Trade war escalates as Trump’s 25% metal tariffs take effect

The tariffs imposed by US President Donald Trump’s imports on steel and aluminum imports have influenced the movement to increase tension with the largest trading partners in the United States.

The bill raises a flat duty of steel and aluminum entering the United States and ends all national exemptions.

It triggered the immediate response of the European Union, saying it would impose opposition to billions of euros of US products.

Trump hopes that tariffs will increase US steel and aluminum production, but critics say they will raise prices for US consumers.

American Iron and Steel Institute (AISI), a group representing US steel manufacturers, welcomed the tariff that it would create jobs and strengthen the domestic steel manufacturing industry.

Kevin Dempsey, chairman of the organization, said the movement has closed the exemption, exclusion and exclusion and equivalent system so that foreign producers can avoid tariffs.

Dempsey said, “AISI applauds the president’s actions to restore the integrity of tariffs on steel and to implement a strong and vital program to solve unfair trade practices.

The United States is a major importer of aluminum and steel, and Canada, Mexico and Brazil are one of the largest suppliers of metal.

Other countries immediately responded to movements.

Jonathan Reynolds, the British Minister of Trade, said he was disappointed and said, “All options were on the table.”

The European Commission said in a statement that it is imposing a tariff on 26 billion euros (21.9 billion £ 21.9 billion and $ 28.3 billion).

Australian Prime Minister Anthony Albanese said the Trump administration’s decision on new tariffs was “not entirely justified.”

“It violates the spirit of continuous friendship between our two countries, and it is fundamentally conflicted with the benefits that our economic partnership has been delivered for more than 70 years.”

Albanes, who tried to secure the exemption of tariffs, said Australia would not impose retaliation obligations because Australia would only raise prices for Australian consumers.

Meanwhile, Canadian energy minister Jonathan Wilkinson told CNN that his country would retaliate. But Canada added that he did not try to raise tension.

Canada is one of the closest trade partners in the United States, the largest steel and aluminum exporter in the United States.

During his first term in 2018, Trump imposed import tariffs of 25%and 10%aluminum for steel, but eventually negotiated in many countries.

This time the Trump administration signaled that there would be no exemption.

Target means that US companies that want to bring metal to the country must pay 25%of taxes.

This will increase the cost of many US industries, including aerospace and automobile manufacturing and construction.

Michael Dimarino operates Linda Tool, a Brooklyn company that creates parts for the aerospace industry. Everything he makes is related to a kind of steel, and many of them come from the US plant.

Dimarino said, “If the price is higher, if you raise the price to the customer, the price is higher, which is delivered to the consumer.

American Automotive Policy Council, a group representing automotive giants such as Ford, General Motors and Stellantis worry.

Matt Blunt, the chairman of the organization, said, “The cancellation of the exemptions of Canada and Mexico will add a significant cost to the supplier of automakers.

Some economists warn that tariffs can help the US steel and aluminum industries but can harm a wider economy.

“It protects it [the steel and aluminium] Bill Reinsch, an official of all commercial departments in the Strategy and International Research Center, said:

Trump’s fear of the economic cost of trade tariffs has been triggered. Sales of the US and global stock market This week was accelerated this week after the US president refused to exclude the prospect of the economic recession.

The largest S & P 500 index of the largest company listed in the United States fell 2.7% on Monday and dropped 0.7% on Tuesday, which has fallen one day since December.

At the beginning of Tuesday, the British FTSE 100 stock index fell by more than 1%. CAC 40 degrees in France and Germany.

Meanwhile, the Oxford Economic Research Company said in a report that the US growth prediction of the year was lowered from 2.4%to 2%and the prospects for Canada and Mexico steeply.

“Despite the downgrade, we still expect the US economy to be better than other major advanced economies over the next few years,” the report added.

“Uncertainty over the way of US tariffs is high at any time.”

Tuesday, the United States and Canada I stepped out of the crisis The main escalation of the trade war.

Trump threatened for the first time since he said he had stopped planning to double the US tariffs on Canadian steel and metal imports to 50 percent.

The president’s movement has been after 25%of the electricity is suspended after the province of Canada, Ontario, has been sent to some northern provinces in the United States after suspended 25 percent of new charges in electricity.

Despite climbing, Canada will still face 25%of Trump’s tariffs.

Additional report of Michelle Fleury in New York