European Union stands up in the battle against U.S. 'bullies'

Kelly Barichello

European Union stands up in the battle against U.S. 'bullies'

Roughly two-thirds of the 35 economists polled by Bloomberg expect the tariffs that Trump signed last week would cause a small decrease in jobs and a small drop in USA economic growth, which is enjoying its third-longest expansion on record.

Economically, the era of broad trade agreements, passed with bipartisan support, has resulted both in economic growth and loss of jobs.

No one thought there would be a large impact in either direction.

Right now China isn't even among the top 10 producers of US steel imports.

"It will only bring disaster to China and the United States and the world", Zhong stated, in the wake of Donald Trump's decision to impose a 25 percent import duty on steel and 10 percent on aluminum.

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On Tuesday, the president gave the markets more to digest with the firing of Secretary of State Rex Tillerson and his decision to block Singapore-based chipmaker Broadcom's takeover of US rival Qualcomm, citing national security issues.

Slapping tariffs on slab imports drives up CSI's costs while sparing steel mills that don't need slabs, executives said.

Trump has said he wants to "create a level playing field" for American companies and American workers. Why should the economic well-being of a few come at the expense of the many? "Steel is back, and aluminum is back". Trump has said repeatedly that he wants to protect American manufacturing squeezed by foreign competition, and USA steel certainly fits that profile. The U.S. lost about 200,000 jobs, about 13,000 of which were in raw steel-making, by one estimate.

Our trade imbalance has earned us a presidential pat on the head. Those slabs must be imported from Brazil, Mexico and Japan because they aren't available available locally and it's cheaper to import them from overseas than from the East Coast, Rodrigues said.

The costs to the world economy could grow further if countries impose their own tariffs on US products, raising prices for goods globally and undermining economic confidence. "That's why we're impressing upon the American administration the unacceptable nature of these proposals that are going to hurt them every bit as much as they will hurt us", Trudeau remarked pointedly. "FAIR!" he said in a tweet published on Saturday.

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"There are no winners in a trade war", Mr Zhong said. USA primary production of aluminum rose steadily from the post-war era until around 1980, when it began a steady decline.

They were also seen as hypocritical at a time when the Republican administration was trying to encourage other countries to liberalize trade policies - and reduce their tariffs - through the Doha Round of World Trade Organization talks that were happening at the time.

Trade wars could produce some short-term advantages, but the White House's unilateral approach is the wrong solution. The bloc does impose a 10 percent levy on US vehicle imports, but the USA charges a 25 percent levy on trucks and pickups, and up to 40 percent on some clothes, she said. To put that into perspective, that's about $470 billion - roughly the size of Thailand's output.

Foreign Affairs Minister Chrystia Freeland will be in Washington for three days this week-meeting with U.S. Trade Representative Robert Lighthizer, Commerce Secretary Wilbur Ross, and key members of Congress. "But we are kind of collateral damage".

If a USA trading partner wants to go through the WTO's dispute settlement process, it could make a "request for consultations" that would start a 60-day period to talk about the issue.

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Indeed, noting how Trump has linked the duties to what he regards as a successful outcome in the Nafta talks, Dr Peter Warrian, senior research fellow at the Munk School of Global Affairs, University of Toronto, and a senior expert on the steel trade, warned Metal Bulletin: "This has the potential to become doubly bad".

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