Trump: “IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!”


Developments on Day 407 of the Trump Administration:

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Trump Statement Indicates More Tariffs May Be on Way

Donald Trump defends his imposition of tariffs on steel and aluminum with the proclamation of a trade war which is “good” and “easy to win”.

On Friday, a day after the 25% levy on steel and 10% aluminum brought near-universal condemnation — including from American allies and US business leaders — Trump made his case on Twitter:

Later in the day, Trump insisted, “IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!” and put out a garbled message confusing tariffs and taxation:

The Administration moved suddenly on Thursday with the tariff announcement. Officials avoided the phrase “trade war” in their briefing of reporters, only to be undercut by Trump’s forthright declarations yesterday.

China — which is not one of the largest steel exporters to the US, but has been a target of Trump’s rhetoric during his campaign and Presidency — was cautious in its response on Friday, pledging “to abide by the multilateral trade rules and make contributions to the international trade and economic order”.

In Canada, the leading steel exporter to the US, Prime Minister Justin Trudeau and Foreign Minister Chrystia Freeland called the tariff proposal “absolutely unacceptable” and threatened retaliatory measures.

And the European Union, whose members such as Germany are among those affected by the US move, hit back by preparing their own tariffs on Harley-Davidson motorbikes, bourbon whiskey, and Levi’s jeans.

German Foreign Minister Sigmar Gabriel said the Trump Administration’s rationale is “incomprehensible”; “The EU must respond decisively to US punitive tariffs, which endangers thousands of jobs in Europe. There should be no doubt about that in Washington.”

Leading economists projected that imposition of tariffs will be damaging to all countries and the global economy, but Commerce Secretary Wilbur Ross — holding up cans of soup and cola — maintained that they are “no big deal” and that it is “rubbish” to think they will hurt US consumers and companies.

Trump Special Advisor Icahn Sold $31 Million in Steel Shares Last Week

Billionaire investor Carl Icahn, a former special advisor to Donald Trump, sold $31.3m of shares last week in a company heavily dependent on steel imports, just before Trump’s announcement of new tariffs sent shares plummeting.

Icahn began the selloff in crane and lifting equipment supplier Manitowoc Company on February 12. The sheares sold for $32 to $34.

On Friday morning, Manitowoc’s shares fell 5.48% to $26.37.