Mexico, Canada, other countries may get exemption from steel tariffs: WH

08 Mars, 2018, 21:47 | Auteur: Armand Coulomb
  • Mexico, Canada, other countries may get exemption from steel tariffs: WH

The proposed 25 per cent tariff on steel and 10 per cent on aluminum will have "unintended consequences" that will seriously impact jobs and local economies in both countries, the letter said.

White House Press Secretary Sarah Huckabee Sanders told reporters Wednesday that Trump would make the trip to California next week.

Trump's tariffs seem to be directed at cheap Chinese materials, but an analysis from a highly rated U.S. economic think tank projects Canada would be hit nearly five times harder than China if blanket tariffs were enacted.

According to the Brookings report, four Rust Belt states - Michigan, Ohio, Indiana and Pennsylvania - receive 20% of the nation's total steel and aluminum imports, much of it going to Michigan's automotive and metalworking clusters.

President Donald Trump said he's "looking forward" to meeting at the White House Thursday afternoon on his call to impose sweeping tariffs on imported steel and aluminum despite threats of retaliation from trading partners and calls by some Republicans for reconsideration.

President Trump and the EU exchanged warning shots yesterday as world markets braced themselves for a bruising trade war.

"General McMaster forgot to say that the results of the 2016 election were not impacted or changed by the Russians and that the only collusion was between Russia and Crooked H, the DNC and the Dems", Trump wrote on Twitter on February 17, with "Crooked H" referring to Hillary Clinton, his Democratic rival.

"Along with tariffs, weakening your own currency becomes a weapon in a trade war", he said.

"We won't drive the economy to over 3 percent growth or continue to create jobs if we go down this path", the head of the US Chamber of Commerce, Tom Donohue, said in a statement.

The White House was planning a formal announcement on Thursday at 3:30 p.m., the administration said. That'd be James Mattis and Rex Tillerson, both of whom have been lobbying Trump and Wilbur Ross over the past week to rethink.

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Louisiana, one of the largest importers, relies on steel and aluminum imports to support its oil and gas industries.

Canada has said that such an import tariff is unacceptable.

A trade official quoted Canada's WTO ambassador as saying: "We fear that the United States may be opening a Pandora's Box that we would not be able to close".

The Mexican peso and Canadian dollar recovered from steep losses, with the peso turning higher against the greenback after Sanders' comments.

Negotiators from the U.S., Canada and Mexico wrapped up the seventh round of Nafta talks this week in Mexico still hoping for a breakthrough on the biggest sticking points.

The looming departure of Cohn, a former Goldman Sachs executive who has opposed the promised tariffs, set off anxiety among business leaders and investors worried about a potential trade war.

In this file photo taken on March 2, The United States Steel Corporation plant stands in the town of Clairton, Pennsylvania.

Faced with opposition from congressional Republicans, the White House has indicated some countries, notably Canada and Mexico, could be offered exemptions from the planned tariffs.

One example of this outsourcing is Section 232 of the Trade Expansion Act of 1962.

'We urge the administration to take this risk seriously, ' Donohue said.