U.S. allies might be asked to increase their financial commitments to North Atlantic Treaty Organisation to avoid new U.S. tariffs on their exports of steel and aluminum to the United States, the U.S. Treasury secretary has said.
As a result of the current steel and aluminum tariffs, local agriculture could see economic woes.
"Exempting Canada and Mexico is a good first step, and I urge the White House to go further to narrow these tariffs so they hit the intended targets - and not United States workers, businesses, and families", House Ways and Committee Chairman Kevin Brady, who is a Republican, said in a statement.
It was not immediately clear what type of document the president signed. His protectionist rhetoric won over voters in Michigan, Ohio, Pennsylvania and Wisconsin and helped secure him the White House. But a proclamation is not an executive order and does not carry the force of law, so how the process will unfold from here is uncertain.
Mr Trump said if his goals could be accomplished "by other means" the USA will remain "open to modifying or removing the tariffs for individual nations as long as we can agree on a way to ensure that their products no longer threaten our security".
The tariffs are scheduled to go into effect in two weeks.
He has also left open the possibility of later excluding allies such as Australia.
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President Trump's embrace of new tariffs on steel and aluminum imports is largely believed to be behind the exit of his top economic adviser, and one free-market advocate is concerned that it could hurt American consumers and stunt the nation's economic growth spurt.
A clause in the WTO rules allows countries to apply tariffs if national security is at stake. The Department of Commerce, in cooperation with other agencies, will handle that process.
It should not come as much of a surprise that Trump would raise tariffs.
Flavio Volpe, president of the Automotive Parts Manufacturers' Association said on Friday that he had been informed about cases of steel stockpiling.
"I think this would be bad for Americans overall and reduce our economic potential over time, which had been boosted by the tax cuts past year and the regulatory reforms that were made", Ginn told WND and Radio America.
The European Union, the world's biggest trade bloc, chimed in. Tariffs increase costs on steel- and aluminum-buying industries, which will eventually be passed to consumers through higher prices on final products.
He warned suppliers may have to absorb the higher input prices by cutting their own costs and warned, generally, that "neither outcome is good for the industry".
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The U.N. says Secretary-General Antonio Guterres (goo-TEHR'-esh) is "encouraged" by the announcement of an upcoming U.S.
"We have to protect our steel and aluminum industries while at the same time, showing great flexibility with people who are really friends of ours", the USA president said during a White House press conference. They noted that steel-consuming companies said tariffs imposed in 2002 by President George W. Bush ended up wiping out 200,000 U.S.jobs. We would hand leadership of the world trading system to China. "This includes steel and aluminum manufacturing jobs which have been battered by China's unfair trade practices for years".
Ginn also said the effort to reduce America's trade deficits starts with a tough look in the mirror.
Sen. Tom Udall, D-N.M., said the tariffs might not have a major direct impact in New Mexico but they were not well-conceived.
Investors have been on edge since last week when Trump proposed the tariffs, sparking worries that the move would trigger a global trade war. Evraz said steel rolling mills, including its Portland site, "rely on annual imports of approximately 6 million tons of slab to bridge the shortfall in domestic slab production capacity". Although he softened the blow by leaving open the possibility of excluding some allies if they offered concessions, the announcement opens a unsafe new road to trade war.
Those "other countries" can try to negotiate their way out of the tariffs, he indicated, by ensuring their trade actions do not harm America's security.
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