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Trump Delivers Address on New Steel, Aluminum Tariffs LIVESTREAM

12 March 2018

Japan will continue to speak to the USA about being excluded, trade minister Hiroshige Seko said separately.

Foreign Minister Julie Bishop won't have time to meet him before she flies home from the U.S., but said Australia's ambassador Joe Hockey will push the case. Mexico and Canada are exempt from these tariffs, and Trump has raised the possibility of issuing exemptions to other nations. He also said that the United States is open to modifying tariffs on individual countries, depending on how they treat the US. NAFTA talks are expected to resume early next month.

"When it comes to a time when our country can't make aluminum and steel you nearly don't have a country", Trump said. It's really an assault on our country.

Charlie Chesbrough, senior economist for Cox Automotive, said Thursday that the tariff plan appears to lack a clear, long-term direction for trade strategy and poses "a big problem for the automotive industry". He has invited in steel an aluminum workers'. "America's steel and aluminum workers and companies will stabilize after years of unfair competition, regain market share and even hire more workers", AAM president Scott Paul said in a statement.

European Commission vice-president Jyrki Katainen said Brussels would not accept a carve-out for Britain, which has voted to leave the EU but remains a member until 2019.

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"I have a feeling you'll be back", he added. "I just want fairness".

Last week's announcement of the tariffs have provoked criticism both in the USA and internationally, amid fears of a potential trade wars. "It will all work out", Trump said.

"We are looking to make sure that USA companies can compete fairly around the world", Treasury Secretary Steve Mnuchin said Tuesday at the House Appropriates hearing. Great country. Long term partner.

The United States will impose a 25-percent tariff on imported steel and 10-percent on aluminum, Trump said at an event at the White House, noting a strong steel and aluminum industry is "vital to our national security".

It also prompted the resignation of Mr Trump's chief economic adviser Gary Cohn.

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"The American aluminium and steel industry has been ravaged by aggressive foreign trade practices".

Trade tensions between the world's two largest economies have risen since Trump took office in 2017, and although China accounts for only a small fraction of USA steel imports, its massive industry expansion has helped produce a global glut of steel that has driven down prices.

He said the Japanese steel industry will study the impact of the US decision on levies "very carefully" and continue "to advocate for the adoption of policies based on the principles of free trade".

Japan's trade minister sought an exemption from US import tariffs on steel and aluminum on Saturday and called for "calm-headed behavior" in a dispute that threatens to spiral into a trade war. The total value of steel imports to the U.S. is $17bn, of which Australia contributes just $200m - about 1%.

Surrounded by a group of steelworkers, Vice President Mike Pence, Treasury Secretary Steven Mnuchin, and Commerce Secretary Wilbur Ross, Trump approvingly cited President William McKinley, a champion of protectionist economic policy, to support his trade decision.

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Trump Delivers Address on New Steel, Aluminum Tariffs LIVESTREAM