Steel stocks are getting whacked on optimism for US-EU trade

28 July, 2018, 14:03 | Author: Sally Reid
  • Trump says ‘drop all tariffs’ with European Union — hours after tweeting ‘tariffs are the greatest’

US President Donald Trump has reached an agreement with European Commission President Jean-Claude Juncker aimed at averting a transatlantic trade war, easing tensions stoked by Mr Trump's threat to impose tariffs on vehicle imports. Those affected economies have in turn targeted US agricultural products, including soybeans, dairy, meat, produce and liquor.

More: Trump says he's prepared to slap tariffs on all $500B in Chinese imports to U.S. He suggested the two sides discuss "reducing tariffs" instead of increasing them.

But he said reaching a detailed trade agreement with the European Union would probably prove hard. He hailed "a new phase" of trade relations.

Trump told CNBC on Friday he was ready to impose tariffs on all US$500 billion (RM2.03 trillion) of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets. But we have to do it.

Chinese importers also bought 80 percent more U.S. cotton, 30 percent more electric vehicles, 25 times more in lemons and limes, 15 times as many American clams, and more than five times as much whisky, the data show.

On Wednesday, the tone was conciliatory.

The Trump administration readied a plan Tuesday to send billions in emergency aid to farmers who have been caught in the crossfire of President Donald Trump's trade disputes with China and other US trading partners.

Trump tells workers gathered at U.S. Steel's Granite City Works' Steel Coil Warehouse that other countries were able to target U.S. workers and companies and steal U.S. intellectual property. "We have some tariffs that are retaliatory and that will get resolved as part of what we're doing".

G20 ministers call for greater dialogue on trade tensions
G20 ministers call for greater dialogue on trade tensions

"We had a big day, very big", Trump said at a joint statement with Juncker at the White House Wednesday.

"We have to work together". That was my main intention to propose to come down to zero tariffs on industrial goods.

Agriculture Secretary Sonny Perdue said Tuesday the emergency aid package will use existing funding to mitigate the estimated $11 billion impact of "illegal tariffs" other countries have imposed on United States agriculture exports.

While the USA claims the retaliation was "illegal", the Trump administration has acknowledged it is doing damage to American farmers and announced Tuesday it will provide up to $12 billion in aid to farmers hurt by trade tariffs.

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that allies such as the European Union and Canada reject.

USA and European Union have been in loggerheads over trade after U.S. announced tariffs on steel and aluminum in March, provoking a response from Brussels after they were introduced later. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that totalled 335 billion dollars (£255 billion) a year ago.

"We also will resolve the steel and aluminum tariff issues, and we will resolve the retaliatory tariffs". He says, "We are once again pouring new American steel into the spine of our country". But the proposal was quickly greeted Tuesday with continued criticism from Republicans on Capitol Hill who argued Trump should nix his tariff strategy rather than roll out a financial backstop.

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