Trump Signs Steel And Aluminum Tariffs Into Law - Excludes Canada And Mexico

Trump Signs Steel And Aluminum Tariffs Into Law - Excludes Canada And Mexico

Trump Signs Steel And Aluminum Tariffs Into Law - Excludes Canada And Mexico

WASHINGTON ― President Donald Trump's decision to impose steep tariffs on steel and aluminum imports drew rare bipartisan criticism from lawmakers, who warned the move could trigger a transatlantic trade war and hurt US companies.

Republicans and United States trading partners have also been urging Mr Trump to reconsider his plan to impose a blanket 25 per cent tariff on steel imports, and a 10 per cent on aluminium.

"The president's decision today to impose tariffs on steel and aluminum imports is disappointing, economically regressive and counterproductive", Heritage Foundation President Kay Coles James said in a statement.

US President Donald Trump holds up the Section 232 proclamations on aluminum imports after signing it in the Roosevelt Room of the White House on March 8, 2018 in Washington, DC.

Trump said that while the North American Free Trade Agreement (NAFTA) is being re-negotiated, Canada and Mexico will be exempt.

With the tariffs chiefly aimed at the dumping of Chinese steel into the U.S. market, Trump confirmed Canada and Mexico would be exempt while the North American Free Trade Agreement is under renegotiation. The steel workers of America are considered to be ardent supporters of Trump and direct manufacturers of steel will benefit from the President's move.

"I am extremely concerned that President Trump's aluminum and steel tariffs could counteract the recent successes of the Tax Cuts and Jobs Act: a significant increase in USA competiveness, a low unemployment rate, and a boost in the US economy".

With the stroke of a pen, President Donald Trump has set off a race among nations and companies to win relief from his steel and aluminum tariffs.

China Nonferrous Metals Industry Association also made similar strong comments, urging Beijing to take action on imports of coal, aluminum scrap, agriculture products and high-end consumer products.

Trump added that the steelworkers are part of the reason he won the presidency.

Mr Trump has complained about low-priced Chinese exports of steel and aluminium, but the latest move was likely to hit Japan and South Korea harder.

In a tweet, he said the " acting swiftly on Intellectual Property theft".

But Trump also said that Cohn was a "nationalist" in his own way because "he loves our country".

More than 100 House GOP lawmakers sent a letter to the president Wednesday urging him to "reconsider the idea of broad tariffs to avoid unintended negative consequences to the USA economy and its workers". That policy comes as a reversal from one the White House had put forward just days ago, when officials had said there would be no exemptions from Trump's plan.

Trade tensions between the world's two largest economies have risen since Trump took office.

"We'll see how far this really goes", he said.

European industry associations called on Malmstrom to respond if the EU was subjected to the tariffs, saying they would hit the steel and aluminium sectors hard.

Pennsylvania ranks in the top 15 states for steel and aluminum imports.

The tariffs would "seriously impact the normal order of global trade", China's commerce ministry said. It's a move that could impact businesses in Berks County.

Both McConnell's and Ryan's home states face potential retaliatory penalties.

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