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Bugs





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PostPosted: Thu Mar 01, 2018 6:03 pm    Post subject: Trump announces new tariffs on steel, aluminum ... Reply with quote

Quote:
Trump Announces New Tariffs On Aluminum And Steel
CHRISTIAN DATOC
Breaking News and Engagement Editor
12:43 PM 03/01/2018

President Donald Trump announced Thursday a host of new “punitive” tariffs that will be implemented on Monday.

Trump made the announcement during a meeting with industry executives at the White House.

The rates for aluminum will be 10 percent, while steel will be affected at a rate of 25 percent, and have “no endpoint,” according to Fox News’ John Roberts.

The president hinted at his reasoning for the tariffs in a tweet earlier Thursday morning.
Quote:

“Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world,” he wrote. “We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!”

http://dailycaller.com/2018/03.....paign=push
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PostPosted: Thu Mar 01, 2018 6:36 pm    Post subject: Reply with quote

Maybe next week , ya know, its being written up.

What ban idiot. Trips over himself to announce somthing no one is ready for.

Chief Bone Spurs is ready to implode .
Bugs





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PostPosted: Fri Mar 02, 2018 9:02 am    Post subject: Reply with quote

On the other hand, there will be those who are interested in the economic consequences of the decision ... for Canada.

Although I can't claim to know what TC's posting about, his focus is on finding Donald's flaws. Not hard. The'problem is -- the guys on the other side, who are making the accusations, are worse! Every time. Even TC.
Bugs





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PostPosted: Fri Mar 02, 2018 12:51 pm    Post subject: Reply with quote

More on the changing economic conditons ...

Quote:
Trump invites ‘easy to win’ trade war as tariff anger spreads around world
Joe Deaux, Andrew Mayeda, Toluse Olorunnipa and Jeffrey Black
March 2, 2018
12:00 PM EST

Trump’s aggressive stance has stoked fears of trade retaliation and roiled global markets. Here are the developments so far

President Donald Trump invited a trade war after slapping tariffs on steel and aluminum imports, daring other countries to act on threats of retaliation.

Quote:
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

5:50 AM - Mar 2, 2018
50K
30.2K people are talking about this


Trump is facing anger from manufacturers and trade partners in China and Europe after announcing tariffs of 25 per cent on imported steel and 10 per cent on aluminum for “a long period of time.” The formal order is expected to be signed next week.

Republican Sen. Ben Sasse of Nebraska cautioned “Trade wars are never won. Trade wars are lost by both sides,” in a statement. “If the President goes through with this, it will kill American jobs — that’s what every trade war ultimately does. So much losing.”

Trump in another warned of more trade actions ahead, casting them as reciprocal taxes, a term he has used for imposing levies on imports from countries that charge higher duties on U.S. goods than the U.S. currently charges.


Quote:
Donald J. Trump

@realDonaldTrump
When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart. We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!

8:57 AM - Mar 2, 2018
49.2K
24.7K people are talking about this


The aggressive stance has stoked fears of trade retaliation and roiled global markets. The U.S. dollar weakened for a second day against a basket of currencies, while equity markets across the U.S., Asia and Europe have declined.

Trump hasn’t given the details of his proposed action on steel and aluminum tariffs, including whether any products or countries would be exempted.

The planned tariffs, justified on the basis that cut-price metals imports hurt both American producers and national security, now raise the prospect of retaliatory curbs on American exports and higher prices for domestic users. While the practical impact may yet turn out to be limited, the political environment for global trade has just taken a turn for the worse.

European equities followed Asian markets lower on Friday after losses in the U.S. the day before. Europe’s Stoxx 600 fell 0.7 per cent, with many automakers and basic resource companies among major decliners. The S&P 500 was down more than 1 per cent at 9:45 a.m. New York time.


Asian stocks had already built on losses seen in the U.S. the previous day, with shares in Hong Kong, Japan, China, Australia and South Korea weaker. Separately, the yen spiked and Japanese assets slumped after Bank of Japan Governor Haruhiko Kuroda discussed the timing of a possible exit from its stimulus policy in parliament.

The official response in China, the world’s largest steel producer, was muted. Foreign Ministry spokeswoman Hua Chunying merely said in Beijing Friday that China urges the U.S. to follow trade rules.

Industry insiders were less restrained. The U.S. measures “overturn the international trade order,” Wen Xianjun, vice chairman of the China Nonferrous Metals Industry Association, said in a statement. “Other countries, including China, will take relevant retaliatory measures.”

Li Xinchuang, the vice chairman of China Iron and Steel Association, called the move “stupid.”

U.S. allies, seeing their industries threatened, responded with bafflement and dismay. Some also panned the idea that metals imports pose a threat to national security.

“Steel and aluminum imports from Japan, which is an ally, do not affect U.S. national security at all,” Japan’s Trade Minister Hiroshige Seko told reporters in Tokyo Friday. “I would like to convey that to the U.S. when I have an opportunity.”

Canada — the biggest foreign supplier of steel and aluminum to the U.S. — said the measures were unacceptable while the European Union vowed to “react firmly” with World Trade Organization-compliant countermeasures in the next few days. Australian Trade Minister Steve Ciobo called the move “disappointing” and said his country is seeking an exemption.

The punitive measures would level the unfair playing field that has persisted for years, and make it easier for American companies to expand and hire workers, Trump said.

U.S. companies from beer brewer MillerCoors to candymaker Hershey Co., which use aluminum for manufacturing and packaging, said operations would be hurt by the tariffs.

“We buy as much domestic can sheet aluminum as is available, however, there simply isn’t enough supply to satisfy the demands of American beverage makers like us,” MillerCoors said in a tweet. “American workers and American consumers will suffer as a result of this misguided tariff.”

A U.S. move on tariffs risks provoking retaliation, particularly from Beijing. China has already launched a probe into U.S. imports of sorghum, and is studying whether to restrict shipments of U.S. soybeans — targets that could hurt Trump’s support in some farming states. While China accounts for just a fraction of U.S. imports of the metals, it’s accused of flooding the global market and dragging down prices.

“China’s total exports of steel and aluminum are equal to about 0.5 per cent of GDP, most of that from steel,” said Bloomberg’s Chief Asia Economist Tom Orlik. “Relative to fears from Trump’s campaign trail rhetoric, in which he threatened an across-the-board 45 per cent tariff on all imports from China, these measures are extremely limited.”

Trump announced the tariffs despite lobbying of his administration by foreign governments, and while Chinese President Xi Jinping’s top economic adviser is in the country on a mission to defuse tensions.

The impact of the step hinges in part on which nations will be affected, said Alex Wolf, senior emerging markets economist at Aberdeen Standard Investments in Hong Kong, who previously worked at the U.S. State Department.

“It’s not much ado about nothing,” he said. “But until we see the final scope of the tariffs and the response from global trading partners it’s hard to say it’s the start of a tit-for-tat trade war.”

Bloomberg.com
http://business.financialpost......ffs-update


Is this the first shot in a trade war? Where does Canada want to be placed when this is over? Things to think about ... although I have learned that Canadian Conservatives don't like thinking about economic policy ...
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PostPosted: Fri Mar 02, 2018 1:45 pm    Post subject: Reply with quote

Trump will be talked out of this, in part or in whole when the ones with the smarts get a hold of him.

There are millions of American jobs that depend on steel , but only a few hundred thousand jobs making steel.

So, he helps out the steel unions (lets face it , the only ones who gain advantage) yet hurts all the other american jobs.

Steel industry is bloated and inefficient . Nice incentive to get better.

Not.

Im understadning better how little the orange bone spur knows .

And yup, unless an exsclusion comes for us it will hurt.
Bugs





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PostPosted: Fri Mar 02, 2018 6:51 pm    Post subject: Reply with quote

Quote:
Steel tariffs: Justin Trudeau says move by Trump ‘makes no sense,’ adds he spoke with president
By Amanda Connolly National Online Journalist Global News

Prime Minister Trudeau said Friday that he has spoken in the past with President Donald Trump about the close U.S.-Canada trade ties, but did not provide details on any immediate talks with Trump in response to proposed tariffs placed on Canadian steel and aluminum.

Prime Minister Justin Trudeau says he has spoken directly with U.S. President Donald Trump to make clear Canada views the imposition of steep new tariffs on foreign steel and aluminum as “absolutely unacceptable” and that the decision “makes no sense.”

In a press conference with reporters during his post-budget tour Friday, Trudeau touted the equality-focused federal budget but the questions he faced were dominated by concerns about how the government will respond to a plan announced by Trump on Thursday to impose a 25 per cent tariff on foreign steel and a 10 per cent tariff on imported aluminum.

“We regard the implication of any new tariffs as absolutely unacceptable,” Trudeau said. “I have spoken a number of times directly with the president on this issue … highlighting and reminding him of the close security cooperation we have and highlighting this is not something that we want to see.”

The comments from Trudeau came roughly two hours after his finance minister, Bill Morneau, also spoke to media from a stop on his post-budget tour and said little about what concrete steps the government is taking in light of the tariff announcement, which caught businesses by surprise.

Morneau said he had had a phone conversation with the U.S. trade secretary on Thursday but gave little insight into the effects of the move on the ongoing renegotiation of the North American Free Trade Agreement or on how the government plans to avoid to trade war.

He also gave few hints as to whether the government thinks it will be able to secure an exemption from the tariffs for Canadian steel and aluminum producers.

“I’m not going to hypothesize about what might or might not happen,” said Morneau, who’s in Montreal as part of his post-budget tour.

“My job is to protect Canadians, put forward our position and continually try to improve the opportunities we have for business and Canadians.”

The announcement of the tariffs Thursday left Canadian businesses reeling and politicians scrambling to ease fears about the potentially disastrous effects the tariffs could have on Canadian industry.

Of the steel imported each year by the U.S., 16 per cent comes from Canada.

Canada also is the biggest foreign buyer of American steel, and Trudeau said Friday that the effects of the tariffs proposed by Trump would be significant.

“Disruptions to this integrated market would be significant and serious.”

According to the Canadian Steel Producers Association, Canada and the U.S. traded $12 billion worth of “evenly balanced” steel in 2017.
https://globalnews.ca/news/4058176/steel-tariffs-bill-morneau-donald-trump/


This would be sure to make the orange bone spur smile. A reaction that demonstrates absolute impotence ...

Does Justin Trudeau think that by refusing to accept these changes, he can hold them off? Surely not. He can't be that foolish. So this must be as empty a gesture as you can get. What's his plan? How does he hit back? Does the silly little twirp think he can get Canadians to keep their disbelief suspended through an economic storm?

Have they even planned about what to do in this eventuality -- which was all but certain, on some set of commodities or another? Trudeau's daft comment that this 'makes no sense' -- but it does, if it revives the American steel industry.

People should understand that Trump is not an idiot and that what is underway is nothing less that the rebuilding of industrial America. Oh, and that he regularly makes a monkey out of his opponents. Is Justin going to be the one to stand up to the Dragon?

So, we just have to make our own steel from now on. The problem is change is hard on people. Just the insecurity can have repercussions. The future doesn't look good for the light-footed Mr. Trudeau.

Here's the thing -- in a period of big economic changes, the best course is to get it over with as fast as possible. That means getting government pushed back, rolling back things like minimum wages, etc. Letting the interest rates go where they will go, and let the financial institutions fail where they fail, and have soup kitchens standing by.
You get the picture. That involves the least social cost.

Our best path with him is to ask what we need to do to keep the benefits of the integrated steel industry, for example, and get job growth in both countries? We need to develop our own industry from the lost capacity, to accept the changes in the market, and use credit and inflation to make debt disappear. If they don't want our raw resources, our challenge is to export them in a more labour-added form.

Who knows how far down this road Trump wants to go? It doesn't matter, we should be looking to get a few industries going that we can dominate. Sweden has Volvo. We need half a dozen Volvos. We are going from a time of expanding trade as a source of new wealth to a time of some degree of protectionism. We should face it.

Trump is going to win the mid-terms, and have the Republican majority in both houses in his pocket after this. You can put my prediction against TCs. I don't see why in the world Trump would exempt Canada from this tariff, once having taken the step. It makes more sense to think of this as an opening round of a new approach to world trade.


Last edited by Bugs on Fri Mar 02, 2018 7:09 pm; edited 1 time in total
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PostPosted: Fri Mar 02, 2018 7:01 pm    Post subject: Reply with quote

Every economic advisor in the US knows this is a bad deal for America and everyone else.

It is estmited it will cost far too many jobs in the US.

It wasnt planned very well, no one knew Bone Spurs would annouce this since no meetings had commenced. No other dept's were advised, no talking points had been set.

Ah, but what is on the horizon ?

Oh yea....Pennsylvania has an election in 11 days , the heart of the American steel industry.

Ok..now I get it.

All of this because China dumps shitty steel on the Yanks, and stockpiles Aluminum in Mexico.

Oh that silly stupid boy.


"..if it revives the American steel industry. "

hahahahahahahahahahahahahahahahahahahahahah.................. somebody dont know much about the steel industry.
Bugs





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PostPosted: Fri Mar 02, 2018 7:26 pm    Post subject: Reply with quote

Does any of this have any relevance to anything?

Yeah, we aren't the perps, but we suffer. Why? Perhaps in part, because we played it stupidly. Our boy PM was swanning around, posing as the counter-Trump, and vowing to side with Mexico to make America back down. And there was some garbled nonsense about getting Mexico up to Canadian standards of family law. What a preposterous load of bull!

Both Canada and Mexico have no real bargaining position. But we export the materials that are used in industrial jobs, to some extent making that product possible, whereas Mexicans export labour, in the form of finished products, etc.

We have blown it because we haven't pointed that out successfully. We are an open market for American investment, for example. We should have dickered about giving up supply-management or offered things like that.

The gentle reader can decide who he chooses to believe, if anyone ...
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PostPosted: Fri Mar 02, 2018 7:54 pm    Post subject: Reply with quote

I dont think we have blown anything.

Theres been no negotiation on this issue. Just trump has had a bad week along with his kids and son in law and he grasping for something to be pleased about on the news.

We are the #1 supplier of steel to the US. You think they dont know that at the mfg level and now will have to pay much higher prices all around ?

The steel industry is small versus the mfg sector by orders of magnitude.

I suspect once the eletion is over, Canada gets exonerated and this thing dies as it should.
Bugs





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PostPosted: Fri Mar 02, 2018 11:01 pm    Post subject: Reply with quote

There are, of course, other points of view.

https://www.youtube.com/watch?v=zTPUY_C9OVg

Well, people will see who is right.

But if Justin hasn't blown anything, how come this caught your boy by surprise? How come we have no Plan B? What's he going to do to retaliate? Put a tariff on avocados?
Bugs





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PostPosted: Sat Mar 03, 2018 5:50 pm    Post subject: Reply with quote

The new development: Trunp shows his trading partners the cards he is holding!

Quote:
Trump Threatens Europe: "We Will Tax Your Cars"
by Tyler Durden
Sat, 03/03/2018 - 13:24

This is how trade wars escalate: Trump hasn't even officially announced the steel and aluminum import tariffs, expected to be formally unveiled this coming week, and the rhetoric is already one of World Trade War I doom and gloom.

Hours after Trump tweeted on Friday morning that “trade wars are good, and easy to win,” European Commission President Jean-Claude Juncker said the bloc is prepared to respond quickly and forcefully by targeting imports of Harley-Davidson motorbikes, Levi Strauss & Co. jeans and bourbon whiskey from the U.S.

According to some, the preliminary EU retaliation was targeted in a way that would maximize political pressure on American leaders: Harley-Davidson is based in House Speaker Paul Ryan’s home state of Wisconsin, while bourbon whiskey hails from the state of Senate Majority Leader Mitch McConnell. San Francisco-based Levi Strauss is headquartered in House Minority Leader’s Nancy Pelosi’s district.

As Bloomberg noted, Juncker’s threat heightened the prospects of a global free-for-all, as the World Trade Organization said the potential of escalating tensions “is real” and the International Monetary Fund warned the restrictions would likely damage the U.S. and global economy. It also prompted speculation that in light of the widespread condemnation by US trading partners and allies, that Trump might step back and reconsider the sanctions. This in turn led to a late-day burst in the stock market.

That however appears unlikely: first, in a tweet Friday morning, Trump doubled-down and warned of more trade actions ahead, casting them as reciprocal taxes, a term he has used for imposing levies on imports from countries that charge higher duties on U.S. goods than the U.S. currently charges.

“We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!” Trump said in the tweet.

* * *

On Saturday, Trump's resolve appears only to be hardened. For one, Trump's newly reincarnated foreign trade advisor said that the tariffs will likely be signed early next week. On Friday, Navarro also made clear that there wouldn't be any exemptions, for either Canada or other US allies:

“I don’t believe any country in the world is going to retaliate for the simple reason we are the most lucrative and biggest market in the world,” Navarro told Fox News Friday. “They know they’re cheating us. All we’re doing is standing up for ourselves.”
https://www.zerohedge.com/news/2018-03-03/trump-threatens-europe-we-will-apply-retaliatory-tax-their-cars


If I were Germany's Merkel, I'd be trying to cut a deal. Japan, the same. China must be watching intently. I wonder what the fat kid in North Korea -- you know, the Rocketman -- I wonder what's running through his mind right now.

I dunno, TC. That's just my view, which you tell me is twisted. So ... how about it? If Trump lays on a tariff, and there are no real counter-moves, you'd have to say he's pulled it off, would you not?
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PostPosted: Sun Mar 04, 2018 12:37 pm    Post subject: Reply with quote

( the steel tariffs will apply to everyone , even Canada which has a free trade deal with the US )




Jake Tapper‏Verified account @jaketapper · 4h4 hours ago

Peter Navarro says POTUS will apply steel and aluminum tariffs across the board, with “no country exclusions.” Action expected at the end of the week. #CNNSOTU
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PostPosted: Mon Mar 05, 2018 9:40 am    Post subject: Reply with quote

News

Trump: steel, aluminum tariffs stay unless there’s a new NAFTA deal

By Canadian Press. Published on Mar 5, 2018 8:38am


(AP Photo/Seth Wenig)




WASHINGTON — President Donald Trump began the week by issuing a pair of early-morning tweets that say American tariffs on imported steel and aluminum will only come off if there’s a new NAFTA agreement that’s fair to the United States.

The messages seem to be leverage for his administration’s renegotiation of the North American Free Trade Agreement, which covers trade between the United States, Canada and Mexico.

“We have large trade deficits with Mexico and Canada,” Trump began in his tweets, which contain often-repeated claims but added a new connection between trade talks and the steel and aluminum tariffs he announced Thursday.

“NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A. Massive relocation of companies & jobs. Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed,” Trump said.

His second tweet said Canada must treat American farmers better and Mexico must do much more to stop drugs from entering the U.S.

Prime Minister Justin Trudeau — who has said repeatedly that Canada is prepared to deal with a wide range of positions from Trump — said last week that “it just makes no sense to highlight that Canada and Canadian steel or aluminum might be a security threat to the United States.”

“That’s why this is absolutely unacceptable and it’s a point we’ve made many times, that I’ve made directly with the president. It’s one that we’re going continue to engage with all levels of the U.S. administration on,” Trudeau said during an event in Barrie, Ont.

The Trump administration has also come under political pressure at home to exclude Canada, which a military ally of the United States and its largest supplier of imported steel and aluminium.

Adding the costs of tariffs may make them too expensive for American companies to buy, hurting Canada and other U.S. trade partners, or they may add to the cost of U.S. manufactured goods and construction projects if the costs are passed along to the final consumer.

The Trump administration is down-playing the impact on domestic prices.

White House trade adviser Peter Navarro told “Fox and Friends” on Monday that there are “virtually no costs here.”

“If you put a 10 per cent tariff on aluminum, it’s a cent and a half on a six pack of beer and it’s $25,000 on a $330 million (Boeing777),” Navarro said.

Similar comparisons were made over the weekend on various political-affairs programs by Navarro and U.S. Commerce Secretary Wilbur Ross.

https://ipolitics.ca/2018/03/05/trump-steel-aluminum-tariffs-stay-unless-theres-new-nafta-deal/
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PostPosted: Mon Mar 05, 2018 6:15 pm    Post subject: Reply with quote

What's the smart move here?

Do we sit tight, and perhaps force some more concessions out of the Americans when they realize that we are really a vital key to their economic success and capitulate?

Or do we say, OK, let's get serious. What do you want? And start to negotiate for real, forgetting about what it will do to Trudeau's image if Mexico works its own gender situation out.

Or do we capitulate? I hope that most of us understand that when Canada "gives up" supply management, for example, it "gives up" higher consumer prices for poorer products and replaces it with a free market. The four liters that, in Canada would cost $6 is half that in the USA -- because milk is a supply-managed product. Eggs in the US can be on special at $0.99 a dozen. Here, they can be as much as $7 a dozen, but the normal eggs are s little less than $3.00. What is "Canada" giving up, in those cases?

The thing about Canada is we have had it soft for a long time. There isn't much competition in this country, not real competition. There's regulations, instead. We want to make sure that the girls have good lives rather than crassly going after wealth-production. To prosper under the new realities, we are going to have to get smart, work harder, and get the government out of the way. That's the real problem we face, no matter what is negotiated.

The Americans want balanced trade with us. They are trying to make us buy American products with the surpluses we earn in their market, rather than going to Germany, Japan ... and possibly even China. The threat isn't that prices will go up and everybody will lose -- that journalist talk, and what do they know about economics? The threat is that steel plants will disappear from Canada, the steel being now made in Gary, Indiana, perhaps ...

On the other hand, TC says Trump will throw his cards in any time now. (I think TC thinks Trump is too stupid to realize what a losing move he's made.) So maybe he's right this time. Hasn't happened before, but maybe this time ...
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PostPosted: Tue Mar 06, 2018 11:47 am    Post subject: Reply with quote

RCO wrote:


Trump: steel, aluminum tariffs stay unless there’s a new NAFTA deal

https://ipolitics.ca/2018/03/05/trump-steel-aluminum-tariffs-stay-unless-theres-new-nafta-deal/


Demand something unreasonable and then take it off the table in order to get something you want.

That's like the second chapter of the Art of the Deal is it not?
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Trump announces new tariffs on steel, aluminum ...

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