US stocks trade higher on tariff news

US stocks trade higher on tariff news

President Trump said Canada and Mexico would be exempt from a 25 per cent tariff on imported steel and a 10 per cent tariff on aluminium, and indicated a path for what he called "great partners and military allies" to sidestep the imposts.

Trump also indicated that military allies, including North Atlantic Treaty Organisation countries that spend at least two percent of gross domestic product on defence, could see a reduction in these tariffs. They aim to hit China, although it exports very little of either metal to the United States. "I saw a tweet, just came in from Elon Musk who's using our wonderful space facilities and did a great job three weeks ago".

The US President has talked up the US-Australian relationship this morning, singling out Australia as an "ally" that may not face the steel and aluminium tariffs he is imposing. "Because tariffs are taxes that make US businesses less competitive and USA consumers poorer, any tariffs that are imposed should be created to address specific distortions caused by unfair trade practices in a targeted way while minimizing negative consequences on American businesses and consumers".

Dr Fox said: "We understand the anxieties about steel over-production that the United States has but we believe there are other ways to tackle that on a multilateral basis".

Leading up to Thursday's tariff signing ceremony, Republicans continued to press the president to abandon his proposal.

The House speaker's condemnation was swiftly echoed by other top Republicans in Congress, who fear the tariffs could spark a trade war and hurt the U.S. economy.

Shortly after Trump authorized the tariffs, Sen.

Trump said steel and aluminium are "absolutely vital" to critical infrastructure and the defence-industrial base.

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Business leaders, meanwhile, continued to sound the alarm about the potential economic fallout from tariffs, with the president and CEO of the U.S. Chamber of Commerce raising the specter of a global trade war.

"I have a feeling you'll be back", Trump said.

Mr Trump has also demanded concession from the European Union, complaining that it treated American cars unfairly and has threatened to hike tariffs on vehicle imports from Europe.

Arizona Sen. Jeff Flake, a Republican, said he plans to introduce legislation next week to nullify the tariffs though he has acknowledged that finding the votes to stop the president's actions could be hard.

Cohn wasn't the only one angered and blindsided by the president's decision to impose tariffs on steel and aluminum imports, despite the fact that it's an issue Mr. Trump has consistently complained about for decades.

US President Donald Trump exercised executive powers Thursday afternoon to impose protectionist tariffs on steel and aluminum entering the country, skirting pleas from Republican lawmakers who opposed the policy. "We have a very close relationship with Australia".

The letter, sent by the American Australian Business Council, was also signed by the chief executive of News Corporation, Robert Thomson, the chief executive of Dow Chemical, Andrew N Liveris, and former USA ambassador to Australia John Berry. As two massive trading partners, the fallout among the three countries from retaliatory tariffs could have been enormous.

"So, they charge us 50, we charge them 50".

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