EU to respond firmly to US President's tariffs

Mar 05, 2018, 01:29
EU to respond firmly to US President's tariffs

"Trade wars are good, and easy to win", he tweeted.

But this position isn't sitting well with many members of Trump's own party, including those on Capitol Hill.

Protectionism is a tool that has been employed by Mr Donald Trump's predecessors, including Republican President George W. Bush who on March 5, 2002, announced punitive tariffs on steel imports to protect American steel makers. "Other countries' responses to tariffs will be a key determinant of their ultimate impact on aircraft demand, and China stands out here as a critical buyer of airplanes and a leading target of the administration's proposed tariffs".

"They are high wage jobs, high skill jobs".

Early Friday, Trump took to the Twitter social networking service to defend himself. "When we are down $100 billion with a certain country and they get cute, don't trade anymore".

His announcement came only after an intense debate among his top aides.

The move has sparked global criticism and a slump in stock markets. Bush pointed to damage done to American steel companies.

Along with the 10 percent tariff on imports of aluminum, there would be a 25 percent tariff on imports of steel. Adding tariffs to the mix will only make it harder.

"Groups in China are getting together and evaluating what an increased retaliatory tax on Iowa agriculture looks like", Mitchell said.

Trump also complained about the trade deficit, attributing it to "our "very stupid" trade deals and policies".

None of this has much to do with whether the U.S. President likes Canada.

China's Commerce Ministry said it was seriously concerned about Trump's plan.

A Chinese foreign ministry spokesman said: "If all countries followed the example of the United States, [it] will undoubtedly result in a serious impact on the global trade order". They accuse the Chinese government of unfairly supporting Chinese exports and restricting the Chinese market in violation of its free-trade promises.

South Korea is the third-largest steel exporter to the United States after Canada and Brazil.

Trump justifies his new tariffs by citing national security concerns.

It was "not fair or smart" to allow another nation tariff-free access to United States markets, Trump said.

"People have to be buying American", said Jerry Green, president of United Steelworkers, Local 2599 in Bethlehem.

"I do not think that trade wars can be won by anybody. What saves one job can jeopardize another".

America's aerospace and defense industry is deeply concerned that the anticipated tariffs on aluminum and steel will raise costs and disrupt the supply chain, putting USA global competitiveness at risk.

At the same time, Prime Minister Justin Trudeau warned that the proposed U.S. levies would cause significant pain on both sides of the border.

Trump's threat comes amid mounting transatlantic tension on trade.

"American workers and American consumers will suffer as a result of the misguided tariff", it concluded.

The Civil War general's observation can be apt for trade wars, which may create conditions for a shooting war. Susan Shand adapted the story for Learning English.

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