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The Protectionists Are Coming: Assessing The Fallout From Gary Cohn's Resignation

08 March 2018

Trump was expected to sign a presidential proclamation to establish the tariffs during a ceremony on Thursday, but a White House official said later it could slide into Friday because documents had to be cleared through a legal process.

Some Republicans are so blinded by the idea of "free trade" that they would do nothing about China's subsidizing, dumping, stealing and protectionism. There are multiple issues with this sort of tariff: while it may bring to mind wonderful visions of metalworkers with secure jobs, in fact the domestic steel and aluminum industry is simply not big enough to actually supply American manufacturers with all the metal they need. Other retailers also fell.

In a statement to CNBC, the president of the Koch brothers-funded Americans for Prosperity announced that the Kochs' network of organizations would be fighting against Trump's proposed 25 percent tariff on imported steel and ten percent tariff on imported aluminum. They said that final decisions on country exclusions haven't been made.

U.S. stocks have pared their losses after the White House said Canada and Mexico, and possibly other countries, may be exempted from planned United States import tariffs on steel and aluminum on the basis of national security. Mr. Trump has repeatedly said that too many countries - both friends and enemies - have taken advantage of the US for far too long, and that's going to change.

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"We're going to have sensible relations with our allies", he added, arguing that a jump in steel prices could be avoided with increased domestic production of the commodity.

"Everybody's just happy", said Mark Goodfellow, head of the Steelworkers Local 420A in Massena, N.Y., where Alcoa employs about 500 people.

"The bulk of Quebec's exports are concentrated in aluminum, so if producers in that sector are able to pass on much of any tariff through higher prices, the economic impact would be relatively modest", BMO senior economist Robert Kavcic wrote.

But Schumer calls the president's "instincts to go after China" correct.

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The U.S. deficit with China hit a record $375 billion past year.

OIL: Benchmark U.S. crude lost 49 cents to $62.11 per barrel in electronic trading on the New York Mercantile Exchange. "That creates uncertainty", says Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, while noting that the fundamental backdrop remains positive as earnings are still growing. "And that is what we must stop". The result will be a decline in trade, both imports and exports, higher prices for domestic consumers and businesses, and job losses in key USA industries.

The tariffs have also caused friction within the administration.

Tuesday saw the departure of top White House economic advisor Gary Cohn, who is a strong supporter of free trade. In fact, for every worker at a steel plant in the United States, there are more than 40 workers employed in steel-consuming industries such as construction, motor vehicles and machinery. "Sometimes he keeps people off balance, even his own staff".

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After Ramaz, Nunberg attended McGill University and received a law degree from the Touro Law Center on Long Island. Nunberg also told Coppins, "You have to report this: the champ champ does whatever the fuck he wants ".

European Council President Donald Tusk echoed Lagarde's stance saying, "The truth is quite the opposite: Trade wars are bad and easy to lose".

The Protectionists Are Coming: Assessing The Fallout From Gary Cohn's Resignation