On the pier GLOBAL TRADE WAR? Trump announced a move that shook the stock market and sparked ghosts around the world, his key associate on the verge of resignation
US President Donald Trump announced on Thursday that he will set high import tariffs on steel and aluminum imports to the United States, with the risk of causing a global trade war with his major trading partners, some of whom reacted immediately.
I will release them next week – Trump said in the White House during a meeting with US steel and aluminum companies and added that these taxes would be applied for a long time.
The US president mentioned the 25 percent rate for steel and 10 percent for aluminum but did not specify which country it was referring to.
EU will strongly react and proportionally in defending its interests – said European Commission President Jean-Claude Juncker, adding that the Commission will present a proposal in the next days countermeasures the United States, according to the rules of the World Trade Organization (WTO) for the purpose of balancing the situation.
Canadian Minister of International Trade Francois-Philippe Champagne warned of unacceptable possible customs duties imposed by the United States.
You have to rebuild your industry – Trump told industrialists he received and explained that cheap imports into the United States destroyed American companies and jobs.
Donald Trump’s announcement comes at a time when the economic adviser to the Chinese president Liu He visited Washington. Provided his meeting with White House officials, but not with the president, according to US sources.
Donald Trump is to express an opinion on the measures on imports of steel until April 11 and until April 19 for aluminum.
After Trump announcements, key stock index on Wall Street the Dow Jones Industrials fell by 1.7 percent and influential Politico learned to Gary Cohn, the head of the powerful National Economic Council of the White House, could resign. Cohn, as stated by Politico, in the White House first came up with the idea of trying to restrain Trump in the repression of the global trading order by such sudden and far-reaching moves which would probably lead to a global trade war.
This article was originally published on the Trump News.