America Alone: Trump's trade move will bring real consequences


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Macroeconomic Advisers, a research firm focused on the US economy, reported Wednesday that the US trade deficit in goods was “much narrower than expected,” implying “substantially more” US exports in the second quarter. So it revised its projection for economic growth sharply upward, to a robust 3.6 per cent increase in GDP.


Donald Trump risks isolating the US from its allies with his latest move.

Donald Trump risks isolating the US from its allies with his latest move.


Photo: AP

Achieving and sustaining that kind of growth is a key goal for President Donald Trump. So naturally, on Thursday the Trump administration took a dramatic step to disrupt US exports and pour ice water on the economy.


That would be imposing 25 per cent tariffs on steel imports and 10 per cent tariffs on aluminum imports from every major (and minor) metals-producing country around the world except Argentina, Australia and, in the case of steel, Korea, effective Friday. The move turns a threat and negotiating ploy into an action, which will bring real consequences in the form of retaliatory tariffs on US exports. And it won’t be on US steel and aluminum – it will be on Harley Davidson motorcycles, California almonds, Levis and Jack Daniels.


On the plus side, if unemployment ticks back up, the Federal Reserve won’t feel as much pressure to raise interest rates.


Article source: http://watoday.com.au/lifestyle/celebrity/celebrity-news/prince-harry-says-no-royal-wants-to-be-king-or-queen-20170622-gwwskl.html

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