China started the trade war

A worker at a blast furnace at Europe's largest steel factory of Germany's industrial conglomerate Thyssen Krupp AG in Duisburg Germany

We Are not Afraid: EU Stands Up to Trade'Bullies in Tariff Row With US

Good decision. The financial markets rallied, as the new plan specifically targets countries that are cheating and stealing, such as China and Russian Federation, and provides exemptions for allies. Either way, this appears to be quite in-character: Trump is obsessed with being the greatest deal-maker. Century Aluminum got his attention.

That's a useful lesson for our friends and foes alike.

Ned Hill, a professor at Ohio State University's John Glenn College of Public Affairs who studies economic development, says that after decades of cost-cutting and restructuring, American steel is "a vastly improved industry". And they have been doing so for years and years with impunity. All the while, we will have alienated and isolated ourselves from our most important trading partners. That is theft, and it can not stand. That's what kept most of Africa and South America poor. We are being played as suckers.

"We have a whole suite of tariffs and countervailing duties that are at our disposal to move forward and ensure that we are not accepting in unfairly-produced or sold steel into Canada", Trudeau said while at a steel plant.

Meanwhile, Canadian Foreign Minister Chrystia Freeland is due to visit Washington this week from Tuesday to meet with Ross, Lighthizer and US lawmakers to senators to "advance Canada's efforts to keep trade open, fair and barrier-free, to benefit people on both sides of the border", the ministry said in a statement. Taxing imported steel would help domestic steel producers, they concede, but it would drive up steel prices and put pressure on the far more numerous companies that consume steel, such as automakers and aircraft manufacturers.

Evaluating Trump's statement is trickier when it comes to steel and aluminum production. Genuine free trade will be a recipe for wonderful economic growth.

The BBC's business correspondent Theo Leggett comments that negotiations are best carried out through a rules-based system, which is why the World Trade Organization (WTO) exists. Section 232 of the Trade Expansion Act of 1962 allows tariffs to be imposed - without dumping investigations - provided there is a "national security" justification for the action. He wants to make access to USA markets contingent on foreigners' playing by the rules (e.g., paying full price for the research costs of our technologies).

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There are many things China can do, including, for example, soybean and cotton and many agricultural products, but also imported cars from the US.

The Bush administration withdrew the tariffs in December 2003, about 21 months after they were imposed, but not without a cost. You might call this the "weaponization" of trade, but it is created to put the interests of American companies and workers first.

One of the reasons they still happen despite this inefficiency is that consumers are typically a very large and dispersed group.

There's also the danger that making metals more expensive will hurt a lot more United States manufacturers than it helps.

Once the building boom cooled, suppliers left with vast stockpiles of unsold goods resorted to price-cutting wars that threatened many with bankruptcy. If they lose access to our markets, they crash into recession.

This doctrine can also be used effectively to advance our national security goals. The European Union has threatened targeted retaliation on iconic USA brands, including Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey, if the bloc fails to win an exemption.

Trump has long singled out China as being unfair in its trade practices and for dumping cheap steel on the global markets, depressing prices. Hopefully not, but it could happen, to everyone's detriment, if other nations don't stand down. China still champions state-led, rather than market-led, capitalism. These gains have been enormous for everyone: The expansion of worldwide trade from 1980 to 2005 launched the greatest period of poverty reduction in world history, with a billion people moved out of abject poverty. He has taught global trade law, and microeconomics.

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