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World Trump’s Tariffs Trigger Global Chain Reaction to Halt Imports

01:46  28 march  2018
01:46  28 march  2018 Source:   nytimes.com

Trump orders tariffs on $50 billion worth of Chinese goods

  Trump orders tariffs on $50 billion worth of Chinese goods President Donald Trump took his boldest step to level the economic playing field with China, ordering sweeping tariffs on Chinese goods in a move that could escalate already tense trade relations between the world’s two biggest economies. Load Error The president instructed U.S. Trade Representative Robert Lighthizer to levy tariffs on at least $50 billion in Chinese imports. Trump signed an executive memo issuing the instructions on Thursday at the White House. Within 15 days, USTR will come up with a proposed list of products that will face higher tariffs.

WASHINGTON — The Trump administration’ s steel and aluminum tariffs are provoking a chain reaction around the globe, as governments from Europe to Canada prepare to erect barriers to prevent cheap metal once bound for the United States from entering their markets.

But Mr. Trump ’ s stiff 25 percent steel tariffs and 10 percent aluminum tariffs , which will halt the flow of foreign metals into the United States, have prompted other countries to move more rapidly to curtail overseas imports . By ANA SWANSON, ALAN RAPPEPORT and IAN AUSTENMARCH 27

Water poured over hot steel at the direct strip production complex at Essar Steel Algoma in Sault Ste. Marie, Ontario. Prime Minister Justin Trudeau of Canada announced a series of regulatory changes that would make it easier for border officials to block steel and aluminum imports. © Justin Tang/The Canadian Press, via Associated Press Water poured over hot steel at the direct strip production complex at Essar Steel Algoma in Sault Ste. Marie, Ontario. Prime Minister Justin Trudeau of Canada announced a series of regulatory changes that would make it easier for border officials to block steel and aluminum imports.

WASHINGTON — The Trump administration’s steel and aluminum tariffs are provoking a chain reaction around the globe, as governments from Europe to Canada prepare to erect barriers to prevent cheap metal once bound for the United States from entering their markets.

Trump pick John Bolton warns of 'a little shock therapy' with China tariffs

  Trump pick John Bolton warns of 'a little shock therapy' with China tariffs President Trump's incoming national security adviser John Bolton said Sunday he hopes impending economic tariffs against China could be "a little shock therapy" for the country.Bolton pointed to Trump's announcement Thursday that the U.S. would impose up to $60 billion in tariffs against China over what he called its unfair trade practices. China has already threatened reciprocal tariffs over the move.

Trump ’ s Tariffs Trigger Global Chain Reaction to Halt Imports . By ANA SWANSON, ALAN RAPPEPORT and IAN AUSTEN MARCH 27, 2018 WASHINGTON — The Trump administration’s steel and aluminum tariffs are provoking a chain reaction around the globe, as governments from Europe

WASHINGTON - The Trump administration's steel and aluminum tariffs are provoking a chain reaction , as governments from But Mr. Trump ' s 25 percent steel tariffs and 10 percent aluminum tariffs , which will halt the flow of foreign metals into the U.S., have prompted other countries to move

On Tuesday, Prime Minister Justin Trudeau of Canada announced a series of regulatory changes that would make it easier for border officials to block steel and aluminum imports into that nation. The European Union has begun a “safeguard investigation” that could result in tariffs or other trade actions if it determines that steel intended for the American market is being diverted to the bloc.

“These past few days, we’ve looked at strengthening the measures that we already have in place because it’s important that we not be taking in dumped steel from around the world,” Mr. Trudeau told reporters in Ottawa.

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Foreign policymakers have long shared President Trump’s concerns about cheap foreign steel flooding their markets, particularly from China. But Mr. Trump’s stiff 25 percent steel tariffs and 10 percent aluminum tariffs, which will halt the flow of foreign metals into the United States, have prompted other countries to move more rapidly to curtail overseas imports.

China announces it's imposing new tariffs on 128 US products

  China announces it's imposing new tariffs on 128 US products China said it's rolling out new tariffs on meat, fruit and other products from the United States as retaliation against taxes approved by U.S. President Donald Trump on imported steel and aluminum. Chinese officials had been warning over the last few weeks that their country would take action against the U.S.The tariffs begin on Monday, the finance ministry statement said.China's Customs Tariff Commission is increasing the tariff rate on pork products and aluminum scrap by 25 percent. It's also imposing a new 15 percent tariff on 120 other imported U.S. commodities, from almonds to apples and berries.

The United States’ new steel and aluminum tariffs are prompting trade barriers as foreign governments look to prevent a flood of cheap metals. Trump getting some short-run “wins” on trade with steel, aluminum tariffs . But I argue this could prove to be Pyrrhic victory for US in sharp piece by

President Donald Trump has formalized new tariffs on steel and aluminum.He justified the tariffs by saying they were needed to ensure national security.Trade experts say the reasoning could disrupt the current rules of global trade.In Trump ’ s Tariffs Trigger Global Chain Reaction to Halt Imports .

The response could help Mr. Trump claim victory on one of his primary trade goals: cutting down on a glut of cheap Chinese steel, including metals that are routed through other countries through a process known as transshipping.

This month, Mr. Trump called transshipping “a big deal” and argued that China routes much more steel to the United States than the statistics show. Administration officials have argued that Chinese steel is lightly processed and shipped through other countries, but they have been unable to quantify the pervasiveness of this practice.

The American metals industry has long claimed that it is powerless against an onslaught of cheap metal from China, which now produces roughly half of the world’s steel and aluminum. Companies argue that past efforts to get China to reduce overcapacity have largely failed, and that the only recourse is taking broader action that could galvanize a global movement.

On the brink: US and China threaten tariffs as fears rise

  On the brink: US and China threaten tariffs as fears rise The world's two biggest economies stand at the edge of the most perilous trade conflict since World War II. Yet there's still time to pull back from the brink. Financial markets trembled Wednesday at the prospect of a U.S.-China trade war after Beijing and Washington proposed tariffs on $50 billion worth of each other's products in a battle over the aggressive tactics China employs to develop its high-tech industries. "The risks of escalation are clear," Adam Slater, global economist at Oxford Economics, wrote in a research note. "Threats to the U.S.-China relationship are the most dangerous for global growth.

President Donald Trump has formalized new tariffs on steel and aluminum.He justified the tariffs by saying they were needed to ensure national security.Trade experts say the reasoning could disrupt the current rules of global trade.In Trump ’ s Tariffs Trigger Global Chain Reaction to Halt Imports .

Trump signaled the tariffs would affect "about billion" of Chinese imports , but administration officials said the figure would be closer to billion. "We have a tremendous intellectual property theft problem," Trump said. "It' s going to make us a much stronger, much richer nation."

Scott N. Paul, the head of the Alliance for American Manufacturing and a supporter of the tariffs, said countries were taking initial steps toward a series of agreements and discussions that could help to squeeze out overcapacity and anticompetitive practices.

“Other large steel countries and blocs will necessarily step up to the plate and take a tougher line with China and on transshipment and circumvention. I think you see that occurring in the E.U. with its safeguard investigation, and I think you see that with respect to the Canadian government,” he said. “I don’t think this is by any means the conclusion of the process. I think it’s just getting started.”

By restricting the supply of foreign metals in the United States, the tariffs are meant to raise the domestic price of those metals, which will translate into profits for struggling American metal makers. But in the process, more cheap metal will be available in markets outside the United States. That will push down the global price of steel and aluminum and create a two-tiered market.

Trump proposes $100 billion in new tariffs on Chinese goods

  Trump proposes $100 billion in new tariffs on Chinese goods President Donald Trump has instructed the U.S. trade representative to consider slapping $100 billion in additional tariffs on Chinese goods. The move comes a day after China issued a $50 billion list of U.S. goods including soybeans and small aircraft for possible tariff hikes in an escalating and potentially damaging dispute.

Trump ’ s Tariffs Trigger Global Chain Reaction to Halt Imports . A proposed 25-percent tariff on selected Chinese imports is open to public comment in the US until the end of August. With a public hearing regarding tariffs on.

President Donald Trump is preparing to slap tariffs on Chinese goods early Friday, the first shot in a trade war between the world’ s two biggest economies. The milestone marks a new and damaging phase in a conflict that has roiled markets and cast a shadow over the global growth outlook.

After Mr. Trump announced his tariffs, trade unions and Canada’s steel and aluminum industries warned Mr. Trudeau that, without its own measures, Canada could be flooded with cheap steel and aluminum from countries that export at artificially low prices.

European officials have also argued that, without protections, their companies could become collateral damage. Officials in Brussels have warned that they will take “safeguard measures” in the form of additional tariffs on steel products if an inquiry into the American tariffs shows there could be a significant surge in cheap steel imports.

“The E.U. is more than an innocent bystander,” said Fredrik Erixon, the director for the European Center for International Political Economy, a think tank based in Brussels.

The European Union already has “antidumping” tariffs on steel in place, mainly directed toward cheap Chinese imports. But the bloc’s leaders have also made clear they are prepared to do more and to exert diplomatic pressure on Beijing, pushing China to reduce government subsidies for its steel sector, cut import tariffs and open its market to American and European steel.

Some supporters of the tariffs see the moves as evidence that the Trump administration’s strategy is working. But other trade experts see this chain reaction as the first in a damaging series of actions that will end up raising the price of metals globally and making markets around the world less free.

GOP senator on tariff threat: Hopefully Trump is blowing off steam because ‘this is nuts’

  GOP senator on tariff threat: Hopefully Trump is blowing off steam because ‘this is nuts’ Sen. Ben Sasse (R-Neb.) slammed President Trump's announcement Thursday that he was considering imposing $100 billion in tariffs on China amid the ongoing trade dispute between Washington and Beijing, calling it nuts and dumb."Hopefully the President is just blowing off steam again but, if he's even half-serious, this is nuts. China is guilty of many things, but the President has no actual plan to win right now," Sasse said in"Hopefully the President is just blowing off steam again but, if he's even half-serious, this is nuts. China is guilty of many things, but the President has no actual plan to win right now," Sasse said in a statement.

Mr Trump announced the tariff plan on Twitter, while taking aim at China for not honouring promises to buy more US agricultural products at this week' s negotiations in Shanghai. The International Monetary Fund has warned that the US-China trade war is the biggest risk to the global economy.

Trump ’ s tariffs on steel and aluminum have already added roughly 0 per car on average in additional costs to Ford Motor Co., General Motors Co. and Fiat Chrysler Automobiles NV, said Matt Blunt, president of the American Trump ’ s Tariffs Trigger Global Chain Reaction to Halt Imports .

Eswar Prasad, a professor of trade policy at Cornell University, said that while Mr. Trump’s approach appeared to be bearing fruit in the short term, it could ultimately hurt the trust of American trading partners and hamper the economy.

“Even if it looks like other countries are lining up on the U.S. side, and this is going to help in terms of reducing steel and aluminum supply, it may do very little for employment in those industries, and it may end up hurting other industries that use steel and aluminum as imports,” he said. “So we could end up with a somewhat Pyrrhic victory for the United States.”

For decades, the United States has been a primary driver in pushing to remove trade barriers globally, believing that these changes would increase trade and lift wealth around the world. The Trump administration has taken a drastically different approach, arguing that these beliefs have devastated domestic manufacturing and that tariffs and other restrictions are necessary to prevent the American market from unfair trade practices.

Despite the president’s initial statements that the measure would apply to all countries, Canada, Mexico, members of the European Union, Australia, Argentina, South Korea and Brazil have been exempted from the steel and aluminum tariffs. Together, the countries accounted for nearly two-thirds of American steel and aluminum imports last year.

The tariffs now fall on countries that sent roughly $18 billion in steel and aluminum to the United States in 2017 — mainly Russia, China, Japan, the United Arab Emirates, Taiwan, Turkey, Vietnam and India, according to research by Chad P. Bown, a senior fellow at the Peterson Institute for International Economics.

On Tuesday, Mr. Trump continued to push for global pressure on China during telephone calls with Chancellor Angela Merkel of Germany and President Emmanuel Macron of France. In both discussions, according to official readouts released by the White House, Mr. Trump raised China’s unfair trading practices and its “illegal” acquisition of intellectual property.

After being temporarily exempted last week from the American steel tariffs, European leaders expressed willingness to meet Washington’s demands and to address distortions in the Chinese steel market, but they were frustrated by the seemingly coercive negotiation tactics coming from Washington.

“We talk about everything, in principle, with a friendly country that respects the rules of the W.T.O.; we talk about nothing, in principle, when it is with a gun to our head,” Mr. Macron said.

China vows to fight U.S. 'at any cost' as trade tensions worsen .
Warning comes after Trump threatened $100 billion more in tariffs on Chinese goodsMr. Trump's surprise move Thursday to instruct the U.S. trade representative to consider the additional tariffs came a day after Beijing announced plans to tax $50 billion in American products, including soybeans and small aircraft, in response to a U.S. move this week to slap tariffs on $50 billion in Chinese imports.

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