Published: Wed, March 14, 2018
Global | By Marsha Munoz

Trump may exempt more countries from tariffs - Treasury's Mnuchin

Trump may exempt more countries from tariffs - Treasury's Mnuchin

Trump exempted only Canada and Mexico from the tariffs, citing their "shared commitments" with the United States on national security.

The action is created to protect the domestic steel industry from global overcapacity and depressed prices that experts blame on Chinese industrial policies.

It was not immediately clear what type of document the president signed.

House Speaker Paul Ryan, appearing with Home Depot employees in Atlanta, warned of "unintended consequences". Morneau stressed that these duties are not beneficial neither for the country nor for national security.

I guess we will all just have to wait and see.

Trump has spoken at length about the USA trade deficit with China. The contentious tariffs will go into effect in 15 days.

Trump also suggested Australia and "other countries" might be spared. "This exclusion reinforces Mexico's role as a partner of the United States in terms of trade and national security". Steel imports would see a 25% higher tariff while aluminum tariffs would be 10 percent higher.

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"A tariff is a tax that will result in higher prices that consumers will ultimately bear".

Mnuchin said Trump will consider national security and the renegotiating of larger trade deals in determining exemptions from the levies. While business experts and American lawmakers speculate that the move was meant mostly to disadvantage China, it has enraged key USA allies like the European Union and Canada (the U.S.'s largest supplier of both materials).

The Mexican government also said that the renegotiation process for the modernization of the Nafta deal is following a normal course, based on the instructions to its ministers at the end of the seventh round of negotiations, recently held in Mexico City.

"The ability for us to focus on freedom and free markets has allowed us to be a powerhouse", Ginn said.

The president did not say whether he will sign tariffs on steel and aluminum imports at the meeting.

Malmstroem hinted that retaliation was still an option if everything else failed: "We will have to protect our industry with rebalancing measures".

Yesterday, the European Union released a list of American-made goods it would penalise if the tariffs went through.

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Second, America's free trade agreements (FTAs) actually improve the country's trade balance.

Countries can challenge other nations' tariffs through a panel of judges at the World Trade Organization in Switzerland. At the same time, we have some friends and some enemies where we have been tremendously taken advantage of over the years on trade and on military, ? he said as he singled out Germany as a bad actor likely to face tariffs.

Honda said Thursday it extensively sources steel and aluminum from US suppliers.

A spokesman for the Prime Minister says Trudeau plans to meet with workers, business leaders, industry leaders and union leaders to demonstrate his support for those who may be affected by the tariffs and making the point that the Canadian and American industries are deeply integrated and any disruption to that would be costly to business and consumers on both sides of the border.

Other nations have threatened reprisals, and tensions are escalating. Our PM needs to stop playing trade games before he does real damage. Thus, it's no surprise some of the most vocal opponents of the tariffs have come from America's manufacturing heavyweights.

"Especially given today's globalization, choosing a trade war is a mistaken prescription". Such a conflict "will only harm everyone and China will surely make a justified and necessary response".

Treasury Secretary Steve Mnuchin told CNBC in an interview on March 9 that President Donald Trump will take national security into account in deciding which countries to exempt from the tariffs, and he noted that Trump wants to see North Atlantic Treaty Organisation allies spend more on defense.

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