Senate Republican blasts Trump tariff decision: 'So much losing'

Senate Republican blasts Trump tariff decision: 'So much losing'

"It has been great for China and awful for the United States, and great for other countries".

"If all countries follow the example of the United States, this will undoubtedly result in a serious impact on the worldwide trade order", Chinese foreign ministry spokeswoman Hua Chunying said Thursday morning at a press conference.

The Commission said that the countermeasures would now be discussed by the commissioners from the EU's 28 member countries on Wednesday.

Trump's pledge on Thursday to impose hefty tariffs on steel and aluminium imports sparked concerns about tit-for-tat retaliation that could wound a healthy US economy that is poised to deliver record corporate earnings. Presidents from that point onward sought to liberalize trade overall, but had to buy support for that agenda from a more reluctant Congress.

Global stock markets fell sharply Friday over worries of a possible trade war following Trump's announcement.

"I don't like using the word trade war, but I can't see how this isn't part of war-like behavior", Juncker told German media ahead of a planned speech late Friday in Hamburg.

Most countries believe that negotiations are best carried out and disputes settled through a rules-based system.

Roberto Azevedo, the director-general of the World Trade Organisation, warned that a "trade war is in no one's interests".

But that's unlikely to bother Mr Trump.

And it's unlikely to register much with the steelworkers of Pennsylvania and Indiana.

China may not wait for such a move, though, and Beijing may already be preparing to respond to Trump's move against metal imports.

The failure of two rounds of high-level talks between Chinese and US officials to lower bilateral trade tension has put into jeopardy Boeing, Qualcomm and other American business interests supported by US President Donald Trump when he visited Beijing previous year, analysts including former Australian prime minister Kevin Rudd said. The tariff will likely force MillerCoors and other beer companies to lay off workers, it said, hinting that the cost would be passed on to consumers.

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The angry and impulsive president was then reportedly egged on to start a trade war by Commerce Secretary Wilbur Ross and White House trade director Peter Navarro, despite Cohn's opposition.

He told CNBC the duties would have a negligible effect on the price of a tin, amounting to less than a cent.

For example, economists and industry experts predict the cost of a auto could eventually go up by around $50 to $300 depending on who you ask.

Fears of retaliation from Canada, China and Europe sent world stocks tumbling and drove investors towards the traditional safe plays of government bonds and the Japanese yen.

Honda said in a statement that "imprudent tariffs imposed on imported steel and aluminum would raise prices on both domestic and imported products, thus causing an unnecessary financial burden on our customers".

"The potential for escalation is real as we have seen from the initial responses", he said.

"It is entirely inappropriate to view any trade with Canada as a national security threat to the United States", Canadian Foreign Minister Chrystia Freeland said in a statement.

The president asked heads of aluminum and steel companies to the White House Thursday.

He noted that the steel and aluminum taxes would hurt the manufacturing and construction sectors, which are major users of aluminum and steel.

What are the stakes for the US?

On Friday, the president tweeted: "Our steel industry is in bad shape". Commission officials reject this argument because the US defense secretary has stated that the American military needs no more than 3 percent of USA steel production.

Steel mills in 2015 employed about 140,000 Americans, according to census data. Allan Collard-Wexler of Duke University and Jan De Loecker of Princeton have found that steel jobs vanished because of the rise of a new technology: Super-efficient mini-mills that make steel largely from scrap metal.

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