Foreign trade in Trump's era: Is a global trade war ahead?

Foreign trade in Trump's era: Is a global trade war ahead?

The Windsor, Ont. -area owner of a North American steel tube and pipe empire is backing U.S. President Donald Trump's proposed tariffs and offering all employees a $1,000 annual bonus while the policy is in effect.

"The U.S. has finally woken up to, 'Hey, they got us on that deal, '" Ujczo said.

The new tariffs will be applied to all steel imports, which means close allies like Japan, Korea, and Canada will be hurt by the tariffs more than Trump's favored enemy of China.

"All of this complicates our work", said U.S. Trade Representative Robert Lighthizer in his remarks during Monday's joint statement with Canadian Foreign Affairs Minister Chrystia Freeland and their Mexican host Economy Minister Ildefonso Guajardo. "We're going to build our steel industry back, we're going to build our aluminum industry back", he said Monday.

The senior White House adviser and presidential son-in-law will be traveling to Mexico City with a delegation that includes staff from the State Department and National Security Council. The Americans also have to face stiffer environmental regulations than the Chinese, though that gap is narrowing thanks to a recent crackdown by the Chinese government.

Ross on Sunday cautioned against expectations that the president might backtrack on the plan.

The US leader, who prides himself on his ability to negotiate business deals-and who said last week trade wars were "good, and easy to win"-linked his planned steel and aluminum tariffs to the ongoing talks with Mexico and Canada in his latest anti-NAFTA rampage on Twitter".

The planned tariffs have roiled world stock markets as investors anxious about the prospect of an escalating trade war that would derail global economic growth.

Goldman wrote: "By imposing across-the-board tariffs to all steel and aluminum imports, the larger economic impact is on Canada, Mexico and the European Union, and it ironically eases the economic impact to China and Russian Federation".

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White House press secretary Sarah Huckabee Sanders rejected the suggestion that there was "mixed messaging" from the White House on the issue. "There are a lot of legal details that are being finalized".

After Trump's announcement last Thursday, the Dow Jones Industrial Average dropped more than 600 points, the first sign that maybe this isn't such a great idea.

The across-the-board tariffs on steel and aluminum that Donald Trump announced last week would result in a net loss of 146,000 U.S. jobs, even before the impact of any retaliatory tariffs from trading partners are figured in, according to a Washington, DC-based economic consulting group. It may not be a coincidence that Harleys are produced in House Speaker Paul Ryan's Wisconsin and bourbon in Senate Majority Leader Mitch McConnell's Kentucky.

"We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan", Ryan's office said Monday.

"This, at the same time, reminds us that the stimulus from the tax reform may be less than estimated, given certain hidden extra charges for the economic agents".

The US would actually have recourse through World Trade Organisation rules and procedures against China in these cases, without the need to resort to retaliatory tariffs; but the Trump administration is ideologically opposed to the multilateralism embodied in the WTO.

Trump announced the tariffs after hearing from executives of companies that will be protected.

House Republican Warren Davidson, who helped run his family's manufacturing business in OH before winning a seat in Congress, tweeted back at the president to slam his "bad tariff plan".

In particular, he is relishing the attention he's getting from the labor community, which he courted with promises of a major infrastructure plan and tougher trade laws during his campaign.

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