USA economy adds 223000 jobs, after Trump tweets controversial preview

04 June, 2018, 03:33 | Author: Lora Ball
  • Cecilia Malmström Commissioner for Trade during the press conference about EU measures to counter balance US tariffs

French President Emmanuel Macron said Friday that he told Trump in a phone call that the new US tariffs on European, Mexican and Canadian goods were illegal and a "mistake".

Mr Trump originally imposed the tariffs in March, saying a reliance on imported metals threatened national security.

The dictionary says it's "an economic conflict in which countries impose import restrictions on each other in order to harm each other's trade".

"They must open their markets and take down their trade barriers!" Many prominent Republicans have criticized the administration's aggressive use of that justification, saying its trade actions will hurt the USA economy. "Do Timber & Lumber in US?"

Washington angered its major allies by slapping duties of 25 per cent and 10 per cent on imports of aluminium and steel.

But he saw as "a very worrying development" Washington's justification that the measures were needed for reasons of national security.

"This is about protectionism and sadly this is the lesson that the steel and aluminum folks are learning just as lumber has learned time and time again". European shares, bolstered by a deal to form a government in Italy, were still down for the week. Ross said there was "no longer a very precise date when they may be concluded and therefore (Canada and Mexico) were added into the list of those who will bear tariffs".

Even some Trump allies in Congress said the trade moves were misguided.

"This will only lead to the victory of those who want less growth, those who don't think we can develop our economies across the world".

The U.S. Beer Institute said Thursday its members, which include Denver and Montreal-based Molson Coors, are united against the tariffs on imported aluminum.

"It's not entirely dissimilar with steel", said RBC senior economist Nathan Janzen.

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That from Brussels, as the United States slaps tariffs on imports of steel and aluminium from the bloc.

The U.S. has a shortage of domestic supply of steel and aluminum, while prices have risen nearly 40 per cent since Trump announced tariffs in March, when he temporarily exempted Canada.

In addition, it used 5.5 million tonnes of aluminum a year ago, largely imported from Canada, but only produced about 700,000 tonnes domestically.

The Trump administration's latest move to impose tariffs on steel and aluminum imports from the U.S.'s biggest strategic and trade partners has touched off a barrage of criticism and retaliation.

Cecilia Malmstrom, the European Union trade commissioner, announced the European Union would be seeking to implement a number of retaliatory tariffs on American products by June 20.

It's unknown if Ottawa will offer its own package as it did by offering lumber companies loans and loan guarantees as part of its $867 million Action Plan to help smaller lumber producers deal with the tariffs.

"Tariffs on steel and aluminum imports are a tax hike on Americans and will have damaging consequences for consumers, manufacturers and workers", said Sen.

"You nearly would have been expected to see some softwood lumber dispute regardless of who was the president".

"Any tariffs like that are unacceptable". Talks with Europe had "made some progress" but not enough for additional exemptions, he said in a conference call from Paris.

Canadian authorities said they would take retaliatory steps, responding to the U.S. metal tariffs, according to government sources, as quoted by Canadian TV channel Global News.

Mr Stace told BBC Radio 4's World At One that it was too early to speculate on the likely impact on jobs, but said: "At worst, we could fall straight back into the crisis we suffered in 2015/16, which was the worst steel crisis in a generation".

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