16 March, 2018
Many companies that buy from USA wholesalers may think they're purchasing domestic steel or aluminum when in fact that inventory is sourced overseas and just cut, shaped and delivered by a US distributor.
China now runs a $375 billion trade surplus with the US and Trump asked President Xi Xinping's economic advisers how to reduce this disparity during Xinping's recent visit. "Second, we will consider taking this case to the WTO in cooperation with key countries".
Brown praised Trump Tuesday for foisting steep 10 and 25 percent tariffs on aluminum and steel products, respectively.
Higher tariffs on these products would "hurt American families", said Hun Quach, a trade lobbyist for the Retail Industry Leaders Association.
But the real target of the steel and aluminum tariffs is China.
With his March 1 announcement of tariffs on steel and aluminum imports March 1, detailed in a White House ceremony Thursday, President Donald Trump had eschewed advice from a broad range of experts to make a provocative nationalist gesture that will likely do more harm than good for those it's supposed to help.
"Certainly, from an economic standpoint, the potential effect of tariffs continues to rattle through the markets", he said.
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The United States imported more than $505 billion worth of goods from China previous year while sending more than $130 billion in the other direction, according to the Census Bureau. "Any kind of trade war would be against our strategic interests". However, such applications are typically onerous, so many middle-market companies may need assistance from their trade advisors or lawyers. "Prices will go down, which is good for the [infrastructure program] 'Build, Build, Build, '" Philippine Trade Secretary Ramon Lopez told reporters on March 9.
The United States previous year rejected three major Chinese acquisitions of USA technology companies, including a semiconductor maker, an Internet-services provider and in-flight entertainment company, and a mobile ad developer.
In imposing those tariffs, Trump offered temporary exemptions for Canada and Mexico - two of the largest exporters of steel and aluminum to the USA - and said that other US allies could negotiate exemptions. "It will be very surprising if there isn't some measured retaliation over time from major trading partners".
"This will be one of the many steps the president is going to courageously take in order to address unfair trade practices".
There are reasons to think that these trade tensions may de-escalate, not least because Trump exempted NAFTA partners from the tariffs.
Trump is targeting Chinese high technology companies to punish China for its investment policies that effectively force USA companies to give up their technology secrets in exchange for being allowed to operate in the country, as well as for other IP practices Washington considers unfair.