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Money Trump just rolled out his massive new tariffs -- here's what we know about them

07:16  09 march  2018
07:16  09 march  2018 Source:   businessinsider.com.au

Wall St plunges as Trump's tariff plan looms

  Wall St plunges as Trump's tariff plan looms Dramatically raising the possibility of a trade showdown with China and other key trading partners. Trump summoned steel and aluminum executives to the White House and told them that next week he would levy penalties of 25 percent on steel and 10 percent on aluminum imports. Those tariffs, he said, will remain for "a long period of time." But it was not immediately clear if the tariffs would exempt certain trading partners."What's been allowed to go on for decades is disgraceful. It's disgraceful," Trump told them in the Cabinet Room.

At the White House on Thursday, President Donald Trump rolled out his new tariffs on steel and aluminum. The tariffs will start in 15 days. Canada and Mexico will be exempt, and other countries can apply for exemptions.

At the White House on Thursday, President Donald Trump rolled out his new tariffs on steel and aluminium. The tariffs will start in 15 days. Canada and Mexico will be exempt, and other countries can apply for exemptions.

Donald J. Trump smiling for the camera© Provided by Business Insider Inc

President Donald Trump on Thursday rolled out his new tariffs on steel and aluminium, kicking off what some economists fear could be a protectionist shift for the administration.

"The workers who poured their souls into building this great nation were betrayed," Trump said at the White House. "But that betrayal is now over."

Republicans, US allies, economists, and investors have all raised concerns about the economic impact of the tariffs, saying they could lead to a trade war.

A senior administration official dismissed these concerns on Thursday.

"There's been a lot of, in my judgment, hair-on-fire rhetoric on the television from the lobbyists and the politicians and the swamp creatures within the perimeter of the Beltway - and in my judgment, this is all fake news," the official said.

President Trump tests Australia's mettle

  President Trump tests Australia's mettle US President Donald Trump's proposed tariffs on steel and aluminium imports from Australia could be an own-goal in terms of American jobs.* Australian steel accounts for only about 0.

At the White House on Thursday, President Donald Trump rolled out his new tariffs on steel and aluminum. The tariffs will start in 15 days. Canada and Mexico will be exempt, and other countries can apply for exemptions.

President Donаld Trump will roll out his new tariffs on steel аnd аluminum аt а White House event Thursdаy, kiсking off what some eсonomists feаr сould be а new proteсtionist shift for the аdministrаtion.

The official said that concerns about increased prices for consumers due to higher costs of steel and aluminium were overblown and that no jobs would be lost at downstream manufacturers that rely on the metals.

Trump is imposing the tariffs on national-security grounds using an obscure bit of trade law. The administration argues that the US steel industry's struggles could leave the country exposed if imports are cut off amid a geopolitical conflict.

Australia not exempted from Trump tariffs

  Australia not exempted from Trump tariffs Malcolm Turnbull had hoped Australia would avoid Donald Trump's steel and aluminium tariffs but the president is not offering exemptions to any country.One of US President Donald Trump's top trade officials has confirmed Australia and other allies will be slapped with stiff new tariffs on steel and aluminium.

President Donald Trump will roll out his new tariffs on steel and aluminum at a White House event Thursday, kicking off what some economists fear could be a new protectionist shift for the administration.

SEE ALSO: Trump just rolled out his massive new tariffs — here ' s what we know about them . NOW WATCH: We tried gaming on the Samsung CHG90 ultrawide gaming monitor.

Allies such as Canada and the European Union have called this reasoning into question, given their close political ties to the US, while the senior administration official sought to bolster it.

"The rationale from a national-security - an economic-security point of view is unassailable, and that is the underlying thing," the official said.

The tariffs rollout has been rife with confusion and dissension in the White House. Details of the tariffs have been changing throughout the week, but here's what they include, according to the official:

  • Steel imports will be hit with a 25% tariff and aluminium imports with a 10% tariff.
  • The measure will kick in 15 days from Thursday, on March 23.
  • Canada and Mexico will be exempt indefinitely. Both countries had warned of retaliatory measures if they were not exempt. So far, the Trump administration has loosely tied the exemptions to negotiations over the North American Free Trade Agreement and said a failure to renegotiate it could end the special treatment.
  • Other countries that present an alternative way to address the US national-security threat of their exports may be exempt as well.

Trump trade war overshadows plight of Australia's chickpea farmers .
Forget steel's $545 million and having Greg Norman going in to swing for you. Australia is counting the cost of a lost billion-dollar chickpea market.As of March 1, the tariff on chickpeas going to India stands at 60 per cent, sending the lucrative industry into crisis.

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