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Business leaders from nearly every American industry are furious with President Trump right now.
They’ve been pressuring his administration to back off from its plan to add steep tariffs on importedsteel and aluminum, which are used to make everything from cars to boats and even soup cans.
President - Concerns - Thursday - Afternoon - Trump
But the president has waved off their concerns. On Thursday afternoon, Trump is expected to sign an order directing the Commerce Department to add the 25 percent levy on steel and the 10 percent levy on aluminum. He did say, however, that his administration will exempt Canada and Mexico from the tariffs for a while.
The US steel industry is quite happy about the tariffs.
Almost everyone else is upset.
That's because so many American industries need steel and aluminum: They’re used to build cars, skyscrapers, roads, bridges, washing machines, refrigerators, and a whole host of other products. More expensive steel and aluminum means higher costs for the American businesses that make these products — higher costs that will likely get passed on to consumers. And it makes business leaders nervous about the likelihood that Trump will start adding tariffs on other imports.
US - Commerce - Secretary - Wilbur - Ross
US Commerce Secretary Wilbur Ross has dismissed concerns about the tariffs’ potential impact on American consumers, calling it “trivial.”
“There’s about one ton of steel in a car,” Ross said on CNN. “The price of a ton of steel is $700 or so, so 25 percent on that would be one half of 1 percent price increase on the typical $35,000 car. So it’s no big deal.”
Trump - Trade - Wars
And Trump himself seems quite eager to engage in trade wars:
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they...
(Excerpt) Read more at: MSN
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