Trump’s decision to impose duties on aluminium and steel imports is incomprehension in one’s own party: Many well-known Republicans in US Congress have criticized his actions. “Not wise,” was Senator Orrin Hatch from Utah. “A big mistake,” said his colleague Pat Toomey from Pennsylvania. “Crazy,” judged Benjamin Sasse from Nebraska.
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Trump has made his populist electoral pledge to do cheap competition through customs barriers, through Republicans ‘ commitment to free trade. Their deputies are now trying to reagree with president. Import duties of 25 percent on steel and ten percent on aluminium could trigger a trade war that would stop or even reverse recent economic successes, y warn. Sasse offered Trump personal advice.
However, Trump does not rely on his party at all in this matter. Unlike immigration and gun control, it can impose duties by instruction – without Congress, where Republicans have majority.
The Repräsentantenhausvorsitzende Paul Ryan said after a phone call with Trump, he hopes White House will rethink his decision again. Some parliamentarians tried to take advantage of Trump’s preference for stock market data and warned that punitive tariffs could destroy price gains that had been made after Trump’s tax reform. In fact, stock market prices had fallen after Trump’s announcement: The Dow Jones lost three percent a week.
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The Republicans and or groups at least want Trump to make more targeted duties. Countries that practise fair trade should be exempted from compulsory levies. “We all urge President to continue to restrict products considered unfair,” said MEP Kevin Brady.
The criticism in Germany is sharpened
Economists and business leaders in United States also stated that tariffs could be a boomerang for America-first agenda of US President Trump. There was serious criticism on international level anyway. The EU and many economic nations, such as Brazil and Canada, had announced retaliatory measures. The International Monetary Fund (IMF) warned against damage in US itself.
In Germany tone became sharper. “If EU does not respond appropriately, Trump encourages furr action only. The torture tools must be on table, “said chief economist of Commerzbank, Jörg Krämer, Rheinische Post. Federal Economics minister Brigitte Zypries announced in Tagesspiegel: “We in Europe agree that we will respond clearly if President Trump actually decides to impose punitive duties.”
Trump threatens to impose duties on cars
Previously, EU Commission President Jean-Claude Juncker said that he could introduce import duties on whisky, jeans and motorcycles from United States in return. This would make it a symbol of US economy, without causing too much national and global economic damage. FDP leader Christian Lindner asked in Passau new press that EU must meet large data companies such as Facebook and Google – whose market behaviour in Europe is much more decisive than that of motorcycle or whisky manufacturers.
Trump responded on Saturday night to criticism from EU with a threat: if Europeans, in response to import duties on steel and aluminium that he announced, would now continue to raise ir “already massive” tariffs, n “we will simply have a tax on ir Vehicles that flow freely into our land, “he wrote on Twitter. If Trump resets this threat, major German automobile companies would be affected in particular. The car imports made it impossible, according to Trump, to sell ir own cars, which he called “great trade Imbalance”.
If E.U. wants to furr increase ir already massive tariffs and barriers on U.S. companies doing business re, we will simply apply a tax on ir cars which freely pour into U.S. y make it impossible for our cars (and more) to sell re. Big Trade Imbalance!
— Donald J. Trump (@realDonaldTrump) March 3, 2018
The US currently imports steel worth 24 billion dollars, making it world’s largest importer. Four percent come from Germany. This is why German manufacturers have little impact. The largest share is disputed countries such as Canada, Brazil, Mexico and South Korea.
