How big of an economic threat are Trump's steel and aluminum tariffs?

13 March, 2018, 03:47 | Author: Cecil Buchanan
  • 10:45am

Trudeau said Canada had a lot more work to do and would press Washington to ensure the exemptions were permanent. Politico quotes the Mexican Economy Ministry in a release that says, "The process of negotiations for the NAFTA modernization continues on a course independent of this or any other internal political measure that the US government takes".

"Millions of jobs on both sides of the border depend on continued smooth flow of trades".

He said that the United Kingdom would be working with the European Union to formulate a response which could include immediate duties on the USA, measures to safeguard the EU market from the displacing effect of U.S. tariffs and a dispute at the World Trade Organisation.

Michael Dolega, economist at TD Economics estimates that about 5,000 to 10,000 jobs could be added to steel and aluminum production in the USA, but there could also be a loss of 25,000 to 50,000 jobs in metal-intensive sectors like machinery and transport equipment. However, the exemption is not "open-ended" and will depend upon changes are made to NAFTA that satisfy Trump, an administration official told CNBC last week.

Data last week showed that the US trade deficit had jumped to an over nine-year high in January, with the country's shortfall with China widening sharply. Based on the fact that there are few parts necessary for the upkeep of a vehicle that do not contain significant amounts of steel and aluminum, this action will have a significant negative impact throughout the supply chain, including many medium and small businesses and their employees that comprise the auto care industry.

Trudeau said he's willing to work with the US on a stronger solution.

The US president's comment came amid yesterday's talks between representatives of the European Union and the United States in Brussels, during which no compromise was reached.

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Prime Minister Justin Trudeau is kicking off a tour of aluminum and steel factories today with a visit to Quebec's Saguenay region.

Trump signed tariffs of 25 percent on steel and 10 percent on aluminum imports on Thursday.

"We know well that with this president there are moments of unpredictability and I think it's important to show that we are there to reassure the workers", Trudeau told public broadcaster Radio Canada earlier Monday.

Labor finance spokesman Jim Chalmers says steel destined for the U.S. from other countries will now be dumped below cost in Australia.

Trump tweeted Monday that US "Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the United States of America".

The EU topped the list, followed by Brazil, South Korea, China and then Japan.

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