Mnuchin says tariffs will benefit USA despite retaliation risk

10 March, 2018, 01:56 | Author: Virgil Todd
  • US steel tariffs impact on local farmers

Energy also weighed on the commodity-heavy TSX, as oil prices saw sharp losses for a second day in a row after the U.S. Energy Department reported Wednesday that American oil production rose last week - a move that thwarts ongoing efforts by OPEC to tighten global supplies and support prices.

Across the pond, a trade war really is brewing. "Our objective is to make sure US companies and workers are treated fairly".

Mr. Trump's plan to impose a new 25 percent tariff on steel imports and a new 10 percent tariff on aluminum imports has prompted bipartisan pushback from lawmakers on Capitol Hill. A formal announcement could come as soon as Thursday. Annoy the president, which considering his renowned hypersensitivity is easy, and those tariffs are slapped on Canadian steel and aluminum shipped south of the border.

Perhaps NAFTA needed updating, but the way to address that situation is not by imposing punitive, hurtful tariffs on your largest trading partner and ripping up a long-standing agreement.

When it comes to trade, Conservatives want the best deal for Canadian families, workers and businesses.

Mexico's Economy Minister Ildefonso Guajardo raised the prospect of reprisals if Washington pushed ahead with tariffs and insisted NAFTA remain "a trilateral accord" in response to a U.S. proposal to hold talks with Canada and Mexico separately. She said the national security exemption would be on a "case-by-case" and "country-by-country" basis.

Acknowledging the fears that Trump's surprise announcement last week could spark a trade war, Mnuchin also hinted that the final implementation may address some of the issues.

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However Mnuchin minimized the risk.

Canada is the largest supplier of both steel and aluminum to the US. U.S. Commerce Secretary Wilbur Ross revealed during a separate TV appearance that many countries had requested talks on tariff exemptions, and that any decision was up to the president. "A cost increase of this magnitude will drive consumers directly into the arms of Japanese auto makers", said Dias. Ross, who has a personal net worth of almost $3 billion, contends the tariffs will only marginally increase consumer goods like canned soup and automobiles.

Rep. David YoungDavid Edmund YoungRyan transfers almost million to GOP campaign arm in November Wind energy group releases first 2016 endorsement GOP lawmaker pays late tax bill of over K MORE (R-Iowa) expressed concerns to Mnunchin that the tariff policy would hurt farmers in his state. Tax cuts will underpin demand as consumer spending and business investment remains strong. "We are going to make sure we're doing everything we need to do to protect Canadian workers - and that means waiting to see what the president actually does".

Mr. Mnuchin spoke at a House appropriations subcommittee hearing on the Treasury Department's 2019 budget.

While Trump has tweeted that he will show flexibility to countries that treat the United States fairly on trade a military issues, it seems with this administration, anything can change.

"Chinese retaliatory action poses a direct threat to their livelihood", Yoder said.



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