Auto Parts Suppliers Fear Trump Tariffs may Crush Jobs

Auto Parts Suppliers Fear Trump Tariffs may Crush Jobs

Canada, Mexico and the United States are partners in the North American Free Trade Agreement (NAFTA).

But, before we start dancing in the street in jubilation, let's remember that Trump indicated that one of the main reasons for the exemption was that NAFTA renegotiations are still ongoing. "Tit-for-tat retaliatory measures don't profit any country".

A week of uncertainty preceded the signing as Trump spoke positively of a global trade war and little was known about how extensive the tariffs would be. "Those will still come it at a low cost, but then the price of an American-made keg will skyrocket because the price of steel is going up". "It's really an assault on our country".

The auto industry once again warned the tariffs may harm US economic growth, jobs and wallets. While the USA military consumes only 3 percent of our domestic steel production, the higher prices caused by the tariffs will make it more costly for the military to acquire new tanks and ships.

The EU has warned that it could retaliate with tariffs on USA steel, agricultural and other products, such as peanut butter, cranberries and orange juice.

President Trump's tariff plan, which will go into effect in 15 days, is based on a rarely used trade law that allows the President to impose restrictions on imports to protect national security interests.

"We have to protect our steel and aluminum industries while at the same time, showing great flexibility with people who are really friends of ours", the USA president said during a White House press conference. "I just want fairness".

Sen. Jeff Flake of Arizona says, "Congress can not be complicit as the administration courts economic disaster".

Within minutes of Trump's announcement, U.S. Republican Senator Jeff Flake, a critic of the president, said he would introduce a bill to nullify the tariffs.

Some products under consideration are largely produced in constituencies controlled by Trump's Republican Party. Initial indications from the White House are that the President signed a proclamation, signaling his intentions. And Sen. Ron Johnson of Wisconsin called the tariffs "a very risky action" that could put agricultural and manufacturing jobs at risk. However, he must be cautious of escalating a trade dispute into a trade war.

Industry Caught Off Guard After Trump Scuttles Tech Deal
And it could have an easier time buying U.S. targets if it goes through with plans to redomicile in the United States. Tan "a great, great executive" and said Broadcom was "one of the really great, great companies".

Sen. Martin Heinrich, ranking Democrat on the Joint Economic Committee, agreed.

The Commerce Department found in a pair of reports that cheap imports of steel and aluminium, which most nations blame on Chinese overproduction, pose a threat to national security by hurting production capacity in the two domestic sectors.

President Donald Trump today imposed heavy tariffs on imported steel and aluminium which he said were necessary to boost the USA industry suffering from "unfair" business practices, a move that has sparked fears of a global trade war. Can they stand up to Trump or will they fold like a house of cards? "Without steel you don't have a country".

Nations around the globe that were not excluded from the tariffs reacted with dismay.

Two dozen conservative groups, including the Club for Growth, FreedomWorks and the National Taxpayers Union, urged Trump to reconsider, writing in a letter that the tariffs would be "a tax on the middle class with everything from cars to baseball bats to even beer".

Brazil, which after Canada is the biggest steel supplier to the USA market, said it wanted to join the exemption list and Argentina made a similar case.

An almond farmer himself, Zipser said that growers are "nervously watching" the tariff situation. "It's not the main market but it's hard to estimate the impact on the Swiss economy as we don't know the details of the measure, which will be published at the end of the week".

That leads to our third point: Leaving NAFTA and other trade agreements would worsen the USA trade deficit.

"We're trying to balance protecting these industries, which are very important, with making sure we don't do undue harm to the economy", Mr. Mnuchin said Tuesday. The talks are expected to resume early next month. But what is clear is that Trump's new trade policy is still causing chaos inside and outside of the White House.

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