Washington:
US President Donald Trump on Monday performed well on the promise of slapping a 25 percent tariff on steel and aluminum imports, carrying forward a long -deprived trade war despite warnings from Europe and China.
The Republican President unveiled the policy on Sunday, flying to Super Bowl in Louisiana.
Before he signed executive orders that enforced measures, the global stock market appeared as traders with “tariff fatigue”, to remove Trump’s plans.
“Today I am simplifying our tariffs on steel and aluminum,” Trump said in the Oval Office. “This is 25 percent without exception or discount.”
He also indicated that he would focus on applying additional tariffs on automobiles, pharmaceuticals and computer chips.
Canada and Mexico – which Trump has already threatened with tariffs – according to American trade data, is the largest steel importer in the United States. Brazil and South Korea are also prominent steel providers.
“President Trump has made it clear that a important part of the US is First Golden Age Steel Production,” Kavin Haset told CNBC, director of the National Economic Council.
The US leader said he was considering a discount for Australia from Steel Tariff, confirming the comments made by Australian Prime Minister Anthony Albanis.
“We have a (business) surplus for Australia, one of some. And the reason they buy a lot of airplanes. They are far away and require a lot of airplanes,” he said.
Trump has promised an announcement on a broad “mutual tariff” on Tuesday or Wednesday, which is to match the allegations of other governments on US products.
He imposed extensive tariffs during the defense of American industries for his 2017-2021 Presidential post, believing that he believed that unfair competition from Asian and European countries faced.
– ‘Losers’ –
Canadian steelmakers warned of disruption “large -scale”, while the European Commission stated that it would “react to improper measures to protect the interests of European businesses, workers and consumers”.
French President Emmanuel Macron vowed in an interview on Sunday to go to the head-to-head with Trump on his widespread tariff threats against the European Union, though he said that the United States said that the United States focuses on its efforts on China Should be concentrated.
German Economy Minister Robert Habec said that a tariff struggle “only loser is going to be.”
According to Consultancy Rolland Berger, about 25 percent of European steel exports go to the United States.
Britain’s steel industry body called the tariff scheme a “destructive blow”.
Trump has already shown his hobby to make the United States power as the world’s largest economy, which is ordering tariffs on major trade partners China, Mexico and Canada soon after assuming office. .
He stopped 25 percent of the levy against Canada and Mexico for a month, when the two countries vowed to extend the measures to cross the drug fentinel in the United States and to cross the unwarded migrants.
– ‘Tariff fatigue’ –
But Trump proceeded with tariffs on China, the world’s second largest economy, with an additional 10 percent levy with products entering the United States.
The Chinese -retrorship tariffs that target US coal and liquid natural gas come to the game on Monday.
Chinese Foreign Ministry spokesman Guo Jiakun said on Monday that “there is no winner in the trade war and tariff war.”
Trump also focused on steel during his visit to Japanese Prime Minister Shigeru Ishiba last week.
The US leader said that instead of handling the distressed firm, he had signed an agreement for Japan’s Nippon Steel to make a big investment in American Steel.
Trump, who has promised a “new golden age” to the United States, emphasizes the impact of any tariff, will be borne by foreign exporters without passing American consumers, yet most experts said the contrary. .
But he admitted this month that Americans could initially feel the economic “pain” from the levy.
Wall Street’s main index ended on Monday despite the tariff danger. London and Frankfurt set new records, while Hong Kong and Shanghai stock also increased.
“The fact that the global equity index is more at the beginning of the week may be a sign of fatigue,” said Kathleen Brooks, Director of Trading Group XTB, said.
The dollar also won against Canadian dollar, Mexican Peso and South Korean on Monday.
(Tagstotransite) Donald Trump (T) Steel Aluminum Import Tariff (T) Business War
