International Monetary Fund warns against Trump imposing import tariff

International Monetary Fund warns against Trump imposing import tariff

International Monetary Fund warns against Trump imposing import tariff

Navarro told CNN that final details on Trump's anticipated 25 percent tax on steel imports and a 10 percent tariff on aluminum should be completed by later in the week or early next week at the latest.

Ross did not rule out that possibility. "And we will see retaliation, there are no two ways about it". "So with a whole year of preparation, I don't know why anybody should've been so shocked". They have been talking with me.

Ross, who said he expected them to go into effect in the coming week, played down the impact on the United States economy of retaliatory measures. Our steel industry is in bad shape.

While Mattis said he was against countries "intentionally" using "unfair" trade practices to harm the USA defense industrial base - as opposed to outcompeting us, which is what some of the trading partners potentially affected by the Trump tariffs are actually doing - he also pointed out that USA industry can easily meet the military's steel and aluminum needs without protection.

"There'll be an exemption procedure for particular cases where we need to have exemptions so business can move forward".

Navarro did not elaborate on the exemption procedure and the White House did not immediately return a request for comment. Morneau said he reminded his counterpart of the role Canada plays in ensuring US industry has "access to the kind of products they need". And on Sunday, Trump spoke by phoneto British Prime Minister Theresa May, who raised "deep concern" about the tariffs, according to the United Kingdom government.

Europe imposes a 10 per cent tariff on US-built cars.

"So, the notion that it would destroy a lot of jobs, raise prices, disrupt things, is wrong", Ross said. "All countries should make concerted efforts to cooperate to resolve the relevant issues, instead of taking trade-restrictive measures unilaterally".

- The department calls on Trump to claim the tariffs are in the interest of national security, saying he could implement them using a little-known provision from a 1962 trade law.

There has been sharp reaction from countries with the European Union and China indicting retaliatory measures. "So, while it might affect an individual producer for a little while, overall, it's not going to be much more than a rounding error".

Some Republicans openly expressed concern about the President's abilities to press ahead with new tariffs.

"This will cause huge damage across broad sectors of the economy", he said. "IF YOU DON'T HAVE STEEL, YOU DON'T HAVE A COUNTRY!" he wrote.

The tariffs placed on steel imports will last for an "unlimited period of time", Trump said, adding they will be in effect "for a long period of time".

"You are letting China off the hook".

Trump is expected to justify his proposed metal tariffs by invoking a 1962 law that authorizes the president to impose tariffs unilaterally if doing so is necessary for "national security".

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