Current Event News -  A Trade War is in the making (279 views) Notify me whenever anyone posts in this discussion.Subscribe
 
From: cda28Mar-5 8:21 PM 
To: All  (1 of 29) 
 25965.1 

Trump responds to EU attacks with tax threat on European cars

https://www.conservativeinstitute.org/economics/trump-responds-to-eu.htm?utm_medium=jmg&utm_source=push&utm_campaign=cna

President Donald Trump is on a mission to make America great again — and nothing, especially not the European Union (EU), is going to get in his way.

After the president announced new tariffs on steel and aluminum imports — at 25 and 10 percent, respectively — last week, members of the EU and other countries around the world promised to follow suit with their own taxes on American imports. Trump has now responded to their promises with a threat of his own: he won’t hesitate to hike up tariffs on European cars if they keep it up.

The Tariff
The abuse of America in the international trade game has been a pet peeve of the president for decades.

“We’re a debtor nation. Something is going to happen over the next number of years with this country because you can’t keep on losing $200 billion [the deficit at the time],” Trump said on The Oprah Winfrey Show in 1988. “And yet we let Japan come in and dump everything into our markets. It’s not free trade. If you ever go to Japan right now and try to sell something, forget about it. Just forget about it. It’s almost impossible. They don’t have laws against it, they just make it impossible.”

The now president continued:

They come over here, they sell their cars, their VCRs, they knock the hell out of our companies. And, hey, I have tremendous respect for the Japanese people. I mean, you can respect somebody that’s beating the hell out of you, but they are beating the hell out of this country.

Kuwait, they live like kings — the poorest person in Kuwait, they live like kings — and yet, they’re not paying. We make it possible for them to sell their oil. Why aren’t they paying us 25 percent of what they’re making? It’s a joke.

Trump later explained to the American people on Twitter how he wants to start changing these practices by imposing a tariff on steel and aluminum imports. He tweeted on Friday:

 
Donald J. Trump
?
@realDonaldTrump
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

5:50 AM - Mar 2, 2018
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President Trump has had it with Americans being taken advantage of by other nations, and he is standing firm in his commitment to fight for the American worker. But it is a stand the rest of the world is not used to, and that the European Union, in particular, was not happy about.

The Threat
European Commission President Jean-Claude Juncker fired back against the president’s tariff with a threat of his own.

“We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk,” Juncker said in a statement. “Instead of providing a solution, this move can only aggravate matters.”

But Juncker was not the only foreign official to talk tough.

“The EU must respond decisively to U.S. punitive tariffs, which endanger thousands of jobs in Europe,” German Foreign Minister Sigmar Gabriel said. “There should be no doubt about that in Washington.”

Canadian Foreign Minister Chrystia Freeland added, “Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers.”

The Response
Despite these warnings from international officials, President Trump is not backing off.

“If the E.U. wants to further increase their already massive tariffs and barriers on U.S. companies doing business there, we will simply apply a tax on their cars which freely pour into the U.S.,” he wrote on Twitter on Saturday. “They make it impossible for our cars (and more) to sell there. Big trade imbalance!”

Other nations can talk tough all they want, but with the U.S. hosting the largest economy in the world, it is unlikely that the EU — or any other country — would exacerbate the situation to try and prove a point, particularly when the trade deficit for certain items actually works in their favor.

Engaging in a genuine trade war with the United States would prove detrimental to the world’s economy — and other countries surely don’t want to be to blame for that.

 
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From: cda28Mar-5 8:39 PM 
To: BG311  (2 of 29) 
 25965.2 in reply to 25965.1 

Hi Brenda

        Is this Trade War started by Trump going to hurt or help the American People? Mark Levin say's putting so much tariffs on Steel and aluminum will raise prices on everything from Refrigerators to Canned Goods as many of the items we buy are made with steel and aluminum. Our Economy thrives on Trade with other countries. Do you know that Canada is the biggest Steel imported? Look at the previous Post. I have to wonder about this but he did campaign on it.   

 

 
From: BG311 Posted by hostMar-5 11:32 PM 
To: cda28  (3 of 29) 
 25965.3 in reply to 25965.2 

Cliff,

President Trump is a very successful business man.  And, his business is real estate that no doubt relies on the use of aluminum and steel.  Our President wouldn't want to do anything that would hurt our country or its citizens.  I've heard others speak about the minimal impact that will be felt by tariffs on imports.

What he has stated is that right now these other countries are charging tariffs on our exports to them but we don't charge tariffs on what comes into the United States - our imports from other countries - so we are running large trade deficits with existing international trade agreements.  President Trump says those deficits make us a loser.  He is working very hard to improve our dire financial condition and has done much to improve it.  Also, we have the capacity within our country to manufacture aluminum and steel.  Those industries have been hurt because so much of the steel and aluminum used here is being imported.

What our President wants to do is make it profitable for us to make, buy and use American made steel and aluminum.  That idea makes sense to me.

Many in the Congress receive large amounts of campaign donations from those who are not as interested as President Trump is in placing America first.  Others are more into trade agreement with other countries (and using illegal aliens) for their own personal gains.  That is the reason there are so many in Congress that are establishment politicians and Globalists that want to give illegal aliens citizenship and want to continue our trade deals as they are now without any regard for our trade deficits.  It's for personal gain.  Our President is interested in the safety and well-being of American citizens - financially, medically and (from being harmed by illegals, chain migration, refugees . . .) and doesn't want to be a loser by continuing to have trade deficits with other countries.

  • Edited March 6, 2018 11:12 am  by  BG311
 

 
From: cda28Mar-6 11:05 AM 
To: BG311  (4 of 29) 
 25965.4 in reply to 25965.3 

Your explanation is well spoken, I don't agree with everything Mark Levin say's I believe Trump is trying to get People to buy American, I personally will not buy a foreign made Automobile. Ford is my Preference.  

 

 
From: BG311 Posted by hostMar-8 5:58 PM 
To: cda28  (5 of 29) 
 25965.5 in reply to 25965.4 
Trump announces tariff surprise (art of the deal?)

Donald Trump just announced a major change to his steel tariff policy -- and it's designed to force other country's to give America what we want. Here's what the media DOESN'T understand. Read More

 

 

 

 

 
From: BG311 Posted by hostMar-8 6:05 PM 
To: All  (6 of 29) 
 25965.6 in reply to 25965.5 

Trump announces tariff surprise (art of the deal?)

After a week of hints and negotiations, President Donald Trump said Thursday he would announce tariffs on imported steel and aluminum but with temporary exemptions for Canada and Mexico as he seeks to revise the North American Free Trade Agreement.  He suggested Australia and “other countries” might also be spared, a shift that could soften the international blow amid threats of retaliation by trading partners.

Supporters say the move is a hint that the White House isn’t seeking a trade war — but is instead using America’s power to negotiate better deals for American workers. Trump, the master of the deal, seems to be working his magic.

The White House said Trump would sign the orders on Thursday afternoon as opponents of the tariffs engaged in last-minute negotiations to blunt the impact.  “We’re going to be very fair, we’re going to be very flexible but we’re going to protect the American worker as I said I would do in my campaign,” Trump said during a Cabinet meeting.

The president reiterated that he would levy tariffs of 25 percent on imported steel and 10 percent on aluminum but would “have a right to go up or down depending on the country and I’ll have a right to drop out countries or add countries. I just want fairness.”  The president indicated Canada and Mexico’s treatment would be connected to the ongoing NAFTA talks, which are expected to resume in early April.

Trump was still hearing last-minute plea bargain deals from opponents of the tariff plan, and White House officials said they couldn’t predict how the day would shake out.  Steel and aluminum workers were invited to the White House for the afternoon announcement with Trump.

Peter Navarro, Trump’s trade and manufacturing adviser, said in an interview on Fox Business on Wednesday that the tariffs would go into effect within about 15 to 30 days and that the proclamation signed by the president would include a clause that would not immediately impose tariffs on Canada and Mexico.  Press secretary Sarah Huckabee Sanders told reporters the exemptions would be made on a “case by case” and “country by country” basis.

Congressional Republicans and business groups are bracing for the impact of the tariffs, appearing resigned to additional protectionist trade actions as Trump signals upcoming economic battles with China.  The looming departure of Cohn, a former Goldman Sachs executive who has opposed the promised tariffs, set off anxiety among business leaders and investors worried about a potential trade war.

At the White House, officials were working to include language in the tariffs that would give Trump the flexibility to approve exemptions for certain countries — if the make the right trade deals with the United States. “He’s already indicated a degree of flexibility, I think a very sensible, very balanced degree of flexibility,” Commerce Secretary Wilbur Ross told CNBC. “We’re not trying to blow up the world.”

Trump signaled other trade actions could be in the works. In a tweet, he said the “U.S. is acting swiftly on Intellectual Property theft.” A White House official said Trump was referencing an ongoing investigation of China in which the U.S. trade representative is studying whether Chinese intellectual property rules are “unreasonable or discriminatory” to American business.  The official said an announcement on the findings of the report — and possible retaliatory actions — was expected within the next three weeks.

The president has said the tariffs are needed to reinforce lagging American steel and aluminum industries and protect national security.  He has tried to use the tariffs as leverage in ongoing talks to renegotiate NAFTA, suggesting Canada and Mexico might be exempted from tariffs if they offer more favorable terms under the trade agreement.

The Associated Press contributed to this article

 

 

 

 

 
From: ButchkingMar-8 9:04 PM 
To: BG311  (7 of 29) 
 25965.7 in reply to 25965.6 

It seems that was exactly what the stock market(hence, the economy) needed to hear, however, it seems to be alarmingly close to ex Pres Bush's apparent steps in trying to unite the USA, Canada and Mexico into one nation, similar to what happened in Europe. 

 

 
From: BG311 Posted by hostMar-9 12:09 PM 
To: Butchking  (8 of 29) 
 25965.8 in reply to 25965.7 

Butchking said...

It seems that was exactly what the stock market (hence, the economy) needed to hear, however, it seems to be alarmingly close to ex Pres Bush's apparent steps in trying to unite the USA, Canada and Mexico into one nation, similar to what happened in Europe. 

Butch,

President Trump is working to renegotiate NAFTA.  He likes to move quickly but no doubt now realizes that when it comes to trade agreements with other countries so many things are intertwined that he'll need to move more slowly than what he'd like to do.

You mentioned President Bush.  President Clinton was behind a lot of what took place with NAFTA.

 

 
From: BG311 Posted by hostMar-9 12:11 PM 
To: All  (9 of 29) 
 25965.9 in reply to 25965.8 
 

 
From: BG311 Posted by hostMar-9 12:31 PM 
To: All  (10 of 29) 
 25965.10 in reply to 25965.9 

History of NAFTA and Its Purpose

By

Updated February 16, 2018

The North American Free Trade Agreement's history began in 1980. Its purpose is to reduce trading costs, increase business investment and help North America be more competitive in the global marketplace. The agreement is between Canada, the United States, and Mexico. For more details, see NAFTA Fast Facts.

What is its history?

The impetus for NAFTA began with President Ronald Reagan, who proposed a North American common market in his campaign. In 1984, Congress passed the Trade and Tariff Act. That gave the president "fast-track" authority to negotiate free trade agreements. It removes Congressional authority to change negotiating points. Instead, it allows Congress only the ability to approve or disapprove the entire agreement. That makes negotiation much easier for the administration. Trade partners don't have to worry that Congress will nitpick specific elements.

Canadian Prime Minister Mulroney agreed with Reagan to begin negotiations for the Canada-U.S. Free Trade Agreement. It was signed 1988 and went into effect 1989. NAFTA has now replaced it. (Source: "NAFTA Timeline," NaFina.)

Regan’s successor, President H.W. Bush, began negotiations with Mexican President Salinas for a liberalized trade agreement between the two countries. Before NAFTA, Mexican tariffs on U.S. imports were 250 percent higher than U.S. tariffs on Mexican imports.

In 1991, Canada requested a trilateral agreement, which then led to NAFTA. In 1993, concerns about the liberalization of labor and environmental regulations led to the adoption of two addendums.

In 1992, NAFTA was signed by President George H.W. Bush, Mexican President Salinas and Canadian Prime Minister Brian Mulroney.  It was ratified by the legislatures of the three countries in 1993. The U.S. House of Representatives approved it by 234 to 200 on November 17, 1993. The U.S. Senate approved it by 60 to 38 on November 20, three days later.

President Bill Clinton signed it into law December 8, 1993. It entered force January 1, 1994. It was a priority of President Clinton's, and its passage is considered one of his first successes. (Source: "NAFTA Signed Into Law," History.com, December 8, 1993.)

What Is Its Purpose?

Article 102 of the NAFTA agreement outlines its purpose. There are seven specific goals.

  1. Grant the signatories most favored nation status.
  2. Eliminate barriers to trade and facilitate the cross-border movement of goods and services.
  3. Promote conditions of fair competition.
  4. Increase investment opportunities.
  5. Provide protection and enforcement of intellectual property rights.
  6. Create procedures for the resolution of trade disputes.
  7. Establish a framework for further trilateral, regional, and multilateral cooperation to expand the trade agreement's benefits. (Source: "FAQ," NAFTA Secretariat.)

    Has It Fulfilled Its Purpose?

    NAFTA fulfilled all seven of its goals. That's made it the world’s largest free trade area in terms of gross domestic product.

    Most important, it increased the competitiveness of the three countries in the global marketplace. This has become critical since the launch of the European Union. It's helped overcome the economic growth of China and the rise of other emerging market countries. In 2007, the EU replaced the United States as the world's largest economy. In 2015, China replaced both and took the top spot.

    The 2016 Presidential Campaign

    Donald Trump promised to renegotiate NAFTA to get a better deal for U.S. workers. He wants Mexico to eliminate the VAT tax on U.S. exports to Mexico. He also wants Mexico to end its maquiladora program. If Mexico and Canada don't agree, he would withdraw from NAFTA. He also threatened to impo
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