Justin Trudeau visiting Hamilton to show support for steel workers

Coupled with the higher costs of imports due to the tariffs, domestic producers could face a double whammy. Today, we’re taking one high-profile Wall Street pick and putting it under the microscope.

Trump recently exempted Canada and Mexico from tariffs on steel and aluminum, although the USA government has been dropping hints that the exception is only temporary.

The new steel tariffs is a good idea, except I don’t see how the United States can compete with China when the workers there probable get a few dollars a day when union steel workers in the USA get from $30.00 to $60.00 an hour.

Trade Commissioner Cecilia Malmstrom told the European Union legislature on Wednesday that while the 28-nation European Union would continue to seek exemption from the US measure that could kick in next week, it will prepare countermeasures to hit USA exports. Here’s what you need to know. The Commission spokesman also pointed to USA import duties of up to 48 percent on shoes, 12 percent on textiles and 164 percent on peanuts. We just need to whisper in the ears of USA trade negotiators that it’s never a wise move to cut off your nose to spite your face.

After a huge construction boom at the start of the millennium boosted its steel industry, China’s recent economic downturn prompted it to export its overcapacity in steel at artificially low prices. So what is it, exactly, that Vertical Group doesn’t like about the tariffs story? Now that the number is known – 25% – Vertical says investors are “shifting” their focus to the fine print.

Why does no one talk about the elephant in the room with the new tariffs? In the steel notice, Trump cited the “ongoing discussions with these countries” alongside his decision “to exempt steel articles imports from these countries from the tariff, at least at this time”.

Many traditionally pro-trade Republican lawmakers in the U.S. also fiercely oppose the tariffs, saying they might help steel and aluminium makers, but would mean higher prices on many other products. South Korea needs to work with the worldwide community to develop practical measures to tackle Washington’s growing trade protectionism effectively and also sharpen the global competitive edge of the local steel industry. With the possibility of an exemption in mind, South Korean trade authorities will once again stress that Korean companies’ investment in the US can contribute to the American economy and that Korean steel exports do not affect the U.S.’ security and economy negatively.

We urge the administration to reconsider this action and continue investigating the impact of steel and aluminum tariffs on the USA economy and steel-consuming sectors downstream.

“Imported aluminum used to make beer cans is not a threat to national security”, said Jim McGreevy, the Beer Institute’s CEO.

And this actually looks like a reasonable scenario to me. The WTO agreements set out “Security Exceptions”, that exclude “any action which [a member state] considers necessary for the protection of its essential security interests. relating.to such traffic in other goods and materials as is carried on directly or indirectly for the goal of supplying a military establishment”. “He’s going to get a lot of resistance on this”, said Sen. “It will cost consumers millions of dollars for each job saved in aluminum or steel production – a genuinely stupid and counterproductive policy”.

Critics claim tariffs will raise steel prices.

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Retaliatory tariffs placed on US products could impact 11 states where exports account for more than 10 percent of gross domestic product. The Motley Fool has a disclosure policy. That’s right – they think these 10 stocks are even better buys.