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demmiblue

(36,853 posts)
Thu Mar 1, 2018, 05:48 PM Mar 2018

Canada threatens retaliation on Trump tariffs

Source: The Hill

Canada's foreign minister vowed on Thursday to take "responsive measures" if the Trump administration imposes stiff tariffs on Canadian steel and aluminum products exported to the U.S.

Canadian Foreign Minister Chrystia Freeland said President Trump's announcement that he plans to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports as "absolutely unacceptable."

“It is entirely inappropriate to view any trade with Canada as a national security threat to the United States," she said in a statement.

"We will always stand up for Canadian workers and Canadian businesses. Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers."

Read more: http://thehill.com/regulation/international/376336-canada-threatens-retaliation-on-trump-tariffs

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C Moon

(12,213 posts)
6. I recall when GW Bush tried this in 2002. It didn't go so well.
Thu Mar 1, 2018, 06:00 PM
Mar 2018
https://en.wikipedia.org/wiki/2002_United_States_steel_tariff

Impact
According to a 2005 review of existing research, all studies on the tariffs "find that the costs of the Safeguard Measures outweighed their benefits in terms of aggregate GDP and employment as well as having an important redistributive impact."

Steel production rose slightly during the period of the tariff. The protection of the steel industry in the United States may have had unintended consequences and perverse effects. A study from 2003 that was paid for by CITAC, a trade association of businesses that use raw materials, found that around 200,000 jobs were lost as a result.

International response
The tariffs ignited international controversy as well. Immediately after they were filed, the European Union announced that it would impose retaliatory tariffs on the United States, thus risking the start of a major trade war. To decide whether or not the steel tariffs were fair, a case was filed at the Dispute Settlement Body of the World Trade Organization (WTO). Japan, Korea, China, Taiwan, Switzerland, Brazil and others joined with similar cases.

roamer65

(36,745 posts)
7. Mexico is already buying Brazilian corn by the boatloads.
Thu Mar 1, 2018, 06:02 PM
Mar 2018

I hope it bankrupts every GD midwestern Repuke farmer.

justhanginon

(3,290 posts)
12. Virtually everything this administration does is stupid.
Thu Mar 1, 2018, 06:19 PM
Mar 2018

They are truly a study in incompetency at every level. Imagine all the crap that has gone down that we don't even know about yet.

safeinOhio

(32,683 posts)
13. Stock Market goes down, inflation goes up,
Thu Mar 1, 2018, 06:41 PM
Mar 2018

total jobs go down, other friendly countries vote against us at the UN and on and on.

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