South Korea says talking to USA about steel tariffs plan

South Korea says talking to USA about steel tariffs plan

Navarro did leave one hopeful possibility for Canada: he says that while no countries will be excluded, some key industries might be.

He made the comments as the United States, Canada and Mexico were wrapping up their latest round of talks on revamping the 1994 NAFTA deal, and as world shares dipped again, partly on concerns that Trump's tariff plan could spark a global trade war. The latest round of a almost year-long renegotiation effort is concluding this week in Mexico City.

On Thursday, President Trump shocked global markets by announcing steep tariffs on imported steel and aluminum.

Canada must treat American farmers "much better", and Mexico must stop drugs from "pouring into the US", he added.

Yet as Colin Grabow, a policy analyst at the Cato Institute, noted in The Hill, domestic production of steel hasn't changed much from 20-30 years ago, "and the USA military requires a mere 3 percent of this to meet its needs". "Millions of people addicted and dying".

President Trump has said that the steel tariff will be 25%, and the aluminium tariff 10%.

The president's authority to impose the tariffs comes from an investigation by Ross' department which concluded that foreign metal imports pose a threat to national security.

Howe's union, the United Steelworkers, is already lobbying the US government for changes, he says, and hopes American ownership in the Canadian steel industry will put Canada at an advantage.

His view was supported by the CEO of the Australian Steel Association, David Birrell, who said Australia was a proponent of free and open trade but it also had "significant trade remedy measures" available through the Anti-Dumping Commission.

The two U.S. trading partners have threatened retaliation unless they are exempted from the planned tariffs, which have rattled financial markets.

Trump has threatened to tax European cars if the EU boosts tariffs on American products in response to the president's plan to increase duties on steel and aluminum. I'm not saying we have to shoot back, but we must take action.

Navarro tells "Fox and Friends" Monday: "There are virtually no costs here". Trump is justifying the tariffs in part on national security grounds.

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U.S. trading partners already are preparing to retaliate, and have pledged to file a dispute in the World Trade Organization. But rarely does a debate open so wide a rift between a president and his party - leaving him nearly exclusively with support from his ideological opposites.

It now looks impossible for negotiators to meet their goal of getting an agreement by the end of this month, especially amid the prospect of escalating trade tensions from the steel dispute. Now, we have a big trade deficit.

The tariffs have prompted a wave of condemnation and threats of retaliation around the world, from the European Union to Canada. "So I actually think this is long overdue", said Democratic candidate Conor Lamb.

Trump tweeted earlier Monday that Mexico has "not done what needs to be done" about drugs.

But Trump's GOP allies on Capitol Hill have little use for the tariff approach. But China, the world's biggest steel producer, only sends 2 percent of its supply to the USA and would be less affected.

As to the idea of retaliation, they may well be some sort of retaliation. John Thune, R-S.D.

Some Republicans, including Wisconsin Gov. Scott Walker, appealed to Trump to reconsider his decision.

If the tariffs do go through, Howe believes Canada will retaliate in such a way that it will deter the Americans.

"It's troubling to see an American administration revert to some of the failed policies of the past that not just discourages growth, but punishes [it]", Scheer said.

On Friday, Trump defended the proposed tariffs, arguing that in certain circumstances, "trade wars are good".

A spokesman for Mr Ciobo said the minister is hoping to speak with US Trade Secretary Wilbur Ross this weekend. "It's basically a tax increase".

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