Trump Tariffs Not Such a Big Deal for Economic Growth

Scrapping NAFTA would be a 'catastrophe': Trump's new economic adviser Kudlow

Trump Tariffs Not Such a Big Deal for Economic Growth

On a more pessimistic note, the US has already been imposing anti-dumping and countervailing duties on Korean steel products, which will now be subject to an additional 25 percent tariff. America helped other countries protect their own industries through high tariffs until they could recover. They encourage American producers to hunker down behind the tax's protective wall, focusing on the captive local market instead of figuring out how to prevail in the rough and tumble of global competition.

He added "We will always stand up for Canadian steel and aluminum workers". That would hurt producers but boost profits of construction and other industries in Southeast Asia.

Import taxes will tend to drive already exorbitant U.S. construction costs even higher, hurting commercial development around the country. Sinopec, a large state-owned petrochemical company, is said to raise its imports of USA crude oil by 80 per cent this year. The worldwide pushback was perhaps best captured by prime minister Pierre Elliott Trudeau when he told Nixon that it was impossible for Canadian businesses to purchase US goods if they can't sell their own products in the American marketplace.

Villagers stripped hillsides for fuel and burned doors and furniture to melt pots and pans and whatever other metal they could find to produce useless pig iron.

J. Bradford Jensen, a professor of global business at Georgetown University's McDonough School of Business, told us that "imports did have something to do with the loss of employment in steel and aluminum, but the more important factor is technological change and productivity growth". But foreign competitors say the impact of low-priced Chinese exports on their industry has been even more devastating.

Trump has repeatedly accused administrations of making "bad deals" on trade due to "incompetence".

Shortly after Trump took office, the Information Technology & Innovation Foundation (ITIF), a United States technology think tank whose board includes representatives from top companies such as Apple, Amazon, Cisco, Google, and Intel, called for coordinated global pressure on Beijing. Some countries subsidize their steel producers and allow them to sell steel at unfairly low prices. From Northern Quebec to the St. Lawrence Valley and the Great Lakes, to the ports of the east and west coasts and urban centres across the country, Canada's steel and aluminum industries provide thousands of Canadians with good, middle class jobs and play an important role in our economy.

The reason is technology. The steel sector, for example, supported as many as 650,000 American workers in the 1950s, yet now employs only about 140,000. Tariffs won't change that equation.

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The European Commission accused Trump of "cherry-picking" data to distort the debate in a transatlantic dispute over US metals tariffs that threatens to become a trade war. Instead of letting U.S. metal makers charge higher prices to other American industries, the government could focus on helping to raise exports.

Li's comments regarding further production curbs is interesting. though, saying the steelmaking hub of Tangshan in Hebei province will extend production restrictions for another eight months after current curbs expire next week, according to the Reuters report.

The US is a mature economy with a lot of existing buildings, infrastructure and vehicles, meaning that its consumption of metal can be expected to grow only slowly.

If this is how we show China who's boss, China has just learned it has a pretty dumb boss.

The US House Ways and Means Committee Chairman Kevin Brady told reporters that Trump is serious about countering China's alleged intellectual property theft.

So how many of these jobs were squeezed out by foreign imports?

And whether Trump ultimately implements his proposed tariffs or eventually backs down, as many suggest he will, those long-standing and essential trading partners will have learned one thing: The United States is now an unreliable, unpredictable and unreasonable trading partner.

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