Saturday, 26 May, 2018

Bar for tariff exclusions will be set high by USA, report says

Tariffs debate US President Donald Trump’s intention to impose tariffs on imported steel and aluminium has brought warnings of damage to the global trading system Wall Street falls amid fears of trade war with China
Ellis Copeland | 16 March, 2018, 10:41

Trump on Thursday announced steep tariffs on steel and aluminum but provisionally exempted Canada and Mexico, two of the largest USA suppliers who are now participating in talks with Washington to revamp the North American Free Trade Agreement. Agriculture is the strongest export sector in America, so it will be the first to face retaliatory tariffs from other countries upset over the steel and aluminum tariffs.

Davis said the Koch network, which includes Americans for Prosperity and other groups, has no immediate plans to run advertising against the president on the topic of tariffs.

"Certainly, from an economic standpoint, the potential effect of tariffs continues to rattle through the markets", he said.

The Trump administration wants to reduce the US trade deficit and to boost aluminum production, now below 50% of capacity, to above 80% and to boost steel production to a similar level from about 70% of capacity utilization today. The fact that a few plants will reopen their doors in response to the imposition of tariffs won't change that.

Auto parts manufacturers have warned that the tariffs will not only make cars more expensive, but also could threaten the 800,000 jobs in the industry. According to a Vanity Fair story by Washington Post reporter Sarah Ellison, Kushner went to Amazon and found the title Death By China. Many companies that buy from USA wholesalers may think they're purchasing domestic steel or aluminum when in fact that inventory is sourced overseas and just cut, shaped and delivered by a US distributor.

"The tariffs could have a large impact on some single exporters that are very localised, but for the European growth outlook they don't lead to any big change to forecasts", said Sandrine Perret, investment strategist at Credit Suisse International Wealth Management.

The threat of tariffs has opened a can of worms, prompting threats of counter measures that risk further souring of key global relations, not least with China. For example, tariffs on foreign steel may ostensibly help our steel industry, but our auto industry will suffer because it can no longer buy cheap steel.

-If a company learns that the steel or aluminum it uses will be taxed, it should quickly explore other options. US policymakers must seek middle ground on tariffs and give our allies the same kind of opportunity to export their way to economic growth as the USA has done. When the price rises or falls, the tariff does as well. They say this support permits the companies to sell products at a lower cost.

Trump administration hits Russian Federation with new sanctions for election meddling, cyber attacks
And Democrats homed in on the fact that the list of Russians hit with sanctions included all of those indicted by Mueller. The hack caused billions of dollars in damage worldwide and disrupted global shipping, trade, and medicine production.


Pelicans and Saints owner Tom Benson dies at the age of 90
In 2014, Benson pledged $11 million to the Pro Football Hall of Fame, the largest donation by an individual in the Hall's history. NBA Commissioner Adam Silver said in a statement the league "mourns the loss" of Benson, calling him "big-hearted and gracious".


Trump meets Irish Prime Minister Leo Varadkar ahead of St. Patrick's Day
It's meant to be a symbol of the close relationship between the two countries as Americans celebrate Irish heritage on St. Ryan also referenced trade, albeit in jest. "I don't feel that I was snubbed", she said in Washington yesterday.


This "would be most meaningful for BMW followed by VW and Daimler", JPMorgan analysts said. When asked about possible retaliation from countries slapped with tariffs, Navarro sounded much like his boss. Alternatively, companies could request their customs broker to seek an exemption.

The sum of $30 billion just wasn't enough for Trump, Politico reported, as he shot down a proposal of that size by Lighthizer last week.

This means that the president should be careful about getting what he wishes for in terms of trade deficit reduction. And global investors aren't likely to change their behavior by parking their capital in USA steel, because they understand that government protection for industries clamoring for it won't lead to high and sustainable returns.

Trump said he didn't even want Japan to pay the tariffs but to build more automobiles in the United States, adding that Japan would do so if tariffs were imposed.

As the pushback escalated, Trump had indicated Mexico and Canada would not be exempted from the tariffs if they didn't cooperate with him on the North American Free Trade Agreement renegotiations, essentially holding NAFTA hostage. These are two-thirds of the total U.S. trade deficit, which amounts to 566 billion Dollars. The tariffs on steel and aluminium, though negligible in their impact on China, signalled that hawkish advisers to Mr Trump were in the ascendancy.

Canada and Mexico do not have to pay the new tariff.

Lou Longo is the worldwide consulting practice leader at Plante Moran.

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