White House trade adviser: Tariffs are to protect economic and national security

White House trade adviser: Tariffs are to protect economic and national security

White House trade adviser: Tariffs are to protect economic and national security

Trump on Thursday announced plans to slap tariffs of 25 per cent on all imported steel and 10 per cent on broad categories of aluminium imports, prompting trade partners to consider retaliatory measures.

Navarro, the director of the Office of Trade and Manufacturing Policy, during the interview argued that China is the source of the problem despite its low place on the list of exporters. "We must tread carefully when imposing tariffs of this size as they often have unintended consequences on American businesses".

"I think it's going to hurt us in the long run".

"If the President wants to protect good-paying, family-supporting jobs in America, especially here in Wisconsin, then he should reconsider the administration's position on these tariffs", said Republican Gov. Scott Walker of Wisconsin.

Trump on Thursday announced the tariffs of 25 percent on steel and 10 percent on aluminum, using a law that allows a president to render tariffs on imports if they are deemed a threat to national security.

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"By people representing us who didn't have a clue", the president said, "trade trends have destroyed American steel and aluminum industries".

If he aims only at China, however, he would hit a mighty small target since China accounts for only 2.9% of USA steel imports.

The tariffs also could force other countries to divert their steel away from the U.S.to other markets, threatening Canada's ability to remain competitive.

Automakers and U.S. allies yesterday warned that U.S. President Trump's announced steel and aluminum tariffs would boost vehicle prices and other goods by hiking commodities costs for manufacturers. More importantly, we're concerned about retaliation.

Other countries also suggested they were prepared to retaliate if necessary.

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It accounted for a whopping 49% of the 1.7 billion metric tonnes of steel produced globally a year ago, according to industry group Worldsteel. "In this area you cut out the mills, you cut out everything", said Jerry Martinez, a steel worker in northwest Indiana.

A Chinese foreign ministry spokesman said: "If all countries followed the example of the United States, [it] will undoubtedly result in a serious impact on the global trade order".

Talk of "trade wars" resulted in sharp losses on the stock exchange Friday morning.

The analysis came a day after Trump surprised seemingly everyone with specific, imminent tariffs on the materials.

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