Steel industry wants Mexico to copy Trump's tariffs, avoid dumping

Posted March 10, 2018

President Trump said Canada and Mexico would be exempt from a 25 per cent tariff on imported steel and a 10 per cent tariff on aluminium, and indicated a path for what he called "great partners and military allies" to sidestep the imposts.

"Today I'm defending America's national security by placing tariffs on foreign imports of steel and aluminium", Trump declared during the White House ceremony. Economists, however, have said that USA steelmakers, for example, produce more than what's needed for the Defense Department and its various military programs. And even 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.

PRESIDENT Donald Trump imposed new tariffs on steel and aluminium imports last night - but hinted that defence allies such as the United Kingdom could be spared.

One week ago, Donald Trump announced that he would be slapping hefty tariffs on steel and aluminum imports to the United States.

"It's really an assault on our country", he said. Canada and Mexico would be exempted from the taxes.

Canada is the leading supplier of imported steel and aluminum to the US, accounting for 16 percent of imported steel and 41 percent of imported aluminum, as CNBC has reported.

"Imposing such measures on U.S. allies in the name of national security is hard to comprehend".

Allies from the European Union to Australia and Japan have said they'll seek exemptions and dismissed the national security concerns that the US invoked to justify the tariffs. Last Thursday, the president made an announcement that has taken news outlets by storm: the possibility of a trade war, a battle of high tariffs and quotas used to damage another country's economy.

He singled out Germany for criticism, which books massive trade surpluses and has long failed to meet North Atlantic Treaty Organisation defence spending targets.

In making the long-awaited announcement Thursday, Trump says the US industry has been "ravaged by aggressive foreign trade practices".

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Some products under consideration are largely produced in constituencies controlled by Trump's Republican Party.

European industry associations called on Malmstrom to react to the tariffs.

"Ideally, some of them will be dealt with in this 15-day process so that they don't hit those countries", Mnuchin said Friday, citing the legal time-frame for implementing the tariffs.

Japan said the move would have a "big impact" on the nations' close bilateral ties, while China said it was "resolutely opposed" to the decision and South Korea said it could file a complaint with the WTO. Estimates say the European Union is planning to target $3.5 billion worth of goods, including clothing and other industrial products.

The tariffs would "seriously impact the normal order of global trade", the ministry said. He pointed to the store's many products that rely on steel and aluminum.

"The true greatness of America can not be realized when we build walls blocking the free flow of commerce in today's global economy". Trump has championed coal exports as demand from power firms at home weakens.

The U.S.is the world's largest importer of steel, importing about 36 million tons in 2017, valued at over $29 billion.

The E.U. exported about 5.5 million tons of steel to the USA past year. "We should prevent a trade war situation from excessive protectionism, in which the entire world harms each other", Trade Minister Paik Un-gyu told a meeting with steelmakers. "We are leaving no stone unturned to secure Australian exports and the jobs they support".

More than 100 House Republicans wrote Trump on Wednesday, asking him to reconsider "the idea of broad tariffs to avoid unintended negative consequences" to the USA economy and workers.

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