Published: Sun, March 11, 2018
Global | By Marsha Munoz

Wall Street rolls higher as Trump softens tariff stance

Wall Street rolls higher as Trump softens tariff stance

United States stocks finished a volatile session higher on Thursday after President Donald Trump enacted controversial tariffs on imported steel and aluminium amid worries the move could ignite a global trade war.

Trump's administration has faced growing opposition to the tariffs from prominent congressional Republicans and business officials anxious about their potential impact on the economy. "The US is the only market in the world right now that could have the tailwind of fiscal spending".

NPR's Philip Reeve tells Morning Edition that Brazil is gravely concerned about the USA tariffs, saying they will hurt trade relations and that the South American country has not ruled out sourcing its coal from elsewhere.

Bacon, a member of the House Agriculture Committee, said the US needs to remain in NAFTA.

The prospect of import tariffs could damage the USA economy by raising costs for United States. manufacturers and consumers, while prompting its trading partners to impose their own levies on USA exporters, increasing their costs also and sapping overseas demand.

Malmstroem said Trump's announcement was "not crystal clear" and she would seek clarification when she saw US Trade Representative Robert Lighthizer in Brussels on Saturday for long-planned talks that are now a de facto crisis meeting.

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The move, which fulfills a Trump campaign promise, has been widely criticized by economists who say it is certain to increase costs to USA consumers on items such as automobiles, household appliances and even energy, due to higher costs for pipeline construction.

"I'm optimistic we can strengthen the agreement while sustaining the gains already achieved", he said.

FOX Business' Charles Payne argued that the depletion of the steel and aluminum industry will cut competition and increase pricing on imports.

Trump said both Canada and Mexico are exempt from the new tariffs, a move that should help to at least lessen a negative impact.

"Many experts have warned tariffs will cause corresponding retaliation by our trading partners", they wrote. But members of Congress have few tools at their disposal to counter the president, who has vowed to fulfill his campaign pledge.

The tariffs are being applied on the grounds of national security, which the president said was a "very important aspect" of the NAFTA accord that came into force in 1994. John Cornyn, R-Texas, who has suggested hearings on the tariffs. "I thank him for that and he's been a good listener".

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"In parallel with the state-level effort, I ask for Korean companies to reach out to American clients and policymakers to secure the list of products that should be excluded", Paik said.

"This protectionism is an affront to close partners like the European Union and Germany and limits free trade".

The EU said it was prepared to respond to any tariffs with counter-measures against USA products such as Harley-Davidson motorcycles, Levi's jeans and bourbon.

"Strategically, we still really like global and emerging markets, but when you have asymmetric risks, that makes us a little cautious on non-U.S. assets for now", given that markets have not yet priced in the possibility of more protectionist policies, he said.

In western Pennsylvania's Mercy County voters were heavily in favor of Trump during the presidential election of 2016.

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