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Goldman says Trump tariffs ‘ultimately damaging’ to US buyers
SINGAPORE: President Donald Trump’s planned tariffs on steel and aluminium imports are “ultimately damaging” to U.S. metal users, and will drive a wedge between the world’s largest economy and its allies, according to Goldman Sachs Group Inc.
Should the tariffs be imposed, Trump will create a two-tier metal market -- the U.S. versus the rest of the world -- and create friction with key allies, the New York-based bank said in a report received Tuesday. As U.S. capacity can’t fully replace the higher-quality metal bought from overseas, the country will simply end up having to pay the duties on those supplies, Goldman said.
Trump’s vow last week to slap tariffs of 25% on imported steel and 10 percent on aluminium has roiled world markets, drawing opposition from all corners of the globe.
In a bid to head off the duties, White House economic adviser Gary Cohn is summoning executives from U.S. companies that depend on aluminium and steel to meet with the president on Thursday amid concerns the trade curbs would harm the economy.
“Net consumers of steel and aluminum in the U.S. now face cost disadvantages relative to their international competitors, especially at a time when the labour market is tight and wage inflation is picking up,” analysts led by Jeff Currie wrote, adding that vulnerable industries range from autos to construction and beverage can manufacturers.
Cohn is arranging a White House meeting that would include representatives of breweries, can manufacturers and automakers, along with the oil industry. Trump continues to push his protectionist stance even as leading Republican lawmakers and donors publicly question the wisdom of upending the global trading order. - Bloomberg
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Donald Duck is putting America to become a country of beggars.
2018-03-06 16:03