US Commerce Secretary says world leaders call Trump about tariffs
U.S. President Donald Trump has spoken to multiple world leaders about tariff hikes on steel and aluminum but still has no plans for exemptions, Commerce Secretary Wilbur Ross said on Sunday, but he would not rule out the prospect.
(Updated: )
Ricky Lim ·
A number of Trump's fellow Republicans, including congressional leaders, have urged him to hold back on the tariffs.
Josh Bolten, chief executive officer of the influential Business Roundtable and former chief of staff to President George W. Bush, described the tariffs as "a huge mistake" on the "Fox News Sunday" program.
"This will cause huge damage across broad sectors of the economy," he said. "You maybe will be able to give a little bit of help to the steel and aluminum industries. You’re going to cause damage across any number of downstream industries.”
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Posted on :- 02 Mar 2018
Ricky Lim ·
Singapore
Trump is starting and will trigger a Global Trade War by levying tariff.
(1) US importing Countries will retaliate by reciprocal tariff on US goods - and US importers suffer as it will have to pay higher prices.
(2) US producers such as shipbuilders, plane builders, fridge builders, bridge builders, housebuilders, car builders etc that require alumininum or steel will have to buy them at higher cost from domestic or overseas market.
(3) US consumers and taxpayers will suffer as they have to buy goods at much higher prices.
(4) Overseas consumers will no longer buy US goods because it will be price much higher due to the higher alumininum and steel cost. Overall it will has an impact on US economy - as domestic and overseas demand for US goods fall.
(5) In 1930s Deep Depression - it is trigger by US starting a trade war by introducing tariff on imports and subsequently lead to World War 2.
Trump is not learning from all the past lessons.
Like · Reply · 1m
Josh Bolten, chief executive officer of the influential Business Roundtable and former chief of staff to President George W. Bush, described the tariffs as "a huge mistake" on the "Fox News Sunday" program.
"This will cause huge damage across broad sectors of the economy," he said. "You maybe will be able to give a little bit of help to the steel and aluminum industries. You’re going to cause damage across any number of downstream industries.”
--
Posted on :- 02 Mar 2018
Ricky Lim ·
Singapore
Trump is starting and will trigger a Global Trade War by levying tariff.
(1) US importing Countries will retaliate by reciprocal tariff on US goods - and US importers suffer as it will have to pay higher prices.
(2) US producers such as shipbuilders, plane builders, fridge builders, bridge builders, housebuilders, car builders etc that require alumininum or steel will have to buy them at higher cost from domestic or overseas market.
(3) US consumers and taxpayers will suffer as they have to buy goods at much higher prices.
(4) Overseas consumers will no longer buy US goods because it will be price much higher due to the higher alumininum and steel cost. Overall it will has an impact on US economy - as domestic and overseas demand for US goods fall.
(5) In 1930s Deep Depression - it is trigger by US starting a trade war by introducing tariff on imports and subsequently lead to World War 2.
Trump is not learning from all the past lessons.
Like · Reply · 1m
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