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White House confirms President Donald Trump coming to California

09 March, 2018, 03:16 | Author: Priscilla Morrison
  • President Donald Trump blamed violent movies and video games for the recent school shooting at Marjory Stoneman Douglas High School

Foreign Minister Julie Bishop says the Federal Government will renew its call to be exempt from the Trump administration's steel and aluminium tariffs, given Mexico and Canada may be spared.

Reuters quoted a senior usa official saying the measures would take place about two weeks after Trump signs the proclamation. "It's going to give us an opportunity and one of the best guys in the administration, Ambassador Robert Lighthizer [the U.S. trade representative], to negotiate a great deal for this country, and if we get that, then all's good with Canada and Mexico".

The announcement came as congressional Republicans and business groups braced for the impact of expected tariffs of 25 percent on imported steel and 10 percent on aluminum, appearing resigned to additional protectionist trade actions as Trump signaled upcoming economic battles with China. They also recommended doing a short-term review of the effects of the tariffs on the economy to decide whether or not the approach is working.

President Trump is preparing to sign off on new tariffs for steel and aluminum exports as early as Thursday, even amid more Republican objections and uncertainty about whether some countries may be exempted, according to two administration officials.

Whether Canada and Mexico's brief reprieve from tariffs will jump-start NAFTA talks or be perceived as coercion to win concessions remains an open question.

The president's pledge for action, which would be in line with a one of his campaign promises, came after House Speaker Paul Ryan of Wisconsin called for a "more surgical approach" that would help avert a potentially unsafe trade war.

"Gary brought a strong growth orientation for the economy and a very balanced perspective, particularly on critical topics like trade, " said Rich Lesser, chief executive of the Boston Consulting Group, who served on one of Trump's business advisory panels past year and attended policy meetings with Cohn.

Trump's tariff plan has raised widespread concern about sparking trade wars with the US' trading partners, including from Cohn and the president's allies on Capitol Hill.

That has prompted widespread criticism from his Republican colleagues in Congress and America's allies.

Ross said the planned steel and aluminum tariffs were "thought through".

However, according to The Wall Street Journal, at the White House yesterday, aides began preparations for the ceremony ushering in a turn in trade policy that could recalibrate relations between the U.S. and its allies and trading partners.

The tariffs proposal has also won support from economic nationalists in the United States and some Democratic lawmakers in manufacturing states whose fortunes could be boosted by the tariffs protecting their metal industries.

The increased likelihood of tit-for-tat trade measures and a warning by the International Monetary Fund that it could hurt global growth hit shares, oil and the dollar.

When the Mayor of New Orleans teasingly labeled President Trump "King Chaos" at the Gridiron Dinner last weekend the President laughed along.

If the tariffs were imposed upon major global trading partners like the European Union, it's possible a tit-for-tat tax war could erupt in which major economies punish the United States for restricting trade.

In response to the White House's steel measure, the European Union is targeting 2.8 billion euros ($3.5 billion) of imports of USA goods including Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey.

Prime Minister Justin Trudeau said he wants to withhold judgment until the final details are out. "All we get for that is a half a trillion dollar a year trade deficit that offshores our wealth, offshores our jobs".



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