Global stocks gain on hopes Trump tariffs not that harsh

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Of course, as this story noted, many dire things are being said by the overwhelming number of business leaders and economists who favor free trade.

In Sydney, Prime Minister Malcolm Turnbull said there is no case for imposing tariffs on Australian steel.

Newly enacted US tariffs on aluminum and steel imports have sparked a sharp reaction from around the globe, with several nations warning of an all-out trade war.

During the signing ceremony, Trump said: "Due to the unique nature of our relationship with Canada and Mexico. we're gonna hold off the tariff for those two countries".

A White House spokesman didn't immediately return an email seeking comment after Trump's tweet Thursday.

As a result of the current steel and aluminum tariffs, local agriculture could see economic woes.

Trump on Thursday signed tariffs of 25% on imported steel and 10% on aluminum. "It meant in practice that in the US they lost thousands and thousands of jobs", Katainen said.

Trump has said he could exempt some nations from the new tariffs, amid threats of retaliation from us trading partners and warnings from his own party that the move will hurt American businesses and consumers. The contentious tariffs will go into effect in 15 days.

The White House has yet to announce the timing and extent of the planned tariffs.

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Major Asian nations reacted sharply to Trump's decision to impose tariffs on steel and aluminum imports, warning of damage to close relations amid industry calls for retaliation. According to the Canadian Steel Producers Association, exports of steel directly support 20,000 Canadian jobs.

President Donald Trump puts more pressure on Mexico and Canada regarding NAFTA, by suggesting that he could exclude those two countries from steel and aluminum tariffs if the parties reach a new "fair" trade pact. It's the tough businessman in him who was doing the talking when Trump tossed out the threat of tariffs on foreign steel and aluminum, then mentioned the possibility of an exemption for Canada in exchange for favourable terms in NAFTA negotiations.

"If you take out supply from foreign sources, demand goes up for domestics, and also typically they feel like they have a much better opportunity to raise their price", he said.

Spokeswomen Ashlee Strong for House Speaker Paul Ryan stated the following statement, "We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan" (NPR).

"Higher tariffs will increase costs of Hyundai and Kia, putting them at a disadvantage compared with their rivals in the United States", a senior Korean trade ministry official told reporters in a background briefing on Friday.

"I'm concerned that after everything we've done to help our constituents through tax reform, the tariffs the president recently announced are going to undermine some of these recent gains", said Rep. Kevin Yoder, Kansas Republican.

Donald Trump is president of the world's most powerful nation, but he's also a businessman. "We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military".

Mr Brady and more than 100 House Republicans urged Mr Trump on Wednesday to use narrowly focused tariffs to take action against China and other countries instead of across-the-board measures.

Hyundai said it will pay higher raw material costs due to the tariffs while Germany warned that the "punitive" duties would be a burden for companies in Europe's largest economy. Additionally, it is expected that even the Senate Finance Chairman Orrin Hatch, R-Utah, will also do his part by mailing out another letter calling for the reconsideration of the proposed tariff regime.

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