Trump set to sign executive order on steel import tariff

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Yes, Canada and Mexico are - for now - exempt from the 25 per cent duty on steel and the 10 per cent duty on aluminum the US president announced Thursday.

President Donald Trump rolled out the new steel and aluminum tariffs on Thursday.

The president insisted, however, they are necessary to revive America's steel industry. Mr Trump has told associates the tariffs could be helpful to the GOP cause in the election in the heart of steel country.

Railroad tracks run past the blast furnaces of the now-closed Bethlehem Steel mill in Bethlehem, Pennsylvania, April 21, 2016.

The tariff order included provisional exceptions for steel and aluminum imports from Canada and Mexico, pending the outcome of renegotiations on the North American Free Trade Agreement, according to White House officials.

Mr. Trump indicated that the tariffs would go into effect on Canada and Mexico "if we don't make the deal on Nafta and if we terminate Nafta because they are unable to make a deal that's fair".

Despite objections by many business trade groups, by most Democrats and Republicans, and by a number of advisers in the Trump administration, the U.S. president forged ahead with his plan on Thursday, keeping a promise he made during his 2016 presidential campaign.

Ross, who founded and sold a steel company in the early 2000s, said national security is at stake because China supplies a chunk of the steel that finds its way to the U.S. Trump and members of his administration claim China ships steel through other countries, a practice known as transshipping.

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Gareth Stace, the director of industry group UK Steel, said the tariffs "would have a profound and detrimental impact" on the UK steel sector.

"These measures could make a significant impact on the economic and cooperative relationship between Japan and the USA, who are allies", said Japan's trade minister, Taro Kono, in a statement. We'll be doing something with some other countries, he said. US trade chief Robert Lighthizer will be in charge of working out deals with other partners.

CGTN's Rachelle Akuffo spoke to Carlo Dade, director for the Trade and Investment Centre at the Canada West Foundation about US steel and aluminum tariffs, and the signing of CPTPP.

"I'm not saying every single one will be dealt with", Mnuchin said in response to questions from reporters in NY. "Congress can not be complicit as the administration courts economic disaster", Flake said in a statement.

"Our relationship with China has been a very good one", Trump tweeted Wednesday.

See what cartoonists from around the globe have to say about the tariffs - and the possibility of a trade war.

Kosei Shindo, chairman of the Japan Iron and Steel Federation, echoed the view, saying that the measures may create "a negative chain reaction by other countries taking similar actions under similar pretenses".

European Commissioner Malmstrom, who coordinates policy for the 28-nation EU, the world's biggest trading bloc, said she stood ready to go to the WTO, the global trade arbiter, to impose the bloc's own safeguards within 90 days. "The business community sure hopes the administration will carefully do all the work it needs to do to make this an easy and transparent process".

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