Go Back   SZONE.US Forums > Current Events > News > The Heritage Foundation

The Heritage Foundation Since its founding in 1973, The Heritage Foundation has served as a research and educational institute -- a think tank -- whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense

The Heritage Foundation

Trump Postponed the Tariffs for Key Trading Partners. Now, He Should Ditch Them for G

Views:218
Reply
Thread Tools Search this Thread Rate Thread
  #1  
Unread 05.02.18, 01:59 PM
@Heritage @Heritage is offline
RSS Bot
 
Join Date: 06.09
Posts: 37,071
Trump Postponed the Tariffs for Key Trading Partners. Now, He Should Ditch Them for G

On 05.02.18 06:57 AM posted by Tori Whiting

The Trump administration announced late Monday evening that, until June 1, it would continue to exempt Canada, Mexico, and the European Union from tariffs on imports of steel and aluminum.

On June 1, the tariffs are set to go into full effect for any country without a special agreement with the U.S.

Extending the exclusion deadline is a clear admission that President Donald Trump’s tariffs are causing problems for the U.S. economy, and that allowing them to go into full effect would do even more damage.

U.S. allies, such as South Korea, are being forced to accept flawed voluntary-quota deals to artificially prop up American steel and aluminum producers.

Agreements in principle have also been reached with Argentina, Australia, and Brazil on the tariffs, but details have not yet been released.

Japan, a close strategic partner, was once again left out during the process of negotiating which countries would be exempted, despite a visit by Japanese Prime Minister Shinzo Abe just days ago. Taiwan, another close partner, also remains subject to the full tariffs.

House Ways and Means Committee Chairman Kevin Brady, R-Texas, called Trump’s decision to extend the deadline “welcome news,” but the reality is that kicking the tariff can down the road just results in more uncertainty.

For nearly two months, domestic companies have endured higher prices and burdensome requirements for seeking individual tariff exemptions.

>>> Read the full report: “Tariffs Make for a Poor Negotiating Tactic: The Trump Administration Should Abandon Them Without Delay

Colorado-based Qualtek Manufacturing Inc., a steel and aluminum fabricator for the aerospace and medical industries, is facing that exact uncertainty owing to the tariffs.

Citing Qualtek CEO Troy Roberts, the Associated Press reported that “rising steel and aluminum prices have already driven the annual cost of [the] company’s key products by $300,000, jeopardizing plans to add 14 jobs to [its] 74-employee staff. It’s also delaying shipments.”

Struggles like Qualtek’s are being experienced around the country by companies large and small. Batesville Tool & Die, located in Indiana, says it “may be forced to shift some production to a plant in Mexico,” and other Midwest tool-and-die companies are facing possible layoff situations.

Brady also stated that he is “committed to working with the Administration to ensure that these tariffs are narrow and targeted.”

>>> Steel Tariffs Already Hurting Steel-Using Industries

If the current set of tariffs—which are imposed on all but a handful of countries—are considered “narrow and targeted,” June 1 might feel a lot like a scene out of the movie “Groundhog Day” for the American companies hurt by them. If the Trump administration again kicks the tariff can down the road, it will prolong the uncertainty.

It’s time for Congress to do more than just talk the talk on the steel and aluminum tariffs. American businesses and workers need principled leaders to tell the Trump administration no.”

Congress should use the power of the purse to prevent the tariffs from being enforced.

The post Trump Postponed the Tariffs for Key Trading Partners. Now, He Should Ditch Them for Good. appeared first on The Daily Signal.



https://www.dailysignal.com/2018/05/...them-for-good/
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Rate This Thread
Rate This Thread:



All times are GMT -8. The time now is 10:11 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Copyright ©2007 - 20017 SZONE.US All rights reserved