Markets Right Now: Plans for steel tariffs sink U.S. stocks
How might the steel and aluminum tariffs President Donald Trump announced Thursday change things at home?
Sanders says Trump has been talking about it "for decades". "The burden of these tariffs, as always, will be passed on to the American consumer".
Roughly 3% is imported from Germany, the only European Union country to make the top 10 list of USA steel providers.
Chinese officials condemned the prospects of USA tariffs ahead of the decision Thursday.
President Donald Trump said Thursday the United States would implement stiff new tariffs on imported steel and aluminum. We'll be signing it in and you will have protection for the first time in a long while.
The president is expected to impose tariffs of 25 percent on steel and 10 percent on aluminum. But in the end the logic of both cases is the same, in that the Trump Administration is moving to protect a domestic industry from lower-cost imports. Steel tariffs imposed in 2002 cost 200,000 hardworking Americans their jobs. "We've been in a trade war, and we're the ones that have been decimated because of this".
GOP lawmakers responded warily to President Trump's announcement of new tariffs on steel and aluminum Thursday, with House Speaker Paul Ryan, R-Wis., asking the president to "consider the unintended consequences of this idea".
But Trump told reporters that he had made his decision. This official was not authorized to discuss the internal deliberations publicly and spoke on condition of anonymity.
Freeland also chided the USA for the tariffs she said would harm workers in both countries.
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India, Pakistan have to sit and talk over border tensions
Responding to a question Khawaja Muhammad Asif said that Pakistan would frame its foreign policy keeping in view the national interests.
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"We're fighting back for them to abide by the rules they agreed to when they joined the WTO, for them to abide by the rules they agreed to when they got permanent favored nation trading status with the United States", DiNicco said.
At least two corners of the stock market cheered Trump's tariff announcement.
Speaking at a White House meeting with business leaders, Trump said he would officially impose a 25 percent tariff on steel imports and a 10 percent tariff for aluminum next week.
"These proposed tariffs on steel and aluminum imports couldn't come at a worse time", said AIADA President and CEO Cody Lusk.
Ignoring that, reports indicate that Canada is likely to be excluded, but conflicting reports from this White House will be enough to make investors sweat in the short term.
-Associated Press writer Darlene Superville.
US Commerce Secretary Wilbur Ross has suggested imposing customs or quotas on imports from China and other countries, ranging from global and country-specific tariffs to broad import quotas.
Increased foreign production, especially by China, has driven down prices and hurt American producers, and the Commerce Department calls the situation a national security threat.
Trump campaigned on improving Washington's trade deals and has talked about bad U.S. worldwide trade deals for decades.
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