Friday, 21 September, 2018

Morneau speaks with US treasury secretary about possible tariffs

Gittler impact of trade restrictions on Dollar A pro-Canada chorus in the US urges Trump against tariffs on neighbour
Elsie Buchanan | 03 March, 2018, 03:30

President Donald Trump's decision on Thursday to impose hefty tariffs on imports of steel and aluminum was as much of a surprise for the White House as it was for everyone else, NBC News reported Friday.

Honda Motor Co Ltd said in a statement that "imprudent tariffs imposed on imported steel and aluminum would raise prices on both domestic and imported products, thus causing an unnecessary financial burden on our customers". Steelmakers also opened lower after posting sharp gains Thursday. China has expressed "grave concern".

The president tweeted, "Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big". Following a few years of restructuring in the steel industry, China steel export continued to decline in recent years and only exported 75 million tonnes of steel in 2017.

A steel trade war could prove catastrophic for United Kingdom producers at a time when the sector is still recovering from its own crisis - also created by increased global production - that saw a flood of cheap steel from China force prices down.

"Kooky 18th century protectionism will jack up prices on American families - and will prompt retaliation from other countries", the senator continued in a statement.

But last month the White House put out a paper documenting the United States' winning record before the WTO, an global organization that helps countries settle their trade disputes.

European Commission chief Jean-Claude Juncker vowed the bloc "will react firmly" to defend its interests.

The EU said it will impose retaliatory measures in the wake of the move, but will await the formal imposition of the new U.S. measures next week before taking action.

"A trade dispute is to the detriment of everyone". China's massive state-owned steel and aluminum firms may ultimately lie behind the world's glutted markets, but Chinese products account for only a fraction of USA imports (2.2 percent for steel and 10.6 percent for aluminum).

The president said the tariffs, which are taxes on imports, would be 25% for steel and 10% for aluminum.

SBI hikes deposit rates up to 75 bps
The actual home loan interest rate can be equal to the MCLR or have a "mark-up" or "spread", but can never be lower than the MCLR. SBI also raised its two-year MCLR from 8.05 per cent to 8.25 per cent and three-year MCLR from 8.10 per cent to 8.35 per cent.


However, he added: "But the selling pressure on them may not drag for a long time as the impact of Trump remarks in general are often short-lived".

In the commodities markets, benchmark US crude rose 26 cents to settle at $61.25 per barrel.

The proposal has left beer and beverage companies wary. The American International Automobile Dealers Association warned it would drive prices up "substantially".

The report also talks a lot about how trade and imports benefit the U.S. economy, despite Trump's frequent criticism. President George W. Bush last applied sweeping steel tariffs in 2002, but he exempted Canada and Mexico because the U.S. has a critical trade agreement with them, NAFTA. "What saves one job can jeopardize another".

While German and European Union officials have been very vocal in their reaction to Trump's tariff announcement, the situation revealed again the differences in Britain's responses to the president's tweets and policies. But other countries may respond with trade actions of their own.

"As a key NORAD and North Atlantic Treaty Organisation ally, and as the number one customer of American steel, Canada would view any trade restrictions on Canadian steel and aluminum as absolutely unacceptable", Chrystia Freeland, Canada's Minister of Foreign Affairs, said in a statement.

By taking on Trump's remarks directly, Azevedo is signaling a tougher stance toward the US leader. American antidumping measures have traditionally been more narrowly focused.

House 6B State Rep. Jason Metsa, DFL-Virginia, who is also running for Congress in the 8th District, was among those - including Goncalves - who pushed for the narrow 2016 tariffs that brought production levels back to normal and reopened many Range mines.

Senator Pat Roberts, who chairs the Senate's agriculture committee, said: "Every time you do this, you get a retaliation". "Never say never, but I think he's pretty committed to moving this forward", said Sanders. The industry leaders urged Trump to act, saying they had been unfairly hurt by a glut of imports.

"We must protect our country and our workers".

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