Unswayed by warnings of a trade war from representatives of his own party, economists, and heads of government and state, U.S. President Donald Trump signed an executive order into law imposing steep new tariffs on steel and aluminum imported to the U.S. on Thursday.
"We're finally taking action to correct this long overdue problem".
The "wonderfully flexible document" is created to accommodate US security relationships with other countries and provide "ironclad" protections for the industry, he said. "We'll be doing something with some other countries". "We have to do something", Trump told reporters during the signing ceremony.
Warrian says landing a new agreement will not be an easy matter, especially under a tough time line of four to six weeks imposed by the Americans. "We are not afraid of a trade war", said Wen Xianjun, Vice Chairman of China's Nonferrous Metals Industry Association.
"If we're in NATO, he wants to make sure that NATO gets more money so that NATO can protect all of us and fulfill its goal", Mnuchin said, underscoring Trump's push to get NATO allies to pay 2 percent on defense. Are we doing this because the USA needs a domestic steel industry to build F-35s and Ford-class aircraft carriers?
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President Trump claims that the USA has suffered from "unfair trade" and that the tariffs will boost the domestic market.
The protectionist move is nearly certain to be contested at the World Trade Organization and met with retaliatory measures from other nations, risking a trade war.
Steel tariffs of 25 per cent on "foreign steel" were announced by American President Donald Trump this afternoon.
Peter Navarro, Trump's trade and manufacturing adviser, said in an interview on Fox Business on Wednesday that the tariffs would go into effect within about 15 to 30 days and that the proclamation signed by the president would include a clause that would not immediately impose tariffs on Canada and Mexico.
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He said: "We will, of course, be looking to see how we can maximise the UK's case for exemption under these particular circumstances".
If Trump heard the complaints, he did not heed them.
"A nation that does not protect property at home can not protect its property overseas", Trump said.
"We also make steel for the American military programme so it's doubly absurd that we should then be caught on an investigation on national security".
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Asked at the conference whether she was ready to react if the 28-country European Union was included in the USA tariffs, Ms Malmstrom said she stood ready to go to the WTO, the global trade arbiter, to impose the bloc's own safeguards within 90 days.