Posted on 03/23/2018 2:05:53 PM PDT by Berlin_Freeper
The U.S. will grant the European Union and some other countries a temporary exemption from aluminium and steel tariffs, averting a trade war with key allies as the Trump administration tailors penalties to target China.
U.S. Trade Representative Robert Lighthizer told the Senate Finance Committee on Thursday that the Trump administration would temporarily exempt some countries "based on a certain set of criteria" from steel and aluminum tariffs while they negotiate with the United States.
In addition to the EU, those exempt are Argentina, Australia, Brazil and South Korea, Lighthizer said. President Donald Trump had already granted exemptions to Mexico and Canada when he signed the tariffs earlier this month.
"There are countries with whom we're negotiating and the question becomes the obvious one that you think, as a matter of business, how does this work? So what he has decided to do is to pause the imposition of the tariffs with respect to those countries," Lighthizer said.
Trump's tariffs had sparked outrage among European officials, who lobbied hard for an exemption, citing the continent's long-standing military alliance and close economic ties to the United States.
(Excerpt) Read more at cnbc.com ...
Today feels like a day of capitulation.
Someone tell me how clever this all is?
The problem is CHINA
50 down, how many more to go? LOL
The US has no domestic sources of Lithium, Platinum, or Bauxite
Why ? The exemption is only until May 1. It should have been phased in from the beginning.
3% of that market
Except the WTO will make sure every body retaliates for Trump standing up to China. And the EU will retaliate.
You do not poke at a bull like a torrero and then run the other way.
Seems like Trump is pulling a general Aoun on us, pretending to fight for christians declaring war on enemies and then running off while we are getting slaughtered.
There will be no trade war with the US. You can’t trade war against the world’s most powerful economy. It only ends badly for those that rely on it.
See that word “temporary”?
“while they negotiate with the United States.”
In regards to tariffs, Trump created incentive to negotiate, by creating a negative that is feared.
Though it is waived temporarily for those negotiating, it hangs over their heads as incentive to give Trump what he wants - a better deal for the US.
In the case of Canada and Mexico, they will either renegotiate NAFTA more in our favor, or the deal will be ended and they will also face tariffs.
Strategery.
Because we need specific metals from them and they are our friends. Not that difficult. You want to celebrate butthurt, have at it but one-size-fits-all solutions never work, and this is an entirely expected adjustment, not “capitualtion”.
How has that worked out?
I think the key word Trump mentioned several times was, “reciprocity.” And with that, he is not capitulating across the board.
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