Trump tariffs: President says European Union making business 'impossible'

Marsha Scott
March 7, 2018

Lingering concerns about a global trade war may weigh on the markets, as President Donald Trump plans to implement tariffs on steel and aluminum imports.

The stock market drop reflected a bigger concern: a possible "trade war" if other countries hit by the tariffs impose tariffs in retaliation, sparking a back-and-forth of rising tariffs that hurt the growth of economies.

A Downing Street spokeswoman said a phone call took place between Mrs may and Mr Trump on Sunday.

Cecilia Malmstrom, EU Commissioner for Trade, told the BBC that Levi jeans, bourbon whiskey and Harley Davidson motorbikes were on a draft list of U.S. goods to be hit with a 25% import tax.

The White House officially told U.S talk shows that President Donald Trump has made up his mind about tariffs that will apply to everyone and every country for steel and aluminium.

'The European Union has been particularly tough on the United States, ' Trump complained. Now, he's making good on that vow. She said the Port of New Orleans saw a 46 percent decline in steel imports the following year, adding that the USA economy lost 200,000 jobs over the same period.

31% of people surveyed by Quinnipiac University said they support the steel and aluminum tariffs. USA steelmakers have blamed the Chinese for pushing cheaper steel onto the market, forcing competitors out of business and leading them to eliminate thousands of jobs. "I'm not sure on what criteria the president will decide which sorts of jobs he favors", Alden told ABC News today.

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Speaking at a women's entrepreneurship event in Toronto, he stressed the tariffs are not advantageous to either country or national security.

The strong reliance on Chinese steel and aluminum is because of the low prices they offer. We can also do stupid.

Löfven is the first European leader to visit the White House since Trump announced he would slap stiff new tariffs on steel and aluminum last week.

The European Commission has drawn up a list of retaliatory tariffs that would target about $3.5 billion worth of American goods, according to Bloomberg News. That would hurt the makers of a wide variety of USA exports, including beef, corn, pork, cars and motorcycles.

Goldman Sachs veteran and chief economic advisor Gary Cohn was reportedly opposed to the proposed tariffs. In the wake of the announcement, Republicans haven't been shy about their displeasure with the Trump administration's decision.

In a rare public split, House Speaker Ryan's office said they were "urging the White House to not advance with his plan".

Other reports by MaliBehiribAe

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