Trump threatens Europe with more tariffs

Trump threatens Europe with more tariffs

"Ideally, some of them will be dealt with in this 15-day process so that they don't hit those countries", Mnuchin said Friday, citing the legal time-frame for implementing the tariffs.

Trump suggested in his tweet that the US would not impose the aluminum and steel tariffs on the European Union if they dropped their tariffs.

When he announced the tariffs on March 8, Trump indicated that European spending on North Atlantic Treaty Organisation was on his mind. "In total, these tariffs are about $9 billion", he said.

President Trump knocked over several apple carts when he signed an order imposing tariffs on imported steel and aluminum.

Treasury Secretary Steven Mnuchin earlier said he expects countries in addition to Mexico and Canada to be exempted in the next couple of weeks.

"These are two separate tracks and in the NAFTA negotiations Canada will not be subject to any type of pressure", she said. Economists generally agree that neither trade deficits nor surpluses are necessarily "good" or "bad" for an economy.

The EU has threatened retaliatory tariffs on United States goods, including iconic products like bourbon and blue jeans.

New Zealand exports a relatively small amount of both steel and aluminium to the United States which would still have attracted the tariffs.

"I had a frank discussion with the United States side about the serious pending issue of steel/aluminum tariffs", the top European Union trade official, Cecilia Malmstrom, wrote on Twitter after the meeting. Moreover, "it is a major step toward undermining the worldwide rule of law in trade, which the US took the lead in creating ever since WWII". In a statement, Wang Hejun, a ministry official, warned that the tariffs "will surely have a serious impact on the normal global order".

"There are no winners in a trade war", Zhong said.

It bears mentioning that manufacturing employment has declined in most major western industrialised nations over the past few decades as well, although the timing of the decline has varied from country to country.

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Claim: The US is suffering from a trade imbalance, with a trade deficit of $800bn (£579bn) in 2017.

However Trump specifically mentioned NAFTA in his press conference announcing the exemptions on March 8. The tariffs themselves aren't the main problem.

Korea is the third-largest steel supplier for the U.S. Its exports of steel products to America amounted to $4 billion past year.

The EU insists that it is committed to open, global trade.

Japan, the United States' top economic and military ally in Asia, was next in line. The nation's unemployment rate has remained for months at a 17-year low 4.1%.

Like many developed economies, the USA has shifted over the past century from an economy primarily focused on manufacturing goods to one that is primarily composed of services.

Tariffs don't work that way. "Steel is back, and aluminum is back".

Producers that have to buy steel at inflated prices will charge consumers more.

"And they can do whatever they like, but if they do that, then we put a big tax of 25% on their cars, and believe me, they won't be doing it very long", Mr. Trump asserted.

Maybe we should call in The Don's golfing hero who he's always giving a shout out to, our very own Bob Charles, to make him see sense which of course would be no easy task. If a trade war erupts, "February's powerful jobs report could prove to be one of the last gasps of an economy that has been marked by healthy employment growth and remarkably little inflation".