Trump Tariffs Cost 5 Jobs for Single Job Gained, Analysis Finds

Trump Tariffs Cost 5 Jobs for Single Job Gained, Analysis Finds

Major Asian nations reacted sharply to U.S. President Donald Trump's decision to impose tariffs on steel and aluminium imports on Friday, warning of damage to relations amid industry calls for retaliation. But he showed more leniency than initially thought.

While some of his suppliers are based in Mexico, which are exempt from the tariff along with Canada, others are located in Brazil.

China's metals industry issued the country's most explicit threat yet in the row, urging the government to retaliate by targeting US coal - a sector that is central to Trump's political base and his election pledge to restore American industries and blue-collar jobs. As a result, 200,000 jobs were lost, significantly more than the total employment (187,500) in the country's entire steelmaking industry, two economists with Trade Partnership Worldwide reported in 2003.

He and Republicans, who hold more traditionally conservative positions on trade, believe the president's proposed 25 percent hike on imported steel and 10 percent on aluminum will have real consequences, especially for manufacturers, car-makers and others who use the raw materials. US trade chief Robert Lighthizer will be in charge of working out deals with other partners.

It is true that USA steel and aluminum producers have not been doing very well in global markets.

Trump says China is his target, but Canada is the top source of steel and aluminium that is imported by the US.

Government and companies are already lining up for a break.

"These measures could make a significant impact on the economic and cooperative relationship between Japan and the USA, who are allies", said Japan's trade minister, Taro Kono, in a statement. But they've stalled over tough U.S. demands, including the Administration's insistence that more auto production be shifted to America. And what will the likely impact of Trump's tariffs be?

The Trump administration said that the tariffs will take effect on 23 March 2018.

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"Exclusions will add reams to the tariff code that US businesses will struggle to navigate".

US President Donald Trump speaks before signing Section 232 Proclamations on Steel and Aluminum Imports in the Oval Office of the White House.

A trade war is essentially an escalating set of tit-for-tat trade restrictions. Some business groups are mulling court challenges, but experts say any challenge could be hard because Trump is invoking a 1962 law that gives him sweeping authority to impose tariffs for national security reasons.

Worsening trade ties will test China's policy of " strategic composure" in dealing with Trump's America First ethos.

But she warned that if the issue can't be resolved bilaterally or through the World Trade Organization, then "we will have to protect our industry with rebalancing measures".

Mnuchin said Trump is specifically pushing to get North Atlantic Treaty Organisation allies to spend the agreed goal of 2 percent of their gross domestic output on defense.

Canada, for its part, said it will lobby for a "permanent and full exclusion" from the tariffs, according to the nation's foreign minister, Chrystia Freeland.

New Zealand finance minister Grant Robertson said he did not support the tariff and did not want a trade war.

Canadian Cabinet members also kept phone lines "humming" with their USA counterparts in an all-out push that recalled a lobbying effort in April 2017 to persuade Trump not to withdraw from NAFTA but to pursue re-negotiation instead. Instead, the Commerce Department issued a report in January claiming that there's a shortage of domestically produced steel available for "critical infrastructure", which includes things like roads, bridges, ports, waterways and water treatment facilities.