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Bush Aide: Trump Tariffs Won't Save Steel, Aluminum Jobs

Bush Aide: Trump Tariffs Won't Save Steel, Aluminum Jobs”

Trump announced Thursday his decision to impose hefty tariffs on steel and aluminum imports, inciting a worldwide uproar and stoking fears of a global trade war.

Beard says the Trump tariffs could potentially start a trade war with China, and other countries.

However, European Commission Vice President Jyrki Katainen said Trump still has a small chance to avoid a damaging global trade war and asked the U.S. leader to reconsider his aims before he signed them into effect next week.

The analysis came a day after Trump surprised seemingly everyone with specific, imminent tariffs on the materials.

On Thursday, President Trump shocked global markets by announcing steep tariffs on imported steel and aluminum.

"Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers", Canadian Foreign Minister Chrystia Freeland said in a statement. The move will likely raise steel and aluminum prices here. That is no showstopper, they contended.

On the other hand, McMillan said, if companies decide to eat most of those higher costs, their profit will take a hit, hurting their stock values.

Meanwhile, industry will watch global trade developments for signs of tensions turning into trouble, and early signs pointed to emerging tensions.

"I know he's had conversations with (a) number of the world leaders", Ross told ABC News when asked if the president will consider exempting allies such as Canada and Mexico.

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Canada, Japan and South Korea, all USA allies and major exporters of steel and aluminum, are asking for exemptions from the tariff hike, which Trump justified in part on national security grounds.

Show hosts asked him how the White House can possibly justify using a national security excuse for imposing tariffs on a close North Atlantic Treaty Organisation partner, and legal member of the US military-industrial complex.

Industries that consume aluminum and steel products add far more to United States economic output than companies which produce these metals.

The European Union has said it plans to apply 25% tariffs on $3.5 billion of United States imports to the continent in response to "rebalance" trade.

"And this is so much bigger than steel and aluminum because what we're doing is challenging the world trade system that we played an important part in bringing together".

In Trump's mind, trade wars themselves are "good and easy to win". "No more!" Trump wrote on Saturday.

South Korea shipped 3.6 million tons of steel products to the US past year, becoming the No. 3 steel exporter after Canada and Brazil, according to the US Department of Commerce. The administration backtracked a less than two years later after it lost a dispute before the World Trade Organization.

"This is a very risky move, and it could spark a trade war that could have serious implications for Americans and the global economy", he added.

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