Fearing Trade War, EU Warns of Protectionism 'Dead End'
Fearing Trade War, EU Warns of Protectionism 'Dead End'
Canada: Trump speaks to Trudeau over phone, stresses on fast NAFTA deal
14 March, 2018, 09:59
Not surprisingly, a quarter of lost jobs occurred in steel-consuming industries such as machinery and equipment, automotive and parts manufacturers. Trump also believes that this move will not result in a trade war; regardless, the United States would find a trade war "easy to win". According to Zhong, the problem could be solved if the U.S. lifts restrictions on the export of high-tech products to China. As of December 2017, there were roughly 59,000 aluminum production jobs, according to Bloomberg.
US tariffs on Canadian steel and aluminum would be "very harmful" for industry and workers in both countries, he added. The lion's share of steel used here will be made here, and prices will likely decline, as furnaces operate closer to full capacity. We'd have to lead an alliance of global partners to pressure China on specific practices, with tailored consequences if we get nowhere. This ignores how tariffs increase costs of production for industries reliant on imported materials to produce their products.
Total steel production rose 5.7 percent a year ago over 2016 to a record 831 million tons, according to the Chinese Cabinet's planning agency, the National Reform and Development Commission. What makes it different is its sheer ambition and its size, which gives it leverage over foreign companies and considerable global influence. Our steel industry is in bad shape. Just 3 percent come from China. The International Monetary Fund says the global economy grew 3.7 percent previous year and expects it to grow 3.9 percent in 2018.
"If the sources of all US steel and aluminum imports were part of this dispute, trading partners would be permitted to retaliate by a collective amount of $14.2 billion per year", he writes. Also raising demand for steel: Florida and Texas are rebuilding after last year's ruinous hurricanes. "If anyone starts throwing stones, it's better first to make sure he's not living in a glass house", European Commission spokesman Enrico Brivio said. Competition in steel seems reasonably fair.
In addition, the scope of his latest move is more far-reaching, with targets of the tariffs ranging from "strategic competitors" such as China and Russian Federation, to traditional allies such as the EU, South Korea and Japan.
Need buying strategies for steel?
The United States buys more steel from overseas than any other country - some 26.9 million tons in 2017.
Steel and heavy industry have always been a political touchstone for Chinese leaders, which led to economic disaster in the 1950s. Now priced at 18.8 times earnings, most analysts have U.S. Steel stock pegged for only mid-single-digits profits growth over the next five years - about 5.5% compounded, according to data from S&P Global Market Intelligence.
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The industry definitely faces long-term problems.
Alienating nations around the world, with whom the United States has had long and mutually beneficial relationships is no way to bargain. Patrick J. Toomey of Pennsylvania), impose "higher prices" (Ohio Gov. John Kasich) and "devastate our agricultural communities" (Sen.
Prime Minister Justin Trudeau says he has an array of measures, including tariffs, to prevent the world's producers of cheap steel from using Canada as a back door to slip the metal into the United States. A week later, as expected, he signed proclamations calling for restricting those imports.
At the same time, Beijing is merging its biggest steelmakers into even bigger, more efficient competitors.
In the more immediate aftermath of the tariff announcement, reaction in the metals industry has been predictably divided along the US-Canadian border.
"We are negotiating the NAFTA accord in good faith and we will continue to do so but I don't want the president to think he can bring tariffs on Canadian steel and aluminum without there being consequences", he told Radio-Canada earlier in the day.
A better option, Bradford says, would be increasing the gasoline tax to finance road, bridge and other public works projects that require lots of steel.
According to the government, the consumer price index increased 0.2 percent last month, after a sharp 0.5 percent gain in January. Average hourly earnings rose 2.6 percent on an annual basis in February, stepping down from January's 2.8 percent increase.
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