Trump steel tariffs: Trade wars are good, says Trump

05 March, 2018, 01:32 | Author: Shannon Aguilar
  • Donald Trump says 'trade wars are good' as Wall Street reacts badly to news of steel tariffs

The announcement of his decision immediately led the European Union to drop its plan to retaliate with tariffs on a variety of American exports from states vital to Mr Bush's political fortunes, including Florida and MI, the New York Times reported. He said the people representing the United States had "destroyed" the steel industry, aluminum industry, and other industries.

"We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk", he said Thursday.

Kosei Shindo, chairman of the Japan Iron and Steel Federation, said that the move would "create a negative chain reaction affecting not only steel but also other products considered to have national security implications".

The list includes typically American goods such as bourbon and blue jeans, to Harley Davidson motorcycles.

His warning came as the International Monetary Fund said that Donald Trump's plan would cause international damage - and also harm America's own economy.

The paper said Trump's announcement is an "obvious violation" of World Trade Organization (WTO) rules.

"All we're doing here is defending this country against a global economic trading environment that disadvantages" the United States, the White House official said to reporters, repeatedly saying the extra tariffs would have no negative impact in the USA on consumers, trade or jobs. However, after it was revealed that the president would be postponing the announcement of steel and aluminum tariffs, the market fell by over two percent.

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Talk of "trade wars" resulted in sharp losses on the stock exchange Friday morning.

"Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big". Chinese officials have previously said they would take "necessary measures" to defend national interests.

When it comes to steel production, one country is miles ahead of the pack: China.

He stressed that it makes no sense for the United States to claim there's a national security imperative for imposing the duties, given the level of security cooperation between the two countries.

About a third would be steel grades, another third other industrial products and a final third agricultural products. More importantly, we're concerned about retaliation.

According to the American Iron and Steel Institute the United States imported 38.1 million tons of steel in 2017, a 15.4 per cent jump from a year earlier.



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