Steel and Aluminum Makers Restart Plants After Trump's Tariff Announcement


Trump said he plans to a impose broad tariffs, 25 percent on imported steel and 10 percent on imported aluminum, though a final announcement is still pending.

"We will continue to urge the administration to narrow this policy so that it is focused only on those countries and practices that violate trade law", said Ryan. Not exempt from the tariffs, though, is America's long-time ally, South Korea.

Trump tweeted a noncommital message on Thursday, writing that he was '[l] ooking forward to [a] 3:30 P.M. meeting today at the White House'.

"We must act soon!" the president said in his tweet Wednesday.

Foreign Affairs Minister Julie Bishop has confirmed golfing legend Greg Norman has helped lobby for an Australian exemption as Donald Trump signed off on contentious trade tariffs.

Business leaders, meanwhile, have continued to sound the alarm about the potential economic fallout from tariffs, with the president and CEO of the U.S. Chamber of Commerce raising the specter of a global trade war.

Canada and Mexico will be exempt indefinitely.

Railing against countries that had "taken advantage" of the United States, Trump accused Germany of behaving unfairly by contributing much less than the USA towards the funding of North Atlantic Treaty Organisation.

Trump has promised to cut ties to trade deals considered unfavorable to United States interests as part of his campaign pledge.

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"Many of the aluminum materials procured by USA customers from Japan are hard to obtain or switch (to) from other sources", the industry body said, warning that the import curb could have an adverse impact on the US industry. But then he says that Canada and Mexico will be exempt if they cave in on NAFTA, and Australia might be exempt because we have a trade surplus with them.

"We will not place any new tax on product made in the USA", Mr Trump said.

Describing the dumping of steel and aluminum in the USA as "an assault on our country", Mr Trump later said that the best outcome would be for companies to move to the US.

If no exemption is won, the European Union announced on Wednesday it plans to retaliate with taxes on bourbon, peanut butter, cranberries, orange juice and steel and aluminum products. "We want everything to be reciprocal".

Other countries that present an alternative way to address the U.S. national-security threat of their exports may be exempt as well.

Gary Cohn, Trump's top economic advisor, announced his resignation Monday, with White House sources telling media outlets that the decision was based on Trump's tariff push.

Trump has long argued that tariffs are needed to revive the US steel and aluminum industries.

Trump confirms there will be exemptions on his new steel tariffs for some countries, and singles out Australia as a likely beneficiary. Trump signed an executive order on January 23 which pulled the United States out of the Trans-Pacific Partnership, fulfilling his anti-Free Trade "America First" electoral pledge.