Trump imposes Tariffs on Steel and aluminum Imports

Discussion in 'The War Room' started by PolishHeadlock, Mar 1, 2018.

  1. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    He promised a trade war and he's trying deliver.


    https://www.reuters.com/article/us-...-trump-announces-import-tariffs-idUSKCN1GD4YY

    (Reuters) - Wall Street’s main indexes fell on Thursday after President Donald Trump said the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum next week.

    http://money.cnn.com/2018/03/01/news/economy/new-york-fed-dudley-protectionism/index.html

    New York Federal Reserve President William Dudley lambasted tariffs and other protectionist trade policies on Thursday.
    "Raising trade barriers would risk setting off a trade war, which could damage economic growth prospects around the world," Dudley said in a speech at the Central Bank of Brazil in São Paulo. Although short-term gains are appealing, "in the longer term it would almost certainly be destructive."


    The speech comes the same day that President Trump announced that he would impose a 10% tariff on imported aluminum and a 25% tariff on imported steel. It was unclear if Trump would exempt any countries from the measure. Brazil, where Dudley spoke, is one of the top steel exporters to the United States. Trump said the tariff would be made official next week.

    Trade economists say Trump's actions could spark retaliation from China and other nations. That would be a trade war.

    Dudley, currently the No. 2 in rank on the Fed's powerful policy committee, did not name Trump, nor did he address the specific measures on steel and aluminum. But his views clearly conflict with Trump's view on trade.

    Dudley, not known for gloomy remarks, said trade restrictions, such as tariffs or quotas, won't save jobs as Trump believes. Dudley added that higher trade barriers "often backfire," and create long-term costs in the form of retaliation, higher consumer costs, higher production costs and less competitive industries in the United States.

    "The expectation that higher trade barriers would save jobs ignores these critical second-round effects," Dudley said.

    Dudley noted that free trade hasn't benefited everyone, and that countries must pursue policies that better distribute the economic and social gains of globalization. He advocated for more job training, job search assistance and unemployment aid.

    Dudley also dismissed the US trade deficit as a major concern. Trump's trade team is renegotiating NAFTA, the pact with Canada and Mexico, and his stated, top goal is to slash the US trade deficit with Mexico. He says the $71 billion trade deficit shows America is losing companies, money and jobs to Mexico.

    Dudley says foreign investment in the United States fills in the gap of the trade deficit.

    "There are many approaches to dealing with the costs of globalization, but protectionism is a dead end," Dudley said.
     
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  2. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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  3. Rod1

    Rod1 Titanium Belt

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    Imports on primary products have never and never will impact secondary industries or the jobs produced by such.

    Comrade Trump englobes the worst of the left with the worst of the right when it comes to economic policy.
     
  4. JonesBones

    JonesBones Gold Belt

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    US Steel is up big

    nearly everything else is down. lol
     
  5. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    https://mobile.nytimes.com/2018/03/...w-share&referer=https://t.co/1ipjHw7pzu?amp=1

    WASHINGTON — President Trump said on Thursday that he will impose stiff and sweeping tariffs on imports of steel and aluminum as he moved to fulfill a key campaign promise to get tough on foreign competitors.

    Mr. Trump said he would formally sign the trade measures next week and promised they would be in effect “for a long period of time.” The trade measures would impose tariffs of 25 percent on steel and 10 percent on aluminum. It is unclear whether those would apply to all imports or be targeted toward specific countries, like China, which have been flooding the United States with cheap metals.

    The announcement capped a frenetic and chaotic morning inside the White House as Mr. Trump summoned more than a dozen executives from the steel and aluminum industry to the White House, raising expectations that he would announce his long-promised tariffs. However, the legal review of the trade measure was not yet complete and, as of Thursday morning, White House advisers were still discussing various scenarios for tariff levels and which countries could be included, according to people familiar with the deliberations.

    Advisers have been bitterly divided over how to proceed on the tariffs, including whether to impose them broadly on all steel and aluminum imports or whether to tailor them more narrowly to target specific countries like China. Imposing tough sanctions would fulfill one of the president’s key campaign promises but could tip off trade wars around the globe as other countries seek to retaliate against the United States.

    Gary D. Cohn, the director of the National Economic Council, had been lobbying for months alongside others, including Defense Secretary James Mattis and Rob Porter, the staff secretary who recently resigned under pressure from the White House, to kill, postpone, or at least narrow the scope of the measures, people familiar with the discussions said.

    But in recent weeks, a group of White House advisers who advocate a tougher posture on trade has been in ascendance, including Robert Lighthizer, the country’s top trade negotiator, and Peter Navarro, a trade skeptic who had been sidelined but is now in line for a promotion.

    The departure of Mr. Porter, who organized weekly trade meetings and coordinated the trade advisers, and the breakdown of the typical trade advisory process has helped create a chaotic situation in which those opposing factions are no longer kept in check. The situation had descended into utter chaos and an all-out war between various trade factions, people close to the White House said.

    “Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world,” Mr. Trump said on Twitter Thursday morning. “We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!”

    The White House has come to the brink of announcing these measures several times in the past eight months, including last June. In recent days, the president appears to have grown impatient for action. In the past few days, supporters of the tariffs have also begun airing televised ads during programs that Mr. Trump has been known to watch.

    But foreign governments, multinational companies and the Pentagon have continued to lobby against the measure, arguing that the proposed tariffs could disrupt economic and security ties.

    Mr. Trump’s announcement came on the same day that senior administration officials are scheduled to meet with China’s top economic adviser, Liu He. The White House has been eager to clamp down on Chinese imports and has several trade measures underway.

    The investigation, which was launched under an obscure measure of the trade law called Section 232, has focused on whether imports were compromising American national security by degrading the industrial base. In a report released to the public in February, the Commerce Department concluded that imports were a national security threat.

    The Trump administration has already issued tariffs — it imposed restrictions on foreign washing machines and solar panels in January — but trade analysts said the announcement on steel and aluminum could be the broadest and most significant measure yet from an administration that has vowed to take a substantially different tack on trade.





     
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  6. Fox by the Sea

    Fox by the Sea Lighthouse keeper Platinum Member

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    this is the second shot over the bow.
    first one was telling the WTO to fuck off a few months back.
    i happen to be near this world. you have no idea the shock-waves it created in the world of high level politics.
    EVERYBODY who is anybody thinks this is a declaration of war against the chinese.
     
  7. JonesBones

    JonesBones Gold Belt

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    car companies, boeing, caterpillar. etc. getting destroyed. my thor too.

    [​IMG]


    Thor Industries, Inc. engages in the manufacture and sale of recreational vehicles. It operates through the following segments: Towable Recreational Vehicles, Motorized Recreational Vehicles, and Other. The Towable Recreational Vehicles segment includes operating entities such as Airstream, Heartland, Keystone, and KZ. The Motorized Recreational Vehicles segment comprises of operating entities such as Airstream and Thor Motor Coach.
     
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  8. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    US Agriculture is going to get hit in the crossfire as well. They will be the number 1 US industry to get hit with retaliatory tariffs.
     
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  9. Revolver

    Revolver you sound poor Staff Member Senior Moderator

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    Thanks Trump
     
  10. Quequeg

    Quequeg Double Yellow Card Double Yellow Card

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    You know who pays for tariffs? The end customer, dow down 500 MAGA!!!
     
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  11. Black Helicopters

    Black Helicopters Double Yellow Card Double Yellow Card

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    If I see formerly "conservative" posters (pre-Trump, all I care about is low taxes & capitalism types) endorse this I may have an aneurysm
     
  12. HomerThompson

    HomerThompson Titanium Belt Platinum Member

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    When this is the average intellectual, and maturity level of your followers:

    [​IMG]

    I'm not really sure what the rest of us were expecting to happen.
     
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  13. HomerThompson

    HomerThompson Titanium Belt Platinum Member

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    @TheComebackKid

    Thoughts on these tariffs?
     
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  14. Black Helicopters

    Black Helicopters Double Yellow Card Double Yellow Card

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    Hurr durr tariffs r gud!!

    [​IMG]
     
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  15. JonesBones

    JonesBones Gold Belt

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    Trump took my money and set it on fire! lol

     
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  16. Rod1

    Rod1 Titanium Belt

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    At this point im convinced Trump is indeed trying to destroy the country.

    Oh well, no empire lasts forever.
     
  17. xcvbn

    xcvbn Silver Belt Platinum Member

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    Not fully opposed to the idea. Outsourced materials(and products) are generally very low quality compared to US made. They shouldn't even be an option to purchase unless filling demand imo
     
  18. Warlord Palis

    Warlord Palis ♔ Lord of Jameson

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    Let it play out. China needs to be regulated with how much they out source so cheap.
     
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  19. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    It's basically a middle class tax hike
     
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  20. Black Helicopters

    Black Helicopters Double Yellow Card Double Yellow Card

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    That should probably be up to the consumers to decide, not some distant rich figure that will not be affected
     
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