Mnuchin: Trump may exempt more countries

U.S. President Donald Trump speaks during a Cabinet meeting in the White

"But we have to do it", EU Commission President Jean-Claude Juncker had said Friday. "Although there is a need to ensure American competitiveness against countries that have in the past taken advantage of our trade relationships, I will not support putting our businesses at a disadvantage and raising prices on our consumers". If we do there won't be any tariffs on Canada, and there won't be any tariffs on Mexico, " the president told reporters at the White House. He reiterated that he would levy tariffs of 25 percent on imported steel and 10 percent on aluminum. "This overhang of excess capacity means that USA steel producers, for the foreseeable future, will face increasing competition from imported steel as other countries export more steel to the United States to bolster their own economic objectives and offset loss of markets to Chinese steel exports". "It was very reassuring to have their support and a great sign of what we can achieve when we work together towards a common goal, regardless of our political stripes".

An announcement following an investigation by the U.S. Trade Representative's office into China's IP practices is expected in the coming weeks, potentially handing President Trump further cause to impose trade restrictions.

Experts alike are more concerned now about how other countries might respond to the tariffs.

"The President has an obligation to uphold fair trade policies, but threatening trade wars against our allies is risky, short-sighted, and will make it harder for US businesses to compete overseas", she said.

Trump accused Germany of behaving unfairly by contributing much less than the USA towards the funding of North Atlantic Treaty Organisation.

"You don't wanna pay tax?" Not fair, ? he said.

The White House is now avoiding that kind of talk: "We will have ongoing discussions with Canada and Mexico", said the official.

Mnuchin: Trump may exempt more countries

While Trump has tweeted that he will show flexibility to countries that treat the United States fairly on trade a military issues, it seems with this administration, anything can change.

The tariffs - 25% on steel and 10% on aluminum - represent a significant change in US trade policy.

In February, the largest finished steel import permit applications for offshore countries were for South Korea (252,000 NT, down 26 per cent from January preliminary), Germany (111,000 NT, up 23 per cent), Japan (110,000 NT, down 22 per cent), China (85,000 NT, up 18 per cent) and Taiwan (68,000 NT, down 42 per cent).

The other victor in this negotiation is Prime Minister Justin Trudeau. These tariffs may go into effect immediately upon or shortly after signing of the order, which could be as early as this week. "We're going to see what he actually announces... but we're continuing to push on getting the right deal for Canada, getting the right deal for Canadians".

The prospect of approaching tariffs has set off furious lobbying from governments around the world, who have tried to sway the administration with offers of friendship and threats of retaliation, The New York Times reported. In fact, we have been fighting to protect a particular type of steel used in our PolyVision products for more than two years - and won an exclusion from tariffs last year.

This is unedited, unformatted feed from the Press Trust of India wire.

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