CANADA STOCKS-TSX recovers after Trump exempts Canada from tariffs

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His move, an assertive step for his "America First" agenda, has rattled allies across the globe and raised questions at home about whether protectionism will impede US economic growth.

Sincethe day he took office, U.S. President Donald Trump has continued to push the boundaries of the global economic-political system with his statements and steps against its established rules.

The steel and aluminum industries did not need these tariffs to be more competitive globally, because they were already made more competitive thanks to the recently enacted Tax Cuts and Jobs Act (TCJA).

The former real estate developer said US politicians had for years lamented the decline in the steel and aluminum industries but no one before him was willing to take action.

Trump on Thursday signed tariffs of 25% on imported steel and 10% on aluminum.

"I believe that we must do more to keep jobs here in the United States", Lujan said. "I just want fairness".

The fact that Canada might be hit with tariffs had actually become a leading talking point for critics bashing the Trump plan.

The narrowing of wider tariffs Trump last week announced he would impose preserves an important source of raw materials for OR factories.

Some products under consideration are largely produced in constituencies controlled by Trump's Republican Party.

The White House has yet to announce the timing and extent of the planned tariffs. And Sen. Ron Johnson of Wisconsin called the tariffs "a very risky action" that could put agricultural and manufacturing jobs at risk.

"With these tariffs, I think it'll level the playing field", Davis said. "Reminiscent of failed protectionist trade policies of the past, this decision will harm the American economy, hurt American workers and damage relations with America's allies and partners".

"Alienating our strongest global allies amid high-stakes trade negotiations is not the path to long-term American leadership". As such, the company has been following this issue carefully - and making our voice heard through direct appeals to elected officials - since the U.S. Commerce Department began investigating potential steel and aluminum tariffs past year. The first mechanism is the ability of certain countries, with which the US have security relationships, to be exempted completely as long as they can assure the US Administration that there are "alternative ways to address the threatened impairment of the national security caused by imports from that country". "Even with limited exemptions, tariffs will raise the sale prices of new vehicles". USA oil futures fell 1.4 percent to $60.31 a barrel.

Two polls released this week say the tariffs are unpopular.

European Commission officials on Monday presented EU member states with a €2.8 billion list of more than 100 U.S. products that could be affected in response to any move by Washington to levy tariffs. "We will work with European Union partners to consider the scope for exemptions outlined today". Japanese Foreign Minister Taro Kono called the decision "extremely regrettable", predicting it could have a major impact on the economy and the relationship between the USA and Japan, as well as the global economy.

Canada's ambassador to Washington dined this week with US national-security adviser H.R. McMaster; Foreign Affairs Minister Chrystia Freeland, Natural Resources Minister Jim Carr, Defence Minister Harjit Sajjan, and Transport Minister Marc Garneau all reached out to cabinet counterparts in recent days. The largest exporter for steel and aluminum into the Canada. Trump excluded Canada and Mexico from his orders, referring such discussions to the NAFTA process. The talks are expected to resume early next month.

The run-up to Thursday's announcement included intense debate within the White House, pitting hard-liners against free trade advocates such as outgoing economic adviser Gary Cohn.

The internal pressure from within Washington to go back to the drawing board was illustrated Wednesday in a letter from 107 congressional Republicans, who expressed deep concern about the president's plans.