Thread: Trump tariff effects on beer and cars minimal: trade director Peter Navarro

Trump tariff effects on beer and cars minimal: trade director Peter Navarro

By Julia Limitone
Published March 02, 2018

White House National Trade Council Director Peter Navarro on the Trump administration's decision to impose tariffs on aluminum and steel imports.

President Donald Trump is sticking up for American workers and the U.S. economy with his proposed tariffs on steel and aluminum, according to White House National Trade Council Director Peter Navarro.

While beer brewers and auto manufacturers have expressed concern in wake of the announcement, the price effects would be minimal, Navarro told Maria Bartiromo on Fox Business’ “Mornings with Maria.”

The price of a six-pack of beer will rise by about 1 cent, and car manufactures will pass along a $45 increase per passenger car, according to Navarro. Despite concern over international companies imposing their own sanctions and raising prices for U.S. consumers, Navarro is not worried about retaliation. “This whole idea that there’s a big downstream effect—it’s just part of the fake news that’s going to be put out to oppose these tariffs,” Navarro said. “A penny for a six pack of beer—that’s worth it to put Americans back to work in two industries that we need.”

https://www.foxbusiness.com/markets/...-peter-navarro

I love this guy, Peter Navarro, and I'm so glad he is in the White House supporting the President.

Jobs for American's.

What will be the result of people working...of less people on welfare and food stamps saving the States money?

What will be the result of people working, having a paycheck, paying taxes, paying into SS, Medicare, etc?

What will be the result of them, hopefully, on their own Medical insurance plan.

What will be the result of people spending those paychecks...money back into our economy?

There will be many positive effects of this policy.

Absolutely!!! Preach it, Sister Beezer!! Our big industries are coming home, one way or another, if Trump has to tie a chain to them and drag them home!!

U.S. Plan For Steel And Aluminum Tariffs Prompts Global Backlash

March 2, 20186:02 AM ET
SCOTT NEUMAN



Japan's Nikkei lost 2.5 percent after President Trump announced the tariffs. JFE Steel Corporation has a factory in Kawasaki near Tokyo.
Koji Sasahara/AP

President Trump's promise to impose hefty tariffs on U.S. imports of steel and aluminum sent markets around the globe into a tailspin and prompted anger and threats of retaliation from major U.S. trading partners, raising the specter of a full-fledged trade war.

Donald J. Trump

✔@realDonaldTrump


Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world. We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!
4:12 AM - Mar 1, 2018

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As NPR's John Ydstie reports, during a Thursday meeting, the president promised steel and aluminum executives that he would protect them against foreign competition by levying tariffs on both metals in the coming weeks – 25 percent on steel and 10 percent on aluminum.

"The tariffs are a response to the overproduction of steel and aluminum by China. But since there are already import restrictions on those Chinese products, new barriers are likely to have an impact on European allies, as well as Canada and Mexico, which could trigger retaliation.

As NPR's Scott Horsley reported, the Commerce Department argues that growing imports of steel and aluminum, driven in part by overproduction in China, have so weakened America's producers that a future military mobilization could be at risk."

POLITICS

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BUSINESS

Trump Trade Action Could Boost Steel And Aluminum Makers, Hurt Other Industries


BUSINESS

Automakers Say Trump's Anti-NAFTA Push Could Upend Their Industry


THE TWO-WAY

Trump Plan To Impose Tariffs On Steel, Aluminum Raises Trade War Fears


The markets were quick to respond: The Dow Jones industrial average fell sharply, closing 420 points lower on Thursday, shedding 1.7 percent. At closing, Japan's Nikkei lost 2.5 percent, Hong Kong's Hang Seng was down nearly 1.5 percent, although Shanghai's Stock Exchange seemed to largely shrug off the news, losing just under 0.6 percent. Similarly, European markets were also down.

While some Republican lawmakers said they needed more information, Utah Sen. Orrin Hatch, a staunch Trump ally, called the planned tariffs "a tax hike the American people don't need and can't afford."

"I encourage the president to carefully consider all of the implications of raising the cost of steel and aluminum on American manufacturers and consumers."

Reaction from other governments illustrates the shock felt around the world:

China: Beijing "urges the United States to show restraint in using protective trade measures, respect multilateral trade rules, and make a positive contribution to international trade order," Foreign Ministry spokeswoman Hua Chunying said.

Canada: "Canada will take responsive measures to defend its trade interests and workers," said Foreign Minister Chrystia Freeland, who called the proposed U.S. tariffs "absolutely unacceptable."

Mexico: Citing government sources, The Financial Times says that amid talks on the future of the North American Free Trade Agreement, or NAFTA, Mexico had "made it clear that if included [in tariffs], Mexico will have no other option than to react."

European Union: "We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk," European Commission President Jean-Claude Juncker warned.

"The EU will react firmly and commensurately to defend our interests."

Germany: Berlin called on the EU to respond "with determination" to a move by Washington that was "not at all acceptable," Foreign Minister Sigmar Gabriel said.

Australia: "The imposition of a tariff like this will do nothing other than distort trade and ultimately, we believe, will lead to a loss of jobs," Trade Minister Steven Ciobo told reporters in Sydney.

Brazil: The second-largest exporter of steel to the U.S. expressed "enormous concern" at the tariffs, saying these could cause significant damage to producers and consumers in both countries, NPR's Philip Reeves reports.

Japan: "I don't think exports of steel and aluminum from Japan, which is a U.S. ally, damages U.S. national security in any way, and we would like to explain that to the U.S.," Japanese Trade and Industry Minister Hiroshige Seko said.

https://www.npr.org/sections/thetwo-...lobal-backlash

European Union: "We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk," European Commission President Jean-Claude Juncker warned.

"The EU will react firmly and commensurately to defend our interests."

LOL!! Yeah, sure, you go right ahead and react firmly, go find another buyer.

I guess we need a little war now and then. A trade war is less lethal than a shooting war. And it doesn't destroy the material things we love. It just redistributes wealth. But it may get the urge for war out of our system.

Peter Navarro
American economist

Peter Navarro is an American economist who currently serves as the Assistant to the President, Director of Trade and Industrial Policy, and the Director of the White House National Trade Council, a ...Wikipedia

Born: July 15, 1949 (age 68), Cambridge, MA

Spouse: Leslie Lebon

President: Donald Trump

Education: Harvard University, Tufts University

Political party: Democratic Party

Trump, Navarro, Ross and Lighthizer are all 100% Economically Correct when it comes to US trade policy. These bad trade deals that destroy our core industries have to be stopped and the only legal means to do that is with tariffs. Americans have known this since our country was founded. Nothing in the universe has changed to make it any different today than it was then.

If you don't protect it, you will lose it. Law of the Universe.

Originally Posted by Judy

Trump, Navarro, Ross and Lighthizer are all 100% Economically Correct when it comes to US trade policy. These bad trade deals that destroy our core industries have to be stopped and the only legal means to do that is with tariffs. Americans have known this since our country was founded. Nothing in the universe has changed to make it any different today than it was then.

If you don't protect it, you will lose it. Law of the Universe.

Well said sister Judy!