Wednesday, 21 March 2018
Latest news
Main » Tariff Exemptions and America's Auto Industry

Tariff Exemptions and America's Auto Industry

14 March 2018

In a letter submitted to President Trump, the Auto Care Association urged the administration to reconsider imposing tariffs on imports of steel and aluminum due to unintended negative consequences it may have on the US economy and the auto care industry.

The new tariffs go into effect in 15 days after signing, so they will take effect starting from March 23.

Mr. Trudeau also took Canada's case to USA cable channels on Monday with appearances on MSNBC and CNN.

Trump wants the United States military to have a 'space force'
Trump continued by noting that the concept of a space force was one he both thought up and had previously dismissed. But he may be thinking of the National Defense Authorization Act that he signed into law in December.

Mr. Trudeau argued that Canada - the largest supply list of steel to the United States - is a key American defence ally and noted Canadian steel is used to manufacture US tanks and Canadian aluminum is in America warplanes.

The two also met with Japan's Minister of Economy, Trade and Industry of Japan Hiroshige Seko, and all three pledged in a statement afterward to work together to fight dumping that hurts jobs and industries around the world. If the U.S.' new trade action ignites a tariff war among them, the amount of global trade will decrease, dealing a blow to Korean exporters overall. "There is also some thought the tariffs could be the start of a broader protectionist view of US trade policy that extends to other commodities and products". Both will be losers and the world trade will suffer as a effect.

Other trade partners, including Japan and China, have also voiced anger and pledged retaliation if the U.S. tariffs are enacted as expected on March 23.

Florida School Shooting Suspect Will Face the Death Penalty
Anthony's family has filed notice that they will sue Florida authorities to seek money to cover the cost of his recovery. Meanwhile, Florida voters may get a chance to decide whether or not they want to approve new gun control restrictions.

Oklahoma farmer and rancher Jimmy Wayne Kinder said the tariffs will increase the price of equipment, and will impact Oklahoma wheat farmers - 50 percent of the state's crop is exported. However, if a trade war begins, Beijing may impose restrictions on these supplies. The U.S. now applies a 2.5 percent tariff on European vehicle imports. However, according to the non-profit organization Tax Foundation, these measures could actually have the opposite effect: Additional duties on aluminum and steel imports may cost U.S. firms about $9 billion a year which would be "eventually passed on to consumers through higher prices".

Executives in the steel-processing sector describe the manner in which countries and importers get around tariffs as being akin to a sheet of paper. China accounts for 24.8 percent of Korea's total exports, while the USA and the European Union make up 12 percent and 9.4 percent, respectively. "All this tariffs talk argues in favor of taking news flow in stride, especially any verbal jabs that fly", wrote E*TRADE Financial Corporation (ETFC) in the post.

The U.S. has been intensifying trade protectionism since previous year. The bloc does impose a 10 percent levy on US auto imports, but the USA charges a 25 percent levy on trucks and pickups, and up to 40 percent on some clothes, she said. It was not clear when or where the meeting would take place. In contrast, Chinese steel comprises just 2% of all American steel imports. But the USA will certainly continue to strengthen its trade pressure against Korea. According to Zhong, the problem could be solved if the U.S. lifts restrictions on the export of high-tech products to China.

CPI data due Tuesday
Central bankers were baffled for much of a year ago by the weakness of price pressures in the face of the continuing recovery. It expects gross value added - a key measure of growth - to increase 7.2 percent next fiscal year from 6.6 percent this year.

Tariff Exemptions and America's Auto Industry