President Trump to meet with aluminum, steel execs

Gary Cohn director of the National Economic Council said late Tuesday he would resign after he lost a fight over tariffs

Alberta signs letter to US President Donald Trump opposing steel tariffs

"At the same time, we have some friends and some enemies where we have been tremendously taken advantage of over the years".

South Korea is expected to bring up the steel tariffs in upcoming talks to revamp the free trade agreement (FTA), as Trump temporarily exempted Canada and Mexico from the tariffs in hopes of getting a better deal for a new North American Free Trade Agreement (NAFTA).

The administration clarified this week that Canada, where the US gets most of its steel, would be exempt, as would Mexico. Joni Ernst and Rep. David Young, both Republicans, signed on to a letter last week urging Trump to reconsider the new tariffs on steel and aluminum. Trump tweeted that he spoke with Japanese Prime Minister Shinzo Abe, saying they are "discussing opening up Japan to much better trade with the U.S. now have a massive $100 Billion Trade Deficit".

"We're going to build our steel industry back".

EU Trade Commissioner Cecilia Malmstroem said after meetings in Brussels that she got "no immediate clarity on the exact USA procedure for exemption", and that new talks are planned next week. He called for dialogue based on the rules of the World Trade Organization to avoid a descent into a trade war.

Malmstroem will hold talks Saturday with US trade representative Robert Lighthizer.

As pressure mounted against the tariffs, a leading business lobby group warned that the move would imperil US manufacturing and jobs.

"The steel crisis cost our industry thousands of jobs and the last thing we need now is a global trade war".

Due to Trump's recent rhetoric on the possibility of placing tariffs on both steel and aluminum imports several Republicans are voicing concern and wanting Trump to reconsider the move.

Aluminium producers' association European Aluminium called for an "immediate" implementation of measures if necessary.

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FOX Business' Charles Payne argued that the depletion of the steel and aluminum industry will cut competition and increase pricing on imports. Britain blasted the tariffs as "not the right way" to tackle the problem of global overcapacity in steel and said it would work with the European Union to consider the scope for exemptions.

Trade tensions between Washington and Beijing have risen since Trump took office a year ago.

Foreign steel producers are not only concerned about losing access to the US market but also that steel from other exporters will flood already saturated markets, threatening jobs elsewhere.

Beijing vowed to "firmly defend its legitimate rights and interests".

She said Canada would push "until the prospect of these duties is fully and permanently lifted", and said it would be inconceivable to apply tariffs to a close military ally like Canada on national security grounds.

Experts alike are more concerned now about how other countries might respond to the tariffs. "We will also actively consider taking group action with other countries affected by the latest move".

While President Trump has been a big backer of the US coal industry, it is possible that his new tariffs could backfire, hurting USA coal exports while boosting those from China. But that would probably require Congress to muster an extremely hard two-thirds majority to override a Trump veto. "But that is not to say the region would escape from the basic harm done to global economy as a whole", she told Arab News, referring to the potentially damaging effects of a rise in protectionism.

Alberta exports about $500 million in steel to the US each year.

Among the leaders to speak with Trump about trade have been French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, Argentinian President Mauricio Macri, Japanese Prime Minister Shinzo Abe and Australian Prime Minister Malcolm Turnbull.

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