European Union to respond to United States tariffs within 90 days if not exempt

European Council trade representative Cecilia Malmström briefs the press on the European Union's response to steel and aluminum tariffs proposed by the United

European Council trade representative Cecilia Malmström briefs the press on the European Union's response to steel and aluminum tariffs proposed by the United

China on Friday morning declared that the new tariffs imposed by the the U.S. government on aluminum and steel imports, due to an alleged threat to national security, are a "wanton attack" on the multilateral trade system.

Consumer spending makes up more than two-thirds of the US economy and much of that is spent in stores and online.

As well, only about $500 million of Australian steel and aluminium goes into the United States each year (out of $22 billion of steel imported by the US) and all of it supports American manufacturing jobs.

"China says it's got two per cent, but it sends much more".

"If you look at North Atlantic Treaty Organisation, where Germany pays one percent and we are paying 4.2 percent of a much bigger GDP - that's not fair", he said.

With steel and aluminum tariffs, Chesbrough said "costs will increase throughout the supply chain, driven by higher raw material prices".

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"President [George W.] Bush's similar steel tariffs in 2002 backfired and proved that such tariffs destroy many more USA manufacturing jobs than they save", Alexander said.

But Packard is among those saying these new tariffs should help American steel and aluminum producers.

"There may be people that are harmed less, maybe America is in a better position, but I think there's so much collateral damage, I think it's a risky and unsafe strategy".

The proclamation also notes how closely linked the United States, Canada and Mexico are, both economically and in terms of being physically next to each other.

Several major trading partners have said they will respond to the tariffs with direct action. "[The tariffs] should perhaps blunt some of that disruption for a stronger steel industry".

Talk of the tariffs brought warnings of a trade war from Europe and China. But other unwanted consequences are possible.

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The looming departure of Cohn, a former Goldman Sachs executive who has opposed the promised tariffs, set off anxiety among business leaders and investors anxious about a potential trade war.

Josh Spoores, a locally based steel-market analyst with the CRU Group, a global firm, said that low prices don't explain many imports.

The people briefed on the plans say all countries affected by the tariffs are being invited to negotiate for exemptions, if they can address the threat their exports pose to the U.S.

The president has said the tariffs are needed to reinforce lagging American steel and aluminum industries and protect national security. That scenario, Tom Donohue said, would endanger the economic momentum from the GOP tax cuts and Trump's rollback of regulations. "That's essentially the fear right now, is that these new tariffs will likely lead to offshoring of any sort of steel-intensive goods".

The tariffs will become effective in 15 days, with exemptions for Canada and Mexico taking place "immediately", according to officials.

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