Markets

Steel Tariffs in US Could Cost US Steelworkers Their Jobs

Steel Tariffs in US Could Cost US Steelworkers Their Jobs

Last Friday, Mr Trump said on Twitter that he had spoken to the country's Prime Minister, Mr Malcolm Turnbull.

On Thursday, as he unveiled steep new tariffs on steel and aluminum imports, Trump declared that the United States had a trade deficit with China of "at least $500 billion", adding that if losses on intellectual property were counted, "it's much bigger than that".

Tokyo and Brussels rejected any suggestion that their exports to the United States threatened the country's national security - Trump's justification for imposing the tariffs despite warnings at home and overseas that they could provoke a global trade war.

"It's quite easy to imagine a scenario where the Gulf countries manage to persuade the Trump administration to provide them with exemptions".

The tariffs would impose a duty of 25 percent on steel and 10 per cent on aluminum to counter cheap imports, especially from China, that he says undermine USA industry and jobs.

The EU is also maintaining a threat of counter-measures that would target USA imports ranging from maize to motorcycles, and may publish its list next week to allow industry and other interested parties to give their input. China is the world's largest producer of "met coal", but it consumes it all and buys more from overseas, including from the U.S. Australia is also a major exporter of metallurgical coal. The U.S. dollar pared gains to end little changed, while the Canadian dollar and Mexican peso pared some losses.

Gun control: U.S. justice department moves to ban rapid-fire bump stocks
The device basically replaces the gun's shoulder rest, with a " support step" that covers the trigger opening. Bump stocks were heavily criticised last October after one of the deadliest mass shootings in U.S. history.

Mexico rejected any linkage to NAFTA in robust terms on Thursday.

"We call for calm-headed behavior", he told reporters. Those viewpoints became the centerpiece of his presidential campaign, and he vowed to not only slap tougher tariffs on exports, but also withdraw the United States from multilateral free trade agreements with allies in Asia and North America. The White House said this week that Cohn would leave his gig soon. He appeared to have conceded some ground after a campaign by legislators from his own Republican party, industry groups and USA allies overseas. But even if they do, Fast said the president will probably be undeterred. Trump tweeted, making a likely reference to their phone talks last week. Norman and a handful of prominent Australian business leaders signed a letter beseeching Mr Trump not to take "any action that might have demonstrable negative impact on the mutually beneficial American-Australian bilateral relationship". Vehicle manufacturing's contribution to the U.S., Mexican and Canadian economies far outweighs that of steel and aluminum production.

"Many experts have warned tariffs will cause corresponding retaliation by our trading partners", they wrote.

Two people briefed on the discussions claimed Trump had not made a firm decision, but said Liddell was the "front-runner" to replace Cohn, the story read.

Japan's government has warned the measure could hurt its economic relations with the U.S. But ahead of Saturday's talks, Seko also cautioned that "falling to exchanges of unilateral measures will not be in the interest of any country", according to the Kyodo news agency. Harley- Davidson Inc. motorcycles have also been mentioned, targeting House of Representatives Speaker Paul Ryan's home state of Wisconsin.


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