News Worms
News Worms

Trump signals controversial tariffs will go forward

Trump signals controversial tariffs will go forward

Commerce Secretary Wilbur Ross told CNBC on Friday that President Donald Trump 's tariffs are "no big deal".

"The decision obviously is his, but as of the moment as far as I know he's talking about a fairly broad brush".

Numerous world leaders and ministers have been in touch with Mr Trump and USA officials including Mr Ross, suggesting an intensive behind-the-scenes effort to change the president's mind, the commerce secretary said.

Trump is expected to impose tariffs on steel and aluminum imports this week.

European Commission President Jean-Claude Juncker said Friday that the European Union would have to respond with its own tariffs on US products if Trump imposes tariffs on European steel.

British Prime Minister Theresa May said she raised her "deep concern" over the tariffs in a phone call with Trump on Sunday, her office said.

If you think a country where few people can name the president and that president possesses little to no power sounds like some sort of Third World, dysfunctional backwater; think again.

"If that goes up by 25%, that's about six-tenths of one cent", Ross said, holding the steel soup can.

The commerce secretary dismissed European Union threats of retaliatory tariffs on flagship American products, including Harley Davidson motorcycles, bourbon and Levi's jeans, calling the $3 billion in affected goods a "pretty trivial" amount.

At North American trade talks in Mexico City, Republican representative Kevin Brady, the top U.S. lawmaker on trade policy, said the administration should exempt current aluminium and steel contracts to avoid business uncertainty.

American jobs are being hurt by the nation's growing trade deficit, Ross said, and we have to do something about that.

He said US$9 billion (RM35 billion) in U.S. tariffs would be a fraction of 1% of the USA economy. "Well, in our sized economy, that's a tiny, tiny fraction of 1 percent".

However, Trump told more than a dozen executives that he wanted the tariffs to apply to "all countries", the New York Times reported in its Friday edition, quoting one executive in attendance.

A spokesperson for the company told Business Insider that the tariffs are misguided and will end up causing price increases for U.S. consumers.

Peter Navarro, a top White House trade adviser, said the administration would consider exemptions on a case-by-case basis, but "no country exclusions".

"As soon as you start exempting countries you have to raise the tariffs on everybody else".

"They spin. The fake news, they put all this hyperbole out about massive price effects", Navarro said on Fox News, ignoring that the "hyperbole" is in many cases coming directly from businesses. "But if the United States takes actions that hurt Chinese interests, China will not sit idly by".


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