Trump Plans To Unleash Steel, Aluminum Tariffs On EU, Mexico, & Canada

[Swordsmyth]

Time's up! A month ago, President Trump delayed his EU steel and aluminum tariffs decision and as of Friday, that deadline is over and the US allies across Europe will face big decisions on retaliation.

Amid threats from various European leaders - and the potentially unipolar world order repressing blowback from Trump's Iran decision and subsequent sanctions - The Wall Street Journal reports that the Trump administration, unable to win concessions from European Union counterparts ahead of a Friday deadline, is planning to make good on a threat to apply tariffs on European steel and aluminum, according to people familiar with the matter.
The announcement is reportedly likely to occur on Thursday, and will be 25% on imported steel and 10% on imported aluminum.
However, one person familiar with the matter said the administration’s plans could still change, particularly if the two sides are able to cobble together a last-minute deal, though both sides suggest such a deal is unlikely.


Update: The Washington Post adds to the reports that President Trump will also impose tariffs on Mexico and Canada and will take effect on Friday.
* * *

More at: https://www.zerohedge.com/news/2018-...deadline-looms

[RonZeplin]

The voters face big decisions on retaliation on Trump too, for raising taxes to benefit his union bosses & corporate donors.

Tax the serfs, feed the fat cat donors.

[goldenequity]

It's on.


News_Executive
Breaking: U.S Sec of Commerce Ross announces the U.S will impose a 25% steel tariff and 10% aluminum tariffs on EU, Canada, Mexico,
the new tariffs goes into effect tonight at midnight.

BBC Breaking: The US is to put tariffs on steel and aluminum made by key allies, a move France says is "unjustifiable and dangerous".

The 25% tariffs on steel and 10% tariffs on aluminum will begin within the next day.
http://www.bbc.com/news/world-us-canada-44320221

"It's entirely up to US authorities whether they want to enter into a trade conflict with their biggest partner, Europe," .

The EU would take "all necessary measures" to respond.

zerohedge

It's Official: Trump Imposes Steel, Aluminum Tariffs On Canada, Mexico And EU
https://www.zerohedge.com/news/2018-...-mexico-and-eu

RT
URGENT: Brussels vows to retaliate against US tariffs in coming hours https://on.rt.com/96it

AFP news agency
BREAKING EU will announce retaliation for US metal tarrifs within 'hours': Juncker

BNL NEWS
Mexico answers US tariffs with its own on products including pork bellies, grapes, apples and flat steel - AP


BMW & Mercedes employ 11,000+ Americans
twitter.com/krassenstein/status/1002159004599144451

@Frankmottek
Dow slides 214 on latest Trade Tariffs moves and countermoves

Sputnik
Answer to 'America First' is 'Europe united' - Germany
https://sptnkne.ws/hDRw


Reuters Top News
Mexico hits back at U.S. tariffs with measures on farm, steel products
https://reut.rs/2JgVyLT


U.S. Ambassador to Germany Richard Grenell, in an interview with the New York Times,
suggested the president might be willing to grant the EU bloc permanent exemption from the trade tariffs
in exchange for strong co-operation with the US on Iran.
https://www.bloomberg.com/view/artic...th-iran-plenty

(Blackmailing, nothing less, nothing more. The trademark of US foreign policy.)

[Zippyjuan]

Tariff war is back on. Trump can't make up his mind what he wants. More tariff threats against China just a week after his Treasury Secretary had declared a "tariff truce" with China.

https://www.vox.com/world/2018/5/29/...hina-trade-war

Trump’s trade war with China looks like it’s back on

It was just last week that US Treasury Secretary Steve Mnuchin said the Trump administration was going to hold off on hitting China with punishing new tariffs as part of an effort to put “the trade war on hold.”

Flash forward to Tuesday and it seems like President Trump may be gearing up to launch a trade war between the world’s two largest economies after all.

On Tuesday morning, the White House announced that it will proceed with plans to impose 25 percent tariffs on $50 billion worth of Chinese exports to the US. The tariffs, or border taxes, are in response to China’s practice of forcing American businesses to hand over their signature intellectual property to Chinese companies if they want to do business in the world’s most populous country.

The administration also announced that it will restrict Chinese investment in US companies and limit the number of goods that US companies can sell to China.

The White House said the final list of Chinese goods that will be subject to tariffs will be announced on June 15, and that the measures will go into effect “shortly thereafter.”

Trump has been bashing China since before his successful presidential run, so the tariffs don’t come as a total surprise. Still, the timing of the move is raising eyebrows on both sides of the Pacific given that Mnuchin’s comments had suggested the US was trying to lower tensions, not increase them further.

Washington and Beijing are set to continue trade talks this week, and experts say that China could be confused by the apparent White House reversal. That, in turn, could lead Beijing to take a harder line during negotiations.

China, Europe, and Mexico have threatened to retaliate against US tariffs by adding tariffs on US products they buy. Tariffs on steel and aluminum will raise costs to US companies using them to produce goods which could cost US manufacturing jobs- something Trump said he would protect.

[axiomata]

Trade wars are easy to win and great for American consumers. Amiright...

[Swordsmyth]

And so, the trade wars have begun...




In slightly more than a strongly-worded email Canadian PM Justin Turdeau exclaimed his indignance at the Trump administration's decision to impose tariffs on Canadian steel and aluminum imports, saying it is an "affront":

“Let me be clear, these tariffs are totally unacceptable,”

Trudeau said “Canada is a secure supplier” of metals to the U.S. military, and the idea of a security threat “is inconceivable.” He called the tariffs “punitive” noting that US has a $2billion steel trade surplus with Canada.
With that he announced retaliatory tariffs against the US.

Canadian Foreign Affairs Minister Chrystia Freeland announced “dollar-for-dollar tariffs for every dollar levied against Canadians by the U.S.,” starting July 1 that will remain in place as long as U.S. tariffs do.

The tariffs cover Whiskey, Orange Juice, and other food products as well as steel and aluminum.
Measures will apply to up to C$16.6 billion dollars of products.
Canada's full list of actions includes 25% tariff on the following...

And 10% tariff on the following items...

As Goldman explains, the decision to impose tariffs on Canada and Mexico (and now seeing Canada's response) suggests that prospects for a NAFTA agreement in the near-term are fading.

The Administration’s negotiating stance is often unpredictable so there is a risk of over-interpreting any single event. That said, this represents another signal that prospects for a near-term NAFTA deal are fading, just a few weeks after it had appeared fairly likely that a “skinny” agreement involving the auto sector might be reached.
However, Goldman note that the incremental inflation effect of these tit-for-tat tariffs should be small. We estimate that adding Canada, Mexico, and the EU to the countries facing a tariff of 25% on steel and 10% on aluminum could boost core PCE by roughly 1bp. Imports from NAFTA and EU countries make up just under half of steel and aluminum imports.

Finally, in his Q&A Trudeau made it clear that "Canada's relationship with US is deep and complex" but warned that "US will harm its own people with such measures."

Mexico said earlier that it would impose its own retaliatory tariffs on a wide range of products from US steel to pork, sausages and fruit.

https://www.zerohedge.com/news/2018-...ory-tariffs-us

[phill4paul]

[TheCount]

But I was told that this wouldn't happen...

[Swordsmyth]

But I was told that this wouldn't happen...

No you weren't, you were told the end result would be lower tariffs after negotiation.

[RonZeplin]

A 10% tariff on Vermont Maple Syrup! Payback for Bernie losing?

Oh, the humanity.



Feel the Bern 2020

[axiomata]

Finally, in his Q&A Trudeau made it clear that "Canada's relationship with US is deep and complex" but warned that "US will harm its own people with such measures."

And Trudeau is harming Canadian citizens.

Trade wars. The only wars where the commanders think you win by shooting your own soldiers.

[ProBlue33]

Trudeau had no choice, if he doesn't respond he will get branded as a weak political fool by Canadians.

They remember his dad never stood down at confrontations regardless of what it was.
Trump isn't dealing with China or North Korea here, he is dealing with an equal, the soldiers fought side by each in almost every major war. And who had America's back during the Iranian hostage crisis.
Hit Mexico sure their wage gap makes that ok.
But Trump hitting Canada shows him to be very foolish, and not understand the historic and equal partnership that has existed for over 150 years.

What is really interesting is that Canada decided to hit back strategically they targeted swing states with tariffs and key members of congress and the senate. With the dollar adding nearly 30% higher another 10% is going to drive sales way down.
These companies will be calling their political representatives.
For example they targeted Bernie Sanders state with a tariff on Maple syrup because they make their own anyways, so this helps Canadian manufactures.

Trump is a huge fool on this play that he thinks is helping Americans, it isn't.

And the stupidest part of this whole mess is America already enjoys a $2 billion surplus in steel trade with Canada, so this is nothing but Trump trying to put extreme pressure on Canada to give them a better NAFTA deal, well guess what, they aren't China, what an idiot.

[goldenequity]

@Nicktolhurst
This is staggering!
Not even the American aluminium industry wants the tariffs Trump says is designed to protect it!

https://twitter.com/AluminumNews/sta...55865496928257

[devil21]

It's the dollar. Tariffs are a cover story for the loss of purchasing power coming as the global reserve dollar dies and the Fed/Treas can no longer export our inflation.

[nikcers]

LOL

Trump to Global leaders: I figured out how to raise taxes on poor people and spin it into defending the country and being patriotic and nationalistic and call it fair trade.

Other Global leaders: Thats a great idea!

[Swordsmyth]

Trudeau had no choice, if he doesn't respond he will get branded as a weak political fool by Canadians.

They remember his dad never stood down at confrontations regardless of what it was.
Trump isn't dealing with China or North Korea here, he is dealing with an equal, the soldiers fought side by each in almost every major war. And who had America's back during the Iranian hostage crisis.
Hit Mexico sure their wage gap makes that ok.
But Trump hitting Canada shows him to be very foolish, and not understand the historic and equal partnership that has existed for over 150 years.

What is really interesting is that Canada decided to hit back strategically they targeted swing states with tariffs and key members of congress and the senate. With the dollar adding nearly 30% higher another 10% is going to drive sales way down.
These companies will be calling their political representatives.
For example they targeted Bernie Sanders state with a tariff on Maple syrup because they make their own anyways, so this helps Canadian manufactures.

Trump is a huge fool on this play that he thinks is helping Americans, it isn't.

And the stupidest part of this whole mess is America already enjoys a $2 billion surplus in steel trade with Canada, so this is nothing but Trump trying to put extreme pressure on Canada to give them a better NAFTA deal, well guess what, they aren't China, what an idiot.

This is Trump killing NAFTA on purpose and that will be good for Canada as well as America.

[Swordsmyth]

LOL

Trump to Global leaders: I figured out how to raise taxes on poor people and spin it into defending the country and being patriotic and nationalistic and call it fair trade.

Other Global leaders: Thats a great idea!

You are clueless.