The US has made clear that no countries will be exempted from the tariffs, raising acute fears for British exporters.
US President Donald Trump appears intent on moving forward next week on US steel and aluminium tariffs with no exemptions for allies, the US commerce secretary said on Sunday (Mar 4), minimising the threat of retaliation as "pretty trivial". Despite stiff competition from imports, many specialty steel producers are doing just fine and actually exporting steel to Mexico and Canada. Tariffs on raw materials, produced by machine-intensive dirty declining industries are worse.
"It hurts the administration politically because trade wars, protectionism, they lead to higher prices for individual Americans, " Phillips said. In turn, if they decide to reduce their consumption due to rising prices, jobs will be lost in the process.
"This wave of globalization has wiped out totally, totally our middle class", Trump told voters in the hard-hit steel town of Monessen, Pennsylvania, during one of his campaign stops. Calling it as a "great thing for the American worker", he signed an executive order that resulted in the US ending its part in the major 12-nation trade deal. Dollars always come home to roost.
White House trade official Peter Navarro, making the rounds of weekly talk shows, says that excluding one country will create a slippery slope - he says tariffs would go up on the remaining countries, and everyone else would demand the same treatment as Canada. "Millions of people addicted and dying", he said. Why not grow your own food? So, we're very concerned, " said Sen.
So, trade is good. And that's not good.
The mining industry offered a more upbeat narrative.
Ross, appearing on ABC's "This Week", said he expects the formal rollout of the tariffs this week. Trump's proposal would lift a ban on drilling off the coast of California and open up more than a billion acres along the East Coast and in the Arctic. A case went before the World Trade Organization, which in November 2003 ruled against the United States and authorized more than $2 billion in sanctions if the tariffs weren't removed.
Shares of two big canning companies based in the Philadelphia region, Campbell Soup Co. of Camden and Crown Holdings Corp. Hint: Bigger is better.
There has been uncertainty about the implications for Australia because of the chaotic atmosphere inside the White House. That could inflict severe economic damage to all three nations, and a stock market meltdown.
Tariffs, like other protections, also help visible, large, and politically powerful constituencies.
Some of the blame belongs to Congress. The trade laws invite protection.
Raising the stakes further still, Mr Trump said the US would then put an import tax on cars made in the EU. Canada would say, 'National security exemption? Even the defense department doesn't want this tariff! "We will not be naiv".
Pena Nieto also scrapped a planned trip to Washington shortly after Trump took office in January 2017.
Perhaps some of the blame belongs to economists as well.
Futures for the S&P 500 index, Dow Jones industrial average and Nasdaq 100 were not yet active Sunday afternoon. He tried to pour cold water on the notion that there's sort of a tug of war underway in the White House.
And Navarro argued Monday that "there are virtually no costs here".