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Trump administration is going ahead with steel and aluminum tariffs

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posted on May, 31 2018 @ 11:24 AM
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Well it looks like it's going to happen. 25% I'm steel and 10% on aluminum for Canada, Mexico and europe.

June 1st is the start. Will we all end up in a trade war?


Canada, Mexico and Europe had been exempted until June 1 from import duties of 25 per cent on steel and 10 per cent on aluminum when they were first imposed in March. Barring an 11th-hour reprieve, those exemptions will expire as scheduled.


Link.

I work in the industry and my company has their hands all over north america, only a small amount of our steel comes the US market.
It'll be interesting for sure.




posted on May, 31 2018 @ 11:33 AM
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a reply to: strongfp

I rather doubt a trade war. Based upon Trumps previous trade moves, I'd suspect this is one of his "fist pounding" on the table moves to force everyone to the negotiation table to hash out new terms of trade. Per a WTO official, its well known that the current trade regime is out of date and needs to be rehashed.

Considering the sclerotic nature of the EU governing councils in Brussels, Trump probably saw this announcement as the only way to wake them up and get them to the table.

The big concern however is Mexico and its upcoming election. You can read about the leading candidate at:
www.bizjournals.com...

Problem with Obrador is he's a populist socialist with authoritarian leanings intent on overhauling the Mexican Constitution. Many fear he's cut from the same mold as the nut-jobs in Venezuela.

If Obrador, who I believe would take office sometime after July 1, tanks the Mexican economy, it will have significantly disastrous effects on both the US and Canada and of course, the timing couldn't be worse with Trump's tough trade talk.



posted on May, 31 2018 @ 11:39 AM
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a reply to: strongfp

There's talks of retaliatory action, so far...
Although I can't find any info in the news yet.



Canada now faces a second tariff threat from the U.S. Last week, Trump announced his administration would begin looking at the possibility of a tariff — also on supposed national security grounds — on foreign cars and auto parts.


www.thestar.com...
edit on 31-5-2018 by snowspirit because: (no reason given)



posted on May, 31 2018 @ 11:49 AM
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I wonder who could possibly benefit by the U.S. alienating it's closest allies and isolating itself like it appears Trump is trying to do?



posted on May, 31 2018 @ 11:52 AM
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As a Canadian I wouldn't mind a little isolationism on our part. We've got all we need. I'm sure if we cut the world out we do more than fine. But we're nice about things so I doubt it.



posted on May, 31 2018 @ 11:52 AM
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originally posted by: crtrvt
I wonder who could possibly benefit by the U.S. alienating it's closest allies and isolating itself like it appears Trump is trying to do?


Every country not named the US.

Blanket actions don't really tell us much more then how bad the instigator is at trade and future planning.



posted on May, 31 2018 @ 11:55 AM
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originally posted by: crtrvt
I wonder who could possibly benefit by the U.S. alienating it's closest allies and isolating itself like it appears Trump is trying to do?


American corporations.

It's effectively removing competition, which is the only thing that protects consumers.

Voting with one's dollar. If they can make a comparable product for less money AND sell it for less after shipping, why? That's the question the market eventually answers and dictates a higher selling product.



posted on May, 31 2018 @ 12:20 PM
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a reply to: TonyS

There’s a lot to digest in your post...

I tend to agree with your take.

The Mexico angle you laid out is interesting.

My take (all things considered): the euro experiment fell on its face and the US is projected to the biggest hydrocarbons producer in 5 years — maybe sooner — adding together makes for a strong US dollar...the US is ‘swinging from the knees’ on the international economic scene and will be for quite some time. It’s gonna ‘hurt’ the usual suspects but in the end there’s little here if negotiations are mutually beneficial.



posted on May, 31 2018 @ 12:33 PM
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a reply to: crtrvt

What do you mean by “closest allies?”



posted on May, 31 2018 @ 12:43 PM
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on UK news at the moment - talk of tit for tat from all over and for taking the US to the WTO so far



posted on May, 31 2018 @ 01:19 PM
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Mmmm, something to think about in the UK. Is mr Trump pushing the Uk to buy Chinese. Mrs May is already bargaining with the Chinese over building the new nuclear reactors so cheap Chinese steel ( it's already f=ed the Uk steel industry, Mrs May saw to that) will her being able to tell MR Trump to shove it where the sun don't shine.



posted on May, 31 2018 @ 01:38 PM
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It’s hard to be in a trade war when you are at a trade deficit of 50-60 billion a month. It would have to be close to equitable for us to even pretend to be hurt by foreign tariffs.

I think it is important for the U.S. to make things in America for both strategic reasons as well as economic.

What is happening now isn’t working for the U.S.



posted on May, 31 2018 @ 01:51 PM
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a reply to: BeefNoMeat

The Mexico thing is scary as all crap, as far as I am concerned.

You may or may not have seen this story?
story.californiasunday.com...

Basically there are already thousands of "refugees" trying to enter the US at Tijuana. And we're talking about people from all over the world, China, Guinea, Nigeria, Honduras, El Salvador and they're presently parked in Tijuana Mexico trying to get asylum in the US. That's "Today".

Imagine what would happen if Mexico were to suddenly become Venezuela!
www.hrw.org...



posted on May, 31 2018 @ 02:21 PM
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If one country starts a trade war against the rest of the world, then even a blind one can see who will be the loser at the end of this trade war!

edit on 31 5 2018 by DerBeobachter because: (no reason given)



posted on May, 31 2018 @ 02:23 PM
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there will be no trade war either they will respond or lose that's how simple it is



posted on May, 31 2018 @ 02:24 PM
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a reply to: DerBeobachter

sorry, we have all the leverage, all we have to do is tell Saudi Arabia that if they want our continued support they need to raise oil prices or produce less oil or produce more oil depending on the situation

it's that simple, so either these countries comply or they lose



posted on May, 31 2018 @ 02:29 PM
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a reply to: toysforadults
Maybe if one thinks "U"S american, in oil only and forgets about the rest.



posted on May, 31 2018 @ 02:40 PM
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originally posted by: toysforadults
there will be no trade war either they will respond or lose that's how simple it is


Only if you have zero understanding of economics and international trade.

The US has already lost by instigating. The only questions left are how many others will lose by participating, and how do we mitigate damages if we are forced to participate?

And, no, the US does not have all of the leverage. If the US had all of the leverage, there would be no extra tax for American consumers to pay...I mean tariffs.



posted on May, 31 2018 @ 02:44 PM
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originally posted by: DerBeobachter
If one country starts a trade war against the rest of the world, then even a blind one can see who will be the loser at the end of this trade war!


I heard on the news that Germany's foreign minister said their response to America first, is Europe united.

Also, Mexico appear to be really pissed and the Canadians don't seem to be taking it lightly either... It'll be interesting to see how this all plays out.



posted on May, 31 2018 @ 03:11 PM
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What’s a “trade war?”
edit on 5/31/2018 by japhrimu because: (no reason given)







 
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