ACA writes Trump, urging him to reconsider steel, aluminum tariffs

Kelly Barichello

Trump's next negotiating tactic, fight back, appears to sum up his determination with changing trade deals.

The Trump administration's decision to impose tariffs on aluminum and steel imports has drawn warnings from businesses and US trading partners that the measure could backfire, provoking a trade war without resolving the problems it's meant to address.

Bown also points out that, although China is the main target of Trump's tariffs, the amount of steel and aluminum it exports to the small, compared with Canada, South Korea, the EU, Mexico and others. According to an analysis by the Council on Foreign Relations, U.S. steel employment peaked around 650,000 jobs in the 1950s, compared to around 140,000 today.

In a similar approach, the pressure Trump is applying against the European Union aims to please USA agricultural workers and the massive food production sector. Here's what you need to know. In Trudeau's view, the US wasn't just helping Canada-it helped itself by refraining from slapping tariffs on its No. 1 supplier of both steel and aluminum. Countries promised to meet regularly to try to lower tariffs.

Meanwhile, as President of France Emmanuel Macron and German Chancellor Angela Merkel discuss Trump's tariffs and the economic risks these cause, the WTO itself risks disintegration. So what is it, exactly, that Vertical Group doesn't like about the tariffs story?

Oklahoma farmer and rancher Jimmy Wayne Kinder said the tariffs will increase the price of equipment, and will impact Oklahoma wheat farmers - 50 percent of the state's crop is exported. Now that the number is known - 25% - Vertical says investors are "shifting" their focus to the fine print. They will certainly help integrated steel plants.

More problematic than the USA tariffs is the likelihood that other countries will respond in kind. His decision to threaten Canada and Mexico with steep tariffs on two metals unless they give him everything he wants in the NAFTA negotiations is essentially blackmail. Mr. Trump began this process last April by launching investigations into the national security implications of steel and aluminum imports. Trump's tariff tantrum is only going to make those cars more expensive for USA consumers. The Europeans have laws banning the use of certain hormones, which make it all but impossible to agree to Trump's terms. South Korea needs to work with the worldwide community to develop practical measures to tackle Washington's growing trade protectionism effectively and also sharpen the global competitive edge of the local steel industry.

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These agreements cover agriculture, application of sanitary and phytosanitary measures and a host of other details.Other agreements have been made between specific countries, like those the US has between Israel (1985), Canada and Mexico (NAFTA, 1994), Jordan (2001), Australia (2004), Chile (2004), Singapore (2004), Bahrain (2006), Morocco (2006), Oman (2006), Peru (2007), the Dominican Republic (2007), Panama (2011), Colombia (2011) and South Korea (2011), as listed by Wikipedia.

Flake warned on the Senate floor that the tariffs risk a reversal of recent economic gains, adding: "We in Congress simply can not be complicit as this administration courts economic disaster in this fashion".

And this actually looks like a reasonable scenario to me.

All indications are that this plan will go into effect, thus hurting a growing US economy and numerous voters, in Oklahoma and elsewhere, who helped to put Trump in the White House in the first place. Suffice it to say that's not a lot of growth to support a P/E ratio in the high teens. The European Union has threatened targeted retaliation on iconic USA brands, including Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey, if the bloc fails to win an exemption.

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen.

That's because previous tariffs on Chinese steel have already reduced the volume of imports from China. Democrats and Republicans, left and right, have often stood in opposition to them: President Trump and candidate Bernie Sanders being among those who campaigned against them in the last election. The Motley Fool has a disclosure policy.


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