Trade Wars - Its on !!!

[pismoe]

your - comment - is - stupid - tommy - tainant - ?

 

[RealDave]

US on brink of trade war with EU, Canada and Mexico as tit-for-tat tariffs begin

The United States and its traditional allies are on the brink of a full-scale trade war after European and Canadian leaders reacted swiftly and angrily to Donald Trump’s decision to impose tariffs on steel and aluminium producers.

The president of the European commission, Jean-Claude Juncker, promised immediate retaliation after the US commerce secretary, Wilbur Ross, said EU companies would face a 25% duty on steel and a 10% duty on aluminium from midnight on Thursday.

Europe, along with Canada and Mexico, had been granted a temporary reprieve from the tariffs after they were unveiled by Donald Trump two months ago.

However, Ross sent shudders through global financial markets when he said insufficient progress had been made in talks with three of the US’s traditional allies to reduce America’s trade deficit and that the waiver was being lifted.

Wall Street slumped as the Dow Jones Industrial Average shed more than 200 points, while shares across Europe also declined.

The move from Washington – which comes at a time when Trump is also threatening protectionist action against China – triggered an immediate and angry response from Canada, Brussels and from individual European capitals.

Juncker called the US move “unjustified” and said the EU had no choice but to hit back with tariffs on US goods and a case at the World Trade Organisation in Geneva.

So what is going to happen here then ?

We have laws against dumping. These new tariffs have nothing to do low wage workers working in mills producing steel that is sent to US markets.

Do you really think that steel workers in Canada or the EU are paid low wages? Of course not.

It is a fact than certain steel tubes are no longer made here in the US. These mills closed decades ago.

Our steel industry is their own killer. in the 70s & 80's they took steel profits & invested them elsewhere. In the late 80s, there were only two new steel mills built in the US since 1950.

It took something like 18 man hours per ton trying to compete with mills in Japan with 8 man hours per ton. The steel industry basically killed itself. Instead of investing in new mills with new technology they invested in oil & gas - at least US steel did that.

Around 2000, the worlds largest producer of oilfied drill pipe changed vendors from US Steel to Mannesman in Germany which they purchased half interest. Their tube rejection rate went from 15% to 2%. US mills were outdated, inefficient and low quality.So our steel industry took a hit & Reagan did nothing to help save it.

NowTrump wants to make our steel mills competitive by making imported steel more expensive. In the process, any steel product made with mported steel will get a 25% increaeae in steel costs making them less competitive in the world market.

The world has 6-7 bullion people & Trump wants to piss away that business so he can get more of a 320 million person market.

Trump has no idea about manufacturing, no idea of the world market. He made a shoot from the hip campaign promise & he aims to keep it. It matters not how stupid it is.

Trump is driving us down hill at a fast speed. Republicans in Congress do nothing.

 

[skews13]

US on brink of trade war with EU, Canada and Mexico as tit-for-tat tariffs begin

The United States and its traditional allies are on the brink of a full-scale trade war after European and Canadian leaders reacted swiftly and angrily to Donald Trump’s decision to impose tariffs on steel and aluminium producers.

The president of the European commission, Jean-Claude Juncker, promised immediate retaliation after the US commerce secretary, Wilbur Ross, said EU companies would face a 25% duty on steel and a 10% duty on aluminium from midnight on Thursday.

Europe, along with Canada and Mexico, had been granted a temporary reprieve from the tariffs after they were unveiled by Donald Trump two months ago.

However, Ross sent shudders through global financial markets when he said insufficient progress had been made in talks with three of the US’s traditional allies to reduce America’s trade deficit and that the waiver was being lifted.

Wall Street slumped as the Dow Jones Industrial Average shed more than 200 points, while shares across Europe also declined.

The move from Washington – which comes at a time when Trump is also threatening protectionist action against China – triggered an immediate and angry response from Canada, Brussels and from individual European capitals.

Juncker called the US move “unjustified” and said the EU had no choice but to hit back with tariffs on US goods and a case at the World Trade Organisation in Geneva.

So what is going to happen here then ?