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 how donald trump s tariff trade war fears roiled financial markets
how donald trump's tariff, trade war fears roiled financial markets

US President Donald Trump's plans to impose tariffs on steel and aluminum imports has rippled through financial markets since last week, when his initial announcement set off fears of a global trade war.
Trump has stood by the tariffs, despite resistance from his fellow Republicans and other countries, which have vowed to respond with levies of their own, and on Thursday, Trump pressed ahead with the imposition of 25 percent tariffs on steel imports and 10 percent for aluminum. But he exempted Canada and Mexico, backtracking from earlier pledges of tariffs on all countries, while other countries can apply for exemptions.
The announcement was viewed by investors as a watered-down version of the initial plans, to be used potentially as leverage involving NAFTA and other agreements. But i

eu warns of retaliation against any tariff on steel, aluminium by the us

The European Union's trade chief on Friday warned of possible retaliation if U. S. President Donald Trump's plans to impose hefty tariffs on imported steel and aluminium apply to Europe. Trump said on Thursday the duties, 25 percent on steel imports and 10 percent on aluminium, would be formally announced next week, although White House officials later said some details still needed to be ironed out. Speaking in Singapore, EU trade commissioner Cecilia Malmstrom said any move that would target Europe would be "deeply unfair". "We are discussing different measures. Everything from bringing the case to the WTO (World Trade Organisation), alone or with partners who are also affected, and also safeguard measures and possible retaliation," Malmstrom said. "These are things we are discussing int

trump says trade wars are 'easy to win' as tariff anger spreads

President Donald Trump pushed back against a wave of criticism against steel tariffs, telling the world that not only are trade wars good, they are easy to win.Trump is facing anger from manufacturers and trade partners in China and Europe after announcing tariffs of 25 per cent on imported steel and 10 percent on aluminum for “a long period of time.” The formal order is expected to be signed next week. “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,” Trump said in an early morning tweet on Friday. The aggressive stance has stoked fears of trade retaliation and roiled global markets. The US dollar weakened for a second day against a basket of currencies, while equity markets across t

us tariff hike: india can stand tall in a trade war, says anand mahindra

Asserting that India can "stand tall in a trade war", noted industrialist Anand Mahindra has said the world needs access to the country's fast-growing large economy amid the US hiking tariffs on certain steel imports.
"Not sure why Indian markets seem so perturbed by the threat of global tariff wars. Small, export focused countries stand to lose. Countries with large domestic economies can easily withstand tariff threats. The world needs access to the fastest-growing large economy-India," Mahindra said in a tweet.
The chief of the diversified Mahindra Group further said MNCs wanting access to India's markets will have to manufacture locally, which they will.
"So, no danger of drifting back to a socialist, stagnant economy. I'm no believer in protectionism and enjoy competing globally bu

trump signs off on us steel and aluminium trade tariffs

US President Donald Trump's tariffs on steel and aluminium imports will start in 15 days with initial exemptions for Canada and Mexico and the possibility of alternatives for other countries, a senior administration official said on Thursday.The tariffs of 25 per cent on steel and 10 per cent on aluminium, proclaimed by Mr Trump on Thursday during an event at the White House, appear to soften what the US president billed last week as a global, "no-exceptions" move to protect the two industries under a 1962 national security trade law.Mr Trump's sudden push for the tariffs last week triggered fears of a global trade war and rattled financial markets.US stocks pared gains on Thursday after the administration official's comments.Related readingThe official told reporters the tariff proclamati

trump signs off on us steel and aluminium trade tariffs

US President Donald Trump's tariffs on steel and aluminium imports will start in 15 days with initial exemptions for Canada and Mexico and the possibility of alternatives for other countries, a senior administration official said on Thursday.The tariffs of 25 per cent on steel and 10 per cent on aluminium, proclaimed by Mr Trump on Thursday during an event at the White House, appear to soften what the US president billed last week as a global, "no-exceptions" move to protect the two industries under a 1962 national security trade law.Mr Trump's sudden push for the tariffs last week triggered fears of a global trade war and rattled financial markets.US stocks pared gains on Thursday after the administration official's comments.Related readingThe official told reporters the tariff proclamati

trump insists on tariffs, new nafta

While Republicans are anxiously lobbying US President Donald Trump to reconsider his plans to impose tariffs on steel and aluminum imports to the US, Trump has brushed off such demands saying 'We're not backing down' on steel tariffs."No, we're not backing down," Trump told reporters at the White House, claiming the US “has been ripped off by virtually every country in the world, whether it’s friend or enemy.”Asked if the move could trigger a global trade war, Trump said, “I don’t think you’re going to have a trade war.” On Monday morning Trump also tweeted about tariffs on steel and aluminum imports from America’s neighbors Mexico and Canada, which along with the US, are signatories to the North American Free Trade Agreement, commonly known as NAFTA. "We have large trade deficits with Mex

turnbull must call trump over trade: labor

The Turnbull government isn't giving up hope US President Donald Trump could exempt Australia from new steel and aluminium tariffs.But exporters have been assured Australia is focused on other markets should the worst case scenario occur.Mr Trump wants to impose a controversial 25 per cent tariff on steel imports and 10 per cent on aluminium, which Labor leader Bill Shorten described as triggering a "trade war".Australia, Canada, European nations and other allies were hoping to be exempt, but White House trade adviser Peter Navarro confirmed on Sunday Mr Trump's tariffs would be "across the board".Trade Minister Steve Ciobo will join his counterparts from 10 countries for the Trans-Pacific Partnership signing ceremony in Chile on Thursday and expects the US action to be discussed on the si

presstv-corbyn vows to block uk-us trade deal

UK Labour Party leader Jeremy Corbyn says he will make sure that a “sweetheart” trade deal between British Prime Minister Theresa May and US President Donald Trump will never go through after the UK’s exit from the European Union (EU).Speaking to HuffingtonPost on Wednesday, Corbyn said any trade deal like the Transatlantic Trade and Investment Partnership (TTIP) was not good for the UK because it was going to flood the markets with “cheap food.”“Now I don’t want to get involved in every aspect of what is happening in US politics internally but what I do say is that we want a trade relationship with the rest of the world that is fair and just,” he said.“We don’t want a sweetheart deal with Donald Trump that is going to look a lot like TTIP,” he added.The Labour leader has long been pushing

trump global trade war: donald trump's tariff on steel and aluminium imports

US President Donald Trump on Friday signed two proclamations that impose 25 per cent tariff on imported steel and 10 per cent on aluminium, a move that is likely to start a global trade war.
The contentious tariffs come into effect in 15 days.
Though primarily targeted at the massive steel and aluminium dumping by China, only two countries Canada and Mexico have been exempted from the new import tariff, that too till the time the North America Free Trade Agreement (NAFTA) negotiations are complete.
Other countries would have to negotiate with US Trade Representatives (USTR) if they want exemptions from the steel and aluminium import tariff, Trump said as he vowed to slap "reciprocal tariffs" on countries like China and India if they do not match America's tariff.
Trump signed the pr

us tariff decision 'unfortunate development', says suresh prabhu

Commerce and Industry Minister Suresh Prabhu on Saturday termed the US administration's decision to hike tariff on certain steel and aluminium products as an "unfortunate development".
"We are committed to free trade. We have taken note of it... It is an unfortunate development," Prabhu said about the US decision.
"We will take up this issue bilaterally with all the countries," he said here.
The US recently imposed hefty tariffs on imported steel and aluminium, citing national security concerns and the need to protect American industries from "unfair" business practices, triggering fears of a global trade war.
US President Trump signed two proclamations that levied a 25 per cent tariff on steel and a 10 per cent tariff on aluminium imported from all countries except Canada and Mexico.

trump rules out steel and aluminium tariff concessions

Washington: US President Donald Trump has spoken to world leaders about his planned tariff hikes on steel and aluminum and is not considering any exemptions, Commerce Secretary Wilbur Ross said on Sunday.On Thursday, Trump said the United States would apply duties of 25 per cent on imported steel and 10 per cent on aluminum to protect domestic producers, drawing a fire storm of criticism from trading partners and triggering a slide in stock markets.
US President Donald Trump speaks during a meeting with steel and aluminium executives at the White House on Thursday. Photo: APRoss said Trump has had conversations with a number of world leaders since the announcement, which stunned US trading partners, alarmed American industry leaders and roiled stock markets.There was no indication Trump

with tariffs announcement trump escalates trade war fears

copied!Nicolle Wallace, Philip Rucker, Eli Stokols, and Euguene Robinson respond to President Trump's tariff announcementMar.08.2018

us protectionism: there are no winners in donald trump's trade war

A “trade war” triggered by the US could be a defining factor that retards growth across the globe. Donald Trump proposes to impose a 25 per cent customs tariff on steel imports and a 10 per cent tariff on aluminium. In retaliation, the European Union (EU), Canada, Brazil, China, etc, have threatened to impose customs duties on US exports. In the meantime, India’s budget has imposed higher customs duties on a variety of items, though this hasn’t invited retaliatory action as of yet. Protectionism of this nature creates lose-lose situations. For example, while ...

stocks 'could fall 40pc' in global trade war, jpmorgan boss says

Stock markets could suffer a "deep correction" and plummet as much as 40 per cent in the next three years, JPMorgan co-president Daniel Pinto has warned amid concerns that Donald Trump's attacks on international trade could rattle markets.He predicted that markets will begin to fret over future growth if Mr Trump widens his trade tariffs to other goods.Jamie Dimon, chief executive officer of JPMorgan.Photo: Marlene AwaadThe size of the correction would depend on how frothy stock valuations are when markets plunged, and could see equity markets fall by between 20 per cent and 40 per cent, Mr Pinto said in an interview on Bloomberg Television.The US president has announced a 25 per cent tariff on steel imports and 10 per cent on aluminium to protect domestic industry but major trading partne

will wait for us notification to see impact of tariff hikes: india

India today said it is waiting for the US notification on hike in import tariff on steel and aluminium to gauze its impact on domestic players amid global outcry over the America's decision to increase duties beyond its commitment at the WTO.
US President Donald Trump has imposed heavy tariffs on imported steel and aluminium, sparking fears of a global trade war.
Trump signed two proclamations that levied a 25 per cent tariff on steel and a 10 per cent tariff on aluminium imported from all countries except Canada and Mexico. The contentious tariffs will go into effect in 15 days.
Talking to reporters here, Commerce Secretary Rita Teaotia said there is a "disquiet" as the US has raised duties on certain items beyond the bound rates or its commitment at the World Trade Organisation.
Whe

asx set to rise on muted american wage data

Australian shares are set to reclaim the 6000-point mark to start the week on the strength of a Wall Street rally and gains in gold, oil and base metals.US stocks surged higher on bets that the latest jobs and wage data would provide scope for the Federal Reserve to continue to lift interest rates in line with its target.Trump tweets about Australian tariff exemptionVideo duration00:30Previous slideNext slideVideo duration00:43ASX winners and losers - a snapshotASX winners and losers - a snapshotThe stand out listings traded on the ASX captured at key moments through the day, as indicated by the time stamp in the video.Trump tweets about Australian tariff exemptionVideo duration00:30Video duration00:30Trump tweets about Australian tariff ...Trump tweets about Australian tariff exemptionUS

germany warns protectionism is 'wrong path' for us

The German government warned Monday that a transatlantic trade war would harm both Europe and the US, urging Washington not to take a "wrong path" after a weekend of aggressive trade rhetoric."I don't want to judge how close to or far from a trade war we are. Such a trade war would not be in German, European or American interests," Chancellor Angela Merkel's spokesman Steffen Seibert told reporters in Berlin.However, "closing oneself off and protectionism are the wrong path," Seibert added, after President Donald Trump at the weekend threatened to impose tariffs on car imports from the European Union.Last week Brussels raised the spectre of a tit-for-tat trade war with the US, saying it would slap a border tax on items like motorcycles, orange juice and jeans if Trump went ahead with a pro

not backing down, says trump amid calls to pull back tariffs proposal

US President Donald Trump faced growing pressure on Monday from political and diplomatic allies as well as US companies urging him to pull back from proposed steel and aluminium tariffs, although he said he would stick to his guns. Inside the White House, there still appeared to be confusion about the timing and extent of the planned tariffs, which would hit allies like Canada and Mexico hard. Efforts by Trump and US trade negotiators to link the NAFTA trade pact talks to the duties received short shrift from Ottawa and Mexico City. Leading Republicans turned up the pressure on Trump, with House of Representatives Speaker Paul Ryan leading the charge. Ryan's home state of Wisconsin would be hit by proposed European counter-measures on Harley-Davidson Inc motorbikes. Representative Kevin Br

presstv-trump's trade war rhetoric

US President has decided to impose a 25% tariff on steel and 10% on aluminum imports. Donald Trump says the measures come as part of efforts to protect US industry. however, the controversial measures are seen as escalating the threat of a trade war with Europe and China.Media outlets across the world have reacted to Trump's surprise announcement.

possible 'trade war' stokes australian fears of a global recession

Mr Turnbull gained an assurance from Mr Trump at a meeting at the G20 summit in Germany last July that Australian steel and aluminium exporters would be spared from US plans to protect domestic industry.The crucial guarantee was also discussed when the two leaders met in Washington DC last week, when Mr Trump declared “there is no closer friendship” than the one between Australia and the United States.Mr Ciobo will speak to Mr Trump’s commerce secretary, Wilbur Ross, this weekend to confirm the understanding before the administration puts the details on the US president’s sudden announcement.Prime Minister Malcolm Turnbull pushed for an exemption during a meeting with US President Donald Trump in Washington DC.Photo: Alex EllinghausenWall Street tumbled 1.68 per cent after Mr Trump used a

australia hoping for exemption after trump signs off on trade tariffs

Trade Minister Steve Ciobo says he has had initial discussions with US Trade Representative Robert Lighthizer following Donald Trump's tariff decision, with aim of getting a decision within two weeks.Mr Lighthizer has been appointed to lead White House talks with countries wishing to be exempted from the new tariffs on steel and aluminium imports into the United States."We welcome President Trump singling out Australia and we look forward to working through the process and finalising a positive outcome in the next two weeks," Mr Ciobo told AAP from Chile on Friday.RELATED READINGMeanwhile Australia's peak industry association says exemption from the United States' steel and aluminium tariffs would be a "partial victory" only, with many local companies still likely to be hit by hefty impost

markets live: harvey norman shares slide

Financial leaders from the world's biggest economies found common ground on foreign exchange at a G20 meeting on Saturday but failed to agree on trade, highlighting a global shift towards protectionism and setting a cautious tone for financial markets.The Group of 20 powers meeting in the German spa town of Baden-Baden reiterated their long-standing warnings against competitive devaluations and disorderly FX markets, allaying fears that the new US administration might have opened up a chink in the G20's united front on global currency policy.For markets, no change to G20's stance on FX is welcome news. Having the world's financial and economic powers on the same page should help keep FX volatility low, a cornerstone for stable markets and rising asset prices more broadly.Most major currenc

australia's trade minister hopes for tariff exemption decision in two weeks

Trade Minister Steve Ciobo says he has had initial discussions with US Trade Representative Robert Lighthizer following Donald Trump's tariff decision, with aim of getting a decision within two weeks.Mr Lighthizer has been appointed to lead White House talks with countries wishing to be exempted from the new tariffs on steel and aluminium imports into the United States."We welcome President Trump singling out Australia and we look forward to working through the process and finalising a positive outcome in the next two weeks," Mr Ciobo told AAP from Chile on Friday.Meanwhile Australia's peak industry association says exemption from the United States' steel and aluminium tariffs would be a "partial victory" only, with many local companies still likely to be hit by hefty imposts.Related readi

embattled white house promises quick tariff decision

Trump administration big guns Commerce Secretary Wilbur Ross and Treasury Secretary Steve Mnuchin rushed to the cameras to calm market jitters over proposed steel and aluminum duties, which they indicated were still negotiable and would not hurt growth.As markets sold-off on news that Wall Street favorite Gary Cohn had resigned from the White House in protest at Trump's trade decision and global partners vowed retaliation, Ross tried to calm fears of a "trade war."RELATED READING"We're going to have sensible relations with our allies," he told CNBC, claiming that Trump's policy was well "thought through. We're not looking for a trade war."Treasury Secretary Mnuchin joined the effort, claiming that the tariffs, which are not yet finalized, would not hurt the administration's projections for

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