as it raised the prospect of an escalating global trade war.

"We have a very close relationship with Australia", he said.

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A tariff is essentially a tax, and the goal of the proposed tariff is to offer an incentive to USA manufacturers to use domestically produced steel and aluminum by increasing the cost of foreign imports.

GM said it also expected to minimize any long-term negative impact as a result of the tariffs.

The European Union warned before the announcement that it was ready to retaliate with counter-measures against iconic USA products such as Harley Davidson motorcycles, Levi's jeans and bourbon.

While Indiana has held onto its role as the nation's top producer, the study found the steel industry in America has been struggling since the turn of the century.

"Remember, we're the biggest supplier of steel to the USA but we're also the biggest buyer of their steel and we also have to remember that if you get higher steel and aluminum prices in the United States, you're going to have big job losses from industries that use aluminum and steel".

As Trump approved the tariffs, 11 partners in the Asia-Pacific were in Santiago, Chile, to sign a multilateral trade deal embraced by president Barack Obama but rejected by Trump .

John Ries, another trade expert at UBC, said the tariffs will affect about 25 percent of steel and aluminum products entering the USA market, according to his own calculations.

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"The workers who poured their souls into building this great nation were betrayed", Trump said. And the United States is the number one destination of Canadian steel exports.

It is "absurd" for the United Kingdom to be hit by the steel tariffs imposed by US President Donald Trump, International Trade Secretary Liam Fox said.

Sen. Tom Udall, D-N.M., said the tariffs might not have a major direct impact in New Mexico but they were not well-conceived.

Despite the pressure, Trump and the administration have stood firm in public comments.

Those briefed on the plans say the exclusion for Canada and Mexico could be ended, if talks stall to renegotiate the North American Free Trade Agreement. They say that exemptions for specific countries to the tariffs would only allow China - whose huge plant expansions have driven a global glut of steel and aluminium - to skirt the duties by exporting through third countries.

Economists aren't sure whether the tariffs are legal. However, he must be cautious of escalating a trade dispute into a trade war. However, this innovation is not going to catch two bordering countries: Canada and Mexico, with whom negotiations on the NAFTA (free trade).

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