Industry groups say U.S. tariffs will cost jobs, raise prices

Aluminium imports into the United States will also be subject to a tariff, at the rate of 10 per cent.

The Alliance of Automobile Manufacturers, a major industry trade group, warned the tariffs will also drive up the price of steel made in the USA — a cost that it predicts will be passed along to consumers through higher prices on vehicles.

The National Association of Home Builders noted the tariffs would pile on more costs on builders and, ultimately, homebuyers.

Australia has already set a precedent with an energetic lobbying effort that seems to be paying off. Trump, who excluded Canada and Mexico from the tariffs, singled out Australia on Thursday as another country that could be exempt. He discussed the tariffs with Turnbull and President Mauricio Macri of Argentina in phone calls Friday, the White House said.

"We'll see how far this really goes", he said.

For now, Canada and Mexico will be excluded from the tariffs.

"This is on balance a good thing today", he said in an interview this afternoon with CBC News Network.

"We would perhaps have to raise the tariffs of everybody else, and modestly I may add, to ensure that our steel and aluminum industries are protected", the official said, speaking to reporters on the condition of anonymity.

"Our point is that these tariffs are going to have a bigger impact on our American economy than what their goal is", she said. He also signed one for steel.

The official insisted that was untrue.

Steel imports will be hit with a 25% tariff and aluminum imports with a 10% tariff. He did not explain how those round numbers managed to survive intact, even after the formula was later upended by the exclusion from tariffs of major suppliers.

Canada's Prime Minister Justin Trudeau, receives the 2018 Catalyst for Change Award and delivers remarks at the Equal Voice International Women's Day Lunch in Toronto, Ontario, Canada, March 8, 2018.

Canada's ambassador to Washington dined this week with US national-security adviser H.R. McMaster; Foreign Affairs Minister Chrystia Freeland, Natural Resources Minister Jim Carr, Defence Minister Harjit Sajjan, and Transport Minister Marc Garneau all reached out to cabinet counterparts in recent days. If they offer something in return for favorable treatment - like, say, the increases in military spending Trump has demanded from North Atlantic Treaty Organisation allies - they could encourage the president to use access to the US market as a cudgel in the future.

Canada is the No. 1 seller of both steel and aluminum to the U.S.

The lobbying found a mostly receptive audience: the USA military strongly resisted tariffs against allies, and 107 congressional Republicans released a letter this week to express their alarm over the move.

Trump had suggested before he signed the orders imposing the tariffs that Australia and "other countries" also could be exempted. "We're after a good deal, not any deal".

The reopening will bring back about 500 U.S. Steel workers who had lost their jobs in the closure.

Related News:

  • Sunil Chhetri does the trick as Bengaluru FC seal ISL final spot

    Sunil Chhetri does the trick as Bengaluru FC seal ISL final spot

    He has proved that he is young and has the same mentality. "Apart from being a great player, he's an fantastic person as well". We did that so we suffered in the second half. "We tried to make the game hard for them".
    Eggs, embryos possibly damaged at California clinic

    Eggs, embryos possibly damaged at California clinic

    For anyone with questions about the incident or to set up appointments, University Hospitals has set up a call center. The hospital is investigating whether mechanical or human error caused the freezer to malfunction.
    Apple introduces new Made-for-iPhone (MFi) branding for accessory makers

    Apple introduces new Made-for-iPhone (MFi) branding for accessory makers

    If the information provided in their report is accurate, manufacturers will have 90 days to update their packaging with the new logo.
  • McLaren BP23 Hyper-GT emerges as the company's fastest auto  ever

    McLaren BP23 Hyper-GT emerges as the company's fastest auto ever

    The bespoke model will be customised as per individual customer taste by the McLaren Special Operations (MSO). It will come with a three-seat layout and a central driving position, similar to that of its predecessor.
    Moon's Envoys to Meet Leaders of China, Japan

    Moon's Envoys to Meet Leaders of China, Japan

    The government will also launch this week a committee to prepare for inter-Korean summit set for next month. Sources, however, said Trump gave positive a response to the suggestion made by North Korea.

    Altria Group Inc (MO) Holdings Reduced by Patten & Patten Inc. TN

    Clearbridge Invests Ltd Limited Liability Company stated it has 0.01% in Altria Group, Inc. (NYSE:MO) or 3,464 shares. (NYSE:MO). LLC now owns 9,301 shares of the company's stock worth $693,000 after purchasing an additional 2,401 shares in the last quarter.
  • Defense Ministry: Russia tested 210 models of weapons in Syria

    The head of the military department noted that Syria "has given vast experience to the Armed Forces of the Russian Federation". Speaking to reporters travelling with him on a trip to Oman, Mattis admitted he has no evidence to back up his statements.

    Donald Tusk insists on "Ireland first" approach to Brexit negotiations

    With the divorce deadline just 13 months away, many financial firms are preparing for a traumatic separation. But it's light years away from the relationship that Britain now enjoys with its top export market.

    Long Term Trend - Kratos Defense & Security Solutions, Inc. (KTOS)

    Kratos Defense & Security Solutions (NASDAQ: KTOS ) last posted its earnings results on Wednesday, February 28th. (NASDAQ: KTOS ). In terms of Buy/Sell recommendations, 7 analysts have a consensus rating of 1.86 on the shares of Kratos Defns (NASDAQ: KTOS ).
  • The Scorpio Tankers Inc. (STNG) Plans Quarterly Dividend of $0.01

    Three equities research analysts have rated the stock with a sell rating and eight have given a buy rating to the stock. KeyBanc Capital Markets downgraded the shares of NOV in report on Tuesday, January 5 to "Sector Weight" rating.
    Hong Kong's pro-democracy campaign endures election setback

    Hong Kong's pro-democracy campaign endures election setback

    But democrats lost that power when six lawmakers were ousted for inserting anti-Beijing protests into their oaths of office. He added that there had been little time to prepare for the election after Chow's disqualification.

    MSA Safety (MSA) Posts Earnings Results, Beats Estimates By $0.31 EPS

    One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The industrial products company reported $1.31 EPS for the quarter, beating the Zacks' consensus estimate of $1.00 by $0.31.


Most liked

Williams, Harris lead Clippers past Magic 113-105
The Clippers have now won four of their last five, and are 11-4 in their last 15 overall. "He's human", Rivers said. He filled up the stat sheet with 24 points, seven assists, two rebounds and two steals.

Intuitive Surgical (NASDAQ:ISRG) Upgraded to "Strong-Buy" by BidaskClub
Piper Jaffray Companies reaffirmed a hold rating on shares of Intuitive Surgical in a research report on Friday, January 26th. Bank of New York Mellon Corp grew its stake in shares of Intuitive Surgical by 170.0% in the fourth quarter.

'SNL' deleted 'Black Panther' scene even cracks up the cast
Returning to the land of purple skies will inspire you but also make you laugh so hard you might want Uncle M'Butu to make an appearance in the Black Panther sequel.

Bus Transporting Illinois College Team Crashes on I-94
According to authorities, the bus driver was transported to North Memorial Hospital with non-life threatening injuries. The team had taken part in a basketball tournament at the North Dakota School of Science in Whapeton, North Dakota.

Goldman Sachs: Trump's tariffs will benefit Russian Federation and China
All this comes as the seventh round of the NAFTA negotiations wrapped up in Mexico City. President Trump would do well to look back into history during the Great Depression.

European Union wants clarity in Trump's tariff exemption
South Korean officials have argued that only 2.4 per cent of steel exported to the U.S. in 2016 used Chinese material. Several countries have sought to gain exemptions from the tariffs, which are set to take effect later this month.

Trump's Top Economic Adviser Announces Resignation
In recent days, the president has also lost a speechwriter, an associate attorney general, and his North Korea negotiator. Cohn, President Trump's top economic adviser, has announced that he will be resigning from his post .

Maria Sharapova splits from coach
Maria Sharapova has announced that she has parted ways with coach Sven Groeneveld "by mutual agreement" after four years. The former Wimbledon victor has recently returned from a 15-month doping ban for taking meldonium in 2016.

Clinton impeachment lawyer met with Trump about White House job
As recently as the summer, Flood, who works at the law firm Williams & Connolly, turned down an opportunity to represent Trump. A spokesman for the Democratic National Committee (DNC) did not immediately respond to a request for comment.

Geode Capital Management LLC Buys 57738 Shares of General Dynamics Co. (GD)
The aerospace company reported $2.50 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $2.37 by $0.13. The stock of General Motors Company (NYSE:GM) has "Hold" rating given on Thursday, September 14 by Standpoint Research.

Sea of Thieves Global Digital Treasure Hunt Features Golden Banana Prize
If you don't have the time to actually go there and solve the riddle, the developers will also release them in some digital form. At this time, there are no restrictions for participating in The Quest for the Golden Bananas listed on the website.

India off to steady start against Australia
India women and Australia women clash in the first ODI of the three-match series which begins in Vadodara on Monday. This is a series which will contribute to the ICC Women's Championship as well.

Whitney Houston documentary to release in July
The film reveals a woman who was both blessed and cursed with perhaps the greatest natural ability of any pop star in history. You might know Kevin Macdonald from such films as Being Mick, Marley and the Oscar-winning film One Day in September .

Tim McGraw collapses onstage during Ireland concert
Tim McGraw's concert performance was cut short Sunday night after the country music superstar collapsed on stage. The couple had played in Glasgow and London the previous two nights.

Jared Watkin Sells 3000 Shares of Abbott Laboratories (ABT) Stock
After $0.96 actual EPS reported by YUM! The Oklahoma-based Gibraltar Capital Management Inc. has invested 6.47% in the stock. Investment Management of Virginia LLC grew its position in shares of Abbott Laboratories by 9.3% during the second quarter.