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Associations Issue Statements On Recent Steel And Aluminum Tariffs

Associations Issue Statements On Recent Steel And Aluminum Tariffs

A long-standing ally of the US, Thailand has seen its steel industry rattled by a looming trade war as President Donald Trump's rhetoric on slapping hefty tariffs on steel imports has morphed into reality.

Trump said last Thursday that he was slapping tariffs of 25 percent on imported steel and 10 percent on aluminum.

"This is very important for the thousands of people who rely on these industries for work", Turnbull tweeted.

She warned that no one could win a "race to the bottom" and said the tariffs could risk "hurting everyone".

While that kind of talk makes agriculture very nervous, Mr. Trump said he is optimistic there will be a NAFTA deal, "I have a feeling we are going to make a deal on NAFTA".

Trump said he would temporarily exempt Canada and Mexico from global steel and aluminium tariffs while the three countries negotiate a new NAFTA deal.

US allies seeking to avoid the steel and aluminum tariffs approved by President Donald Trump might be asked to step up their financial commitments to North Atlantic Treaty Organisation.

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Chantale Gagnon says that while many in the industry breathed a sigh of relief when Canada and Mexico were temporarily exempted from the tariffs, they remain anxious that the measure could be reversed.

Australia is heavily involved in supporting US-led operations internationally and spends 2 percent of its GDP on defence - more than most allies - much of which is spent on US-made defence equipment.

Shadow International Trade Secretary Barry Gardiner criticised Fox for taking 10 days to make a statement to the House of Commons following the Trump administration's announcement of tariffs. European Commission President Jean-Claude Juncker responded with a list of threatened tariffs on U.S products, lamenting: "This is basically a stupid process". If our neighbors to the north call Trump's bluff, dairy farmers such as those of central NY - the No. 3 dairy producing state in the US - could be collateral damage. The Commission spokesman also pointed to U.S. import duties of up to 48 per cent on shoes, 12 per cent on textiles and 164 per cent on groundnuts.

The decision is likely to play well in steel towns and the industrial mid-west but Congress representatives from agricultural, export-orientated states, will probably fear retaliation, as will those from the IT areas like Seattle and Silicon Valley, which rely on worldwide markets for their success.

Data last week showed that the US trade deficit had jumped to an over nine-year high in January, with the country's shortfall with China widening sharply.

"As such, the Australian Chamber continues to call for the phasing out of all tariffs - including those applied by Australia on imported goods - and the rejection of increased anti-dumping actions outside of those sanctioned by the World Trade Organisation". We believe that protectionism is a dead end, " French Economy Minister Bruno Le Maire told reporters.

Turnbull added Australia had "the closest possible military and security alliance with the United States and it gets closer all of the time". "Steel is back, and aluminum is back".


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