Arts&Culture

Area Steel Company Will Take a Big Hit From Trump Tariffs

Area Steel Company Will Take a Big Hit From Trump Tariffs

The association said in the letter that it applauds the administration's efforts to rebalance trade and protect the US steel industry and workers, but it is concerned that global import tariffs on steel and aluminum would have a devastating effect on steel-consuming manufacturers downstream, including the auto care industry.

"The Australia-US trade relationship is a level playing field and one that the president is likely to hold up to other countries and say "that's the sort of fair deal I'm looking to get", he told ABC's 7.30 on Monday.

Over the weekend, Mr Trump argued that the USA has been abused economically by the European Union, saying they were "wonderful countries who treat the U.S. very badly on trade".

The EU on Monday said Europe would not waver against trade "bullies" as a row with US President Donald Trump over controversial steel and aluminium tariffs deepened. He said he is happy to improve Nafta and continue trying to renegotiate, but that the new tariffs are "unfair" and could be damaging to Canada, the United States, and Mexico.

An import tariff of 25 per cent on steel and 10 per cent on aluminium has been justified by Trump - the United States can not have free trade if some countries exploit the system at the expense of others, he says, and that the USA supports free trade but it has to be fair and reciprocal.

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In revealing those measures, European Commission head Jean-Claude Juncker taunted Trump, saying the EU could match "stupid with stupid".

"The Department for Business Energy and Industrial Strategy will be assisting United Kingdom industry working with USA customers to build their cases for exemptions", Fox said. The Commission spokesman also pointed to USA import duties of up to 48 per cent on shoes, 12 per cent on textiles and 164 per cent on groundnuts. We believe that protectionism is a dead end, " French Economy Minister Bruno Le Maire told reporters.

Europeans however expressed fears over the costs of escalation, taking the lead from export powerhouse Germany which has urged caution after being singled out by the mercurial Trump.

The Commission said it expected to be in contact with Washington over the metals tariffs this week, but that no formal talks had been scheduled.

However, they expect any talks about a possible permanent exemption to take place outside of the North American Free Trade Agreement negotiations. She said: "The best option would be [for the EU] to be excluded".


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