Report: Trump Rejects Cabinet’s Advice, Steers Towards Potential 'Global Trade War'
- 7 years ago
President Trump reportedly remains adamant about imposing tariffs on steel despite his cabinet’s warnings that such a move would be unwise.
President Trump reportedly remains adamant about imposing tariffs on steel despite his cabinet’s warnings that such a move would be unwise.
Axios noted that the war of wills took place on Monday, and though those opposed to such a measure far outnumbered Trump and his ‘America First’ contingency, which support the tariffs, the latter emerged victorious.
According to the media outlet, “The penalties could eventually extend to other imports. Among those that may be considered: aluminum, semiconductors, paper, and appliances like washing machines.”
A final decision has yet to be reached, but, if Monday’s meeting is any indication, the tariffs could very well go into effect, notes Business Insider.
The repercussions could be dire for many in the U.S. New York Magazine points out, “Most economists agree that tariffs of the type Trump is considering would set off a major trade war and have devastating economic consequences. There is also a good chance that the move would result in a US recession.”
Trump has long promoted a resurgence of the U.S. steel industry as a means of reviving the nation’s industrial sector.
Just months ago, when speaking about his intention to curb imports of the metal, he said, “Steel is critical to both our economy and our military. This is not an area where we can afford to become dependent on foreign countries.”
President Trump reportedly remains adamant about imposing tariffs on steel despite his cabinet’s warnings that such a move would be unwise.
Axios noted that the war of wills took place on Monday, and though those opposed to such a measure far outnumbered Trump and his ‘America First’ contingency, which support the tariffs, the latter emerged victorious.
According to the media outlet, “The penalties could eventually extend to other imports. Among those that may be considered: aluminum, semiconductors, paper, and appliances like washing machines.”
A final decision has yet to be reached, but, if Monday’s meeting is any indication, the tariffs could very well go into effect, notes Business Insider.
The repercussions could be dire for many in the U.S. New York Magazine points out, “Most economists agree that tariffs of the type Trump is considering would set off a major trade war and have devastating economic consequences. There is also a good chance that the move would result in a US recession.”
Trump has long promoted a resurgence of the U.S. steel industry as a means of reviving the nation’s industrial sector.
Just months ago, when speaking about his intention to curb imports of the metal, he said, “Steel is critical to both our economy and our military. This is not an area where we can afford to become dependent on foreign countries.”