Trump trade adviser talks exemptions

Jon Howard
March 5, 2018

Ross's remarks come after President TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out "subversion" at VA MORE last week announced a plan to slap a 25 percent tariff on steel imports and 10 percent tariff on aluminum.

"The decision obviously is his, but as of the moment as far as I know he's talking about a fairly broad brush".

DiNicco said Trump needs to get tough with China, whose entry into the World Trade Organization in 2001 accelerated the decline of USA factories.

Canada, which has the most to lose as the top source of U.S. steel and aluminum imports, has called the tariffs "unacceptable".

Bolten said he agrees that the overproduction of steel by China has harmed U.S. steel makers and cost jobs, and stressed that Trump's proposed tariffs would not tackle the problem as China accounts for only 2 per cent of USA steel imports.

Meanwhile, British Prime Minister Theresa May expressed "deep concern" to Trump Sunday about the tariff plan. "In the can of Campbell Soup, there's about 2.6 cents, 2.6 pennies worth of steel, so if that goes up by 25 percent, that's about 6/10 of one cent on the price of Campbell Soup", Ross said. The European Union, Canada and Australia all denounced the new duties following Trump's announcement.

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Campbell's Soup Company replied to the Trump administration's new tariffs on steel and aluminum after Commerce Secretary Wilbur Ross used the company as an example of the new policy's muted effects. "China wins when we fight with Europe", he said.

There are multiple media reports casting doubt on top economic advisor Gary Cohn 's future after he was unable to convince the president not to impose steel and aluminium tariffs.

Secretary Ross said the Europeans were discussing a "pretty trivial amount of retaliatory tariffs, adding up to some $3-B of goods".

"In our size economy that's a tiny, tiny fraction of 1 per cent", Ross said.

"We understand the Trump administration's efforts to reduce the United States trade deficits, but it has to reconsider the intensifying import restrictions on South Korean steel products", GS Group Chairman Huh Chang-soo, who heads the FKI, said in the letter.

Among its supporters are trade hawks like White House adviser Peter Navarro and some Rust Belt Democrats, including Sens. "They flood the world market with this product and that ripples down to our shores and to other countries", he said. The flood of Chinese steel has been blamed for the loss of USA 50,000 jobs since 2000, a year before China joined the World Trade Organization.

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