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UK's Theresa May raises 'deep concern' over tariffs in call with Trump

05 March 2018

That's considerably less than the 10 percent tax the European Union levies on cars exported from the US and imported to Europe.

"There's a difference between exemptions and country exclusions".

During the presidential campaign, Trump promised to renegotiate NAFTA with Canada and Mexico, saying it has killed jobs in the United States. This one may just be a bigger battle than you expected with Canada, Australia, France and the rest of the European Union all looking at how to retaliate.

The two US trading partners have threatened retaliation unless they are exempted from the planned tariffs, which have rattled financial markets. But Commerce Secretary Wilbur Ross, whose agency oversaw reviews of the industries that recommended the tariffs, said Sunday ABC's "This Week" that Trump is "talking about a fairly broad brush".

Republican lawmakers, including Sen.

South Carolina Senator Lindsey Graham (Republican) said the imposition of tariffs would drive a wedge between Washington and its allies.

- China, the target of frequent attacks from Trump over its trade practices, responds by urging the U.S. "to abide by the multilateral trade rules".

One of Trump's top advisers, Peter Navarro, also holds the view that German automakers have stolen marketshare in the U.S.by importing cars but limiting the amount of US cars sold into their country, two people involved in White House deliberations said.

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May told the president in a phone call that "multilateral action was the only way to resolve the problem of global overcapacity in all parties' interests", according to a Downing Street spokesperson. He was challenged by interviewers on both his math and his premise.

In January, he had already announced tariffs on solar panels and washing machines.

Harley-Davidson Inc., the motorcycle maker based in Ryan's home state, is facing threats of retaliation from Europe over Trump's plans for steel and aluminum tariffs. The European Union, one of the largest trading partners of the US, has since vowed to return the favour through retaliatory measures targeting American exporters.

"In terms of the Republican Party, let's remember this: Donald Trump ran against 16 Republicans. So this is a measured, targeted approach", Navarro told CNN. "Theyre dead wrong on the economics — theres no downstream effect here".

But Navarro contends that China was "the root of the problem" despite being a relatively small player in the U.S. steel and aluminum market.

"I have not heard him describe particular exemptions", Ross said.

"The potential for escalation is real as we have seen from the initial responses", he said in comments emailed to The Associated Press by a WTO spokesman.

He said $9 billion in USA tariffs would be a fraction of one percent of the United States economy. Our jobs and wealth are being given to other countries that have taken advantage of us for years.

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"They discussed Syria, and the appalling humanitarian situation in Eastern Ghouta", the spokeswoman said.

President Donald Trump plans to slap a hefty bill on steel and aluminum imports, strengthening the US steel industry's outlook. "Big trade imbalance!" he tweeted.

Donald Trump's steel import tariff is credit negative for the European steel industry, influential ratings agency Moody's said today.

Trump, however, got a boost Sunday from Sen.

Navarro said the White House's mission is "to defend our steel and aluminum industries so that they survive". Joe Manchin III, West Virginia Democrat, said on CBS.

Investors who want to focus on US steel may find a better opportunity in XME, which includes a hefty 49.7% tilt toward steel producers, along with coal & consumable fuels 14.1%, aluminum 12.0%, gold 9.0%, silver 6.3% and copper 5.1%.

"Unlike possibly other countries, there's no unfair competition or dumping prices from German or European firms", German Foreign Minister Sigmar Gabriel said.

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UK's Theresa May raises 'deep concern' over tariffs in call with Trump