Published: Fri, March 09, 2018
Worldwide | By Isabel Fisher

Trump says tariff announcement coming this afternoon

Trump says tariff announcement coming this afternoon

The European Union said it's ready to retaliate against the usa over President Donald Trump's proposed tariffs on steel and aluminum - with counter-measures against iconic us products like Harley Davidson motorcycles, Levi's jeans and bourbon.

President Trump is planning to offer Canada and Mexico a temporary exemption from new tariffs on steel and aluminum imports, reversing his original insistence that the measures apply to USA allies as well as nations like China, administration officials said Wednesday. However, he has argued that the tariffs would counter cheap imports, especially from China, which he says are undermining US industries and jobs.

"If you don't want to pay tax, bring your plant to the United States of America", he said.

Lawmakers including House Speaker Paul Ryan (R-Wis.) and Senate Majority Leader Mitch McConnell spent the week urging the White House to take a more surgical approach to tariffs rather than the flat 25 percent rate for steel and 10 percent on aluminum Trump proposed. He said the United States would also be open to negotiations on alternatives to the new tariffs with countries willing to engage in fair trade policies.

A USA drone strike has reportedly killed the son of the head of the Pakistani Taliban.

Linamar reported quarterly sales in the three-month period ending December 31 of $1.57 billion, up from $1.37 billion for the same time a year earlier.

FILE - U.S. Commerce Secretary Wilbur Ross speaks at the Confederation of British Industry's annual conference in London, Nov. 6, 2017.

Stock markets in Canada and Mexico rallied on the news, as did the Canadian dollar and the Mexican peso.

Mexico rejected any linkage to NAFTA in robust terms on Thursday.

In an interview on CBS This Morning, Sasse, a Nebraska Republican, argued against Trump's plans to start a trade war. The announcement seemed to catch many in his party and in his cabinet by surprise.

EU Council President Donald Tusk, who chairs summits of presidents and prime ministers, said the bloc's leaders will discuss the issue at their next meeting on March 22-23.

What the President wants to change in the NAFTA agreement is very small potatoes - most important being how much of a vehicle is actually produced in the US - and hardly worth the risk of causing the agreement to fall apart. We can not lose our steel industry.

"If Donald Trump puts in place the measures this evening, we have a whole arsenal at our disposal with which to respond", European Financial Affairs Commissioner Pierre Moscovici said before Trump's announcement.

Trump's tariffs have triggered the threat of countermeasures from the European Union and now China.

At the White House, officials were working to include language in the tariffs that would give Trump the flexibility to approve exemptions for certain countries.

Both Guajardo and Champagne were speaking to Reuters on the sidelines of the signing ceremony in Santiago. It's the boldest move to date for the president who campaigned on a protectionist platform sharply at odds with Republicans' free-trade orthodoxy. "That represents millions of", she said.

"Choosing a trade war is surely the wrong prescription, in the end you will only hurt others and yourself", Foreign Minister Wang Yi said, adding that "China will certainly make an appropriate and necessary response".

China had a record $375.2 billion goods surplus with the United States a year ago.

Reuters quoted a senior US official saying the measures would take place about two weeks after Trump signs the proclamation.

The US administration said the president still plans to sign off on global steel and aluminum tariffs as early as Thursday, but indicated there could yet be exemptions for infuriated allies.

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