Donald Trump's new steel tariffs to impact Croatian industry

Donald Trump's new steel tariffs to impact Croatian industry

At that peak, the United States employed about 650,000 steelworkers.

The political network backed by billionaires Charles and David Koch isn't happy about the steel and aluminum tariffs proposed by President Donald Trump and is mobilizing grass-roots activists in 36 states against them. It is tempered, though, by a strong streak of realism.

Automakers and other companies using imported metal at US operations could face the tariffs this month even if they have applied for exclusions, sources told the newspaper. That would help domestic producers and create several hundred new steelworker jobs. Even some steelworkers feel it in places like Canonsburg, Pa., about 20 miles southwest of Pittsburgh.

Second, America is the largest consumer market in the world. Coal and steel once dominated the landscape, but numerous mills have closed in recent decades.

In a media briefing, he expressed frustration at the way the tariffs have been characterized, referring repeatedly to the "fake news", the lobbyists and the "swamp things" that he said exaggerated the ill effects while fighting the measures. Or ex-members, such as Gary Cohn, the former president of Goldman Sachs who had been Trump's top economic adviser before resigning March 6 over his differences with the president on trade.

And, he added, instead of threatening a trade war, Trump should restart the trans-Atlantic free trade negotiations between the US and the European Union, which began under former president Barack Obama but were never finished. Reacting to the disastrous Smoot-Hawley Tariff enacted by a Republican Congress in 1930, the Democratic Congress under President Franklin D. Roosevelt passed legislation empowering the executive branch to set tariffs through reciprocal bargains with other nations.

Trump exempted Mexico and Canada from the tariff and said other countries can apply for exemption.

Reuters and other USA media reported that the tariffs could be slapped on products worth $30 billion to $60 billion. And, when the auto industry suffers, auto workers suffer - again.

Fear of a more aggressive Fed first jolted markets from their pleasant ride at the start of February, when worries about higher inflation pushed investors to ratchet up their expectations for Fed rate increases this year. Not surprisingly, the additional cost reduced employment in the steel-consuming industries within a year.

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While the central bank has been highlighting risks to the North American Free Trade Agreement for months, the latest language suggests those concerns have evolved. While steel employment is off 54 percent since 1990, the production of steel (by the Federal Reserve's measure) is up 18 percent. Many companies that buy from USA wholesalers may think they're purchasing domestic steel or aluminum when in fact that inventory is sourced overseas and just cut, shaped and delivered by a US distributor.

National Bank of Hungary Governor Gyorgy Matolcsy said the country needs to prepare for a sharp turn in global economic conditions, including the end of the cheap money era. Hardest hit would be USA workers. China may have more tangible benefits from such an agreement, but the USA gains more power. Washington should not lose sight of the best export industry we have. The region prospered from a boom in demand to build highways, suburbs and skyscrapers, all requiring steel.

"So let us cherish this friendship, not challenge it", Tusk said.

USA aluminum production peaked in 1980. "Steel is back, and aluminum is back". "Those were good jobs - $24, $25 an hour".

The new smelter figures to be a big employer in the town, which sits in Missouri's impoverished Bootheel area, but it will offer only half the 900 jobs that were lost when Noranda shut down.

The United States had a record $375 billion trade deficit with China in 2017, which made up two thirds of a global $566 billion US trade gap a year ago, according to US Census Bureau data.

This "would be most meaningful for BMW followed by VW and Daimler", JPMorgan analysts said.

I talked to people in the metal fabrication industry after Trump's initial announcement, and the response to the tariffs was negative. "But further job growth?"

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