First, Trump aimed his trade policies at China and their steel industry….there was some back and forth and a bit of a back step and then it raised its head again…..
The delay is over. The Trump administration is announcing tariffs on steel and aluminum imports from the European Union, Canada, and Mexico, in a move sure to raise worries of a trade war. Commerce Secretary Wilbur Ross says there will be a 25% tariff on imported steel and a 10% tariff on imported aluminum, reports the AP. President Trump announced the tariffs in March but the US granted exemptions to the EU, Canada, Mexico, and other US allies. Ross says talks with Canada and Mexico over the North American Free Trade Agreement are “taking longer than we had hoped.” He says negotiations with Europe have “made some progress” but not enough to merit an exemption.
Ahead of Thursday’s move, German Chancellor Angela Merkel said the 28-nation bloc would respond “in an intelligent, decisive, and joint way” after making plain to Washington its view that the tariffs are incompatible with World Trade Organization rules. German Foreign Minister Heiko Maas said “protectionism and isolation against free trade mustn’t regain the upper hand,” while French Finance Minister Bruno Le Maire called the tariffs “unjustified, unjustifiable, and dangerous,” noting a trade war would hurt growth everywhere. Also in advance of Ross’ announcement, Global News reported Canada had drawn up a list of possible US targets to hit in response
Let’s begin…..Mexico has answered the tariffs……
The government of Mexico announced on Thursday it would implement new duties on various U.S. products in response to President Trump‘s decision to levy steel and aluminum tariffs on the country.
“Mexico reiterates its position against protectionist measures that affect and distort international commerce in goods,” the government said in a statement.
“In response to the tariffs imposed by the United States, Mexico will impose equivalent measures to various products like flat steels (hot and cold foil, including coated and various tubes), lamps, legs and shoulders of pork, sausages and food preparations, apples, grapes, blueberries, various cheeses, among others, up to an amount comparable to the level of affectation.”
Some analysts say that this move will cost Americans jobs……as many as 2 million possible…..plus the cost of anything in an aluminum package will be more expensive……some food items will go up….and lumber….making new homes more expensive….just to mention a few of the sectors that could be effected.