U.S. steel tariff might harm Houston petro sector

U.S. steel tariff might harm Houston petro sector

Trump on Thursday called for tariffs of 25% on steel imports and 10% on aluminum products, a move he said would bolster those industries domestically.

The president's authority to impose the tariffs comes from an investigation by Ross' department which concluded that foreign metal imports pose a threat to national security.

Trump announced new trade restrictions Thursday, including a 25 per cent tariff on steel imports and 10 per cent duty on aluminum, but didn't say whether Canada would be exempt.

Why? Because Trump says he's trying to help US metal producers, who he claims have been "very unfairly treated by bad policy, by bad trade deals, by other countries".

China has previously warned it was ready with counter-measures should the Trump administration deploy tariffs, but the country has yet to make any specific moves after the latest trade volley.

Justin Trudeau came out to do a little trade lobbying in public, trying to stop threatened US tariffs on steel and aluminum from being applied to Canada.

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More automakers on Friday warned that U.S. President Donald Trump's announced steel and aluminum tariffs would boost auto prices by hiking commodities costs for manufacturers. The United States sells a little more steel to Canada than the other way round, according to the U.S. Bureau of Economic Analysis. "We will always stand firm to defend our workers and our industry, we have demonstrated that Canada is quite capable to do that, we are firm and we'll do exactly the same thing", said Canada's trade minister, Francois-Philippe Champagne.

Trump fired back in a tweet Saturday.

Steel stocks were volatile and some erased part of the previous day's gains, as investors anxious threats of retaliation from overseas trading partners would halt or water down Trump's promise of hefty import tariffs.

Following the announcement, Gov. Scott Walker has asked Trump to reconsider his position on tariffs if he wants to protect United States jobs. He added that the tariffs would remain for "a long period of time". He later followed this up with further tweets, saying the USA must "protect our country and our workers" and that the trade deficit left him with no choice on tariffs.

"I think we should look at all options in the national interest". Grain farmers are now dreading taxes on their soy exports to China.

"We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk", he said.

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