SA industrial sector hails US President Donald Trump's commitment to exempt Australia from steel and aluminium tariffs
In a press conference held with Swedish Prime Minister Stefan Löfven on Tuesday, Trump said he has no plans to back away from a plan to implement a 25 per cent tariff on foreign steel and a 10 per cent tariff on imported aluminum. Trade wars are good, he says, they're easy to win. It urged the United States to withdraw the measures as quickly as possible.
Ng called on USA media, economists and Trump's trade advisers to take their responsibilities to deliver a simple truth to the president and public that the current officially reported U.S.
In 2017, US coal imports totaled 3.2 million tonnes, worth about $420 million and almost five times the 694 tonnes taken in the previous year.
His seemingly ridiculous tariffs on steel and aluminium, scheduled to come into effect at the end of next week, runs the risk of wrecking businesses in his own country who rely on the metal for manufacturing all sorts of things, from beer cans to planes, trains and automobiles. Meanwhile, the European Union cried so loud because it worries that steel that might've gone to the US will now find its way to Europe, pressuring local steelmakers even further. According to the U.S. Commerce Department's 2017 trade statistics, the U.S. trade deficit with Japan - the value of items exported minus the value of items imported - was $68.8 billion (about ¥7.3 trillion).
"Trump's behavior is a challenge to the global steel industry and will definitely encounter opposition from more countries", the China Iron & Steel Association (CISA) said in a statement on its website.
William Perry: That was always the fear, the total employment in USA steel industry is around 190,000 workers but in the downstream the companies, the companies in the United States that consume steel and aluminum we're talking millions of jobs, so there are a lot more companies that consume steel. "He got only very small part from the business, the restaurant, market, farm, everyone are on the chain".
Seko said he asked the European Union to seek a solution based on the framework of the World Trade Organization.
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"If the USA can not adjust its own industrial structure to reduce its trade deficit and orders the world to follow its words, China and the rest of the world will have no choice but to meet the challenge head-on".
Ng's argument was supported by a study from Federal Reserve Bank of Dallas, which shows that using a value-added approach to measure bilateral trade reduces the U.S.
First, everybody would be anxious about retaliation, there are a couple of doorways for both countries and products to get out of the case, one doorway is if countries have a security relationship with the United States, obviously, not including Russian Federation and China, those countries are allowed to come in and negotiate with the United States for some kind of a deal with the administration to lift those duties from those countries, I think protected are Europe and the European Union and EC might want to go in and negotiate with the United States over these tariffs.
Trump said the move would spur economic growth in the region. Initially, only Mexico and Canada were exempt from paying the steep tariffs during negotiations over the North American Free Trade Act (NAFTA), but the president's latest tweets seem to suggest Australia will also be exempt.
The key to resolve the trade problem is not trade itself, Ng said, adding a comprehensive cooperation framework is necessary.
But they appeared to win no quick concessions. "China trade relation to be more fair, balanced, and mutually beneficial", he concluded.
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