Mexico, Canada may be exempted from tariffs

Mexico, Canada may be exempted from tariffs

Brian Peck, director of the Center for Transnational Law and Business at the University of Southern California, said the executive order signed by U.S. President Donald Trump to impose tariffs on steel and aluminum imported from foreign countries will "have a significant negative impact on American consumers and the economy".

If such tariffs are imposed, they further argued, the White House should: exclude all fairly traded products and those that do not pose a national security threat; announce a robust exclusion process that allows US companies to petition for and obtain duty-free access for imports unavailable from domestic sources; grandfather in existing contracts for aluminum and steel purchases; and review the policy's effects on the economy.

Indications suggest that White House officials were scrambling recently to formulate Trump's tariffs, which will apparently go into effect two weeks from now.

Trump said on Thursday that Canada and Mexico would be exempted from the tariffs as they try to negotiate a larger trade agreement. Several spoke of how excessive "dumping" of steel and aluminum imports had negatively affected their jobs and families.

United States imports from China of steel and aluminum make up a small proportion of its total imports from the world's second-largest economy, but the tariffs might be the first foray in the brewing U.S. trade war with Beijing. The former real estate developer said politicians had for years lamented the decline in the industries, but nobody was willing to take action.

"In the long term, we will push for development of high-value added materials to restructure the steel industry and provide incentives to local companies to raise their competitiveness", Paik said.

Trump has complained about low-priced Chinese exports of steel and aluminum, but the latest move was likely to hit Japan and South Korea harder. Trump was still hearing last-minute pleas from opponents of the tariff plan, and White House officials said they couldn't predict how the day would shake out.

That scenario, Tom Donohue said, would endanger the economic momentum from the GOP tax cuts and Trump's rollback of regulations. "These tariffs are very likely to accelerate a tit-for-tat approach on trade, putting US agricultural exports in the cross-hairs", said Brian Kuehl, executive director of Farmers for Free Trade.

"They are taking this really seriously, but they wish it was a bad dream", Lapointe said before the tariffs were announced.

Mexico, Canada may be exempted from tariffs
Mexico, Canada may be exempted from tariffs

Meanwhile, Congressmen from Arkansas are speaking out about President Trump signing a proclamation for the tariff.

On Wednesday, more than 100 Republicans signed a letter to Mr. Trump, imploring him to hold off on the tariffs. "We are sending a mutual signal that we recognise the policy orthodoxy of trade".

"Everything you have for breakfast", Malmstroem said.

India's miniscule export of steel to the United States means it may breathe freely, but not other major countries.

"Slapping aluminum and steel imports with tariffs of this magnitude is misguided".

The import tariffs are likely to face retaliation from America's top trading partners, the European Union and China.

Japan said the move would have a "big impact" on the countries' close bilateral ties, while China said it was "resolutely opposed" to the decision and South Korea said it may file a complaint to the World Trade Organisation.

Both McConnell's and Ryan's home states face potential retaliatory penalties.

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