Trump's steel, aluminum tariff plan causes backlash

Jim Beam is one of the most popular bourbon brands from the U.S

China has previously warned it was ready with counter-measures should the Trump administration deploy tariffs, but the country has yet to make any specific moves after the latest trade volley.

Ross similarly dismissed concerns that European nations may respond by placing tariffs on American goods.

In a memo in the process leading up to the announcement, U.S. secretary of defense James Mattis called for "targeted" tariffs that would not affect allied nations like Canada, Germany, South Korea and Japan - all top-ten steel exporters to the U.S. "DoD continues to be concerned about the negative impact on our key allies regarding the recommended [tariffs]", he commented. "This is now going to give us an opportunity to potentially reopen facilities and grow new business", Frabotta said. "If the costs go up, the taxpayers will have to pay more".

Nucor CEO John Ferriola said the steel industry counts on the Trump government for creating "a level playing field" for competition. It is not clear who "they" referred to. The U.S. measures "overturn the global trade order", Wen Xianjun, vice chairman of the China Nonferrous Metals Industry Association, said in a statement. A spokesman for House Speaker Paul Ryan said the House majority leader hoped the president would "consider the unintended consequences of this idea and look at other approaches before moving forward".

A trade war is when a country imposes tariffs or other barriers on imported products, prompting other countries to retaliate by implementing similar taxes or penalties. Mike asked Dan about Trump's claim that trade wars are "good" and "easy to win".

Commerce Secretary Wilbur Ross said in a CNBC appearance that the increased cost for a vehicle would amount to about $175, which he called "no big deal".

European Commission president Jean Claude Juncker promised to go after imports of Harley-Davidson motorbikes, bourbon whisky and Levi's jeans.

The official response in China, the world's largest steel producer and the main target of the tariffs, was muted. While the company said it uses domestic aluminum as much as possible there isn't enough supply to satisfy the demand from beer and other beverage makers. If friction gets out of hand, the president's action will cause a meltdown in global trade.

Most foreign auto manufacturers selling vehicles in America have some form of production operations in the US. "US exporters can be badly damaged as well, from planes to canned products".

Trump often looks at trade relationships as a zero-sum game, complaining if the United States buys more goods and services from other countries than it sells to them. China has dramatically ramped up production of aluminum and steel in the past 20 years, leading to a glut of both metals that have hurt USA companies.

"This wave of globalization has wiped out totally, totally our middle class", Trump told voters in the hard-hit steel town of Monessen, Pennsylvania, during one of his campaign stops.

According to CNBC, at midday, shares of U.S. Steel were trading at a six-year high, up 8.9 percent. "That's what the President seemed to announce yesterday", he said.

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