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One of Trump's top trade advisers says Europe 'will get over' the steel and aluminum tariffs

4 monthes ago   |   By

CNBC
Commerce Secretary Wilbur Ross tried to downplay the implications of President Donald Trump's decision to impose steel and aluminum tariffs on the European Union, Canada, and Mexico.
Ross said the tariffs were "blips on the radar screen" in the relationship between the US and EU, saying the EU "will get over this in due course."
Ross dismissed concerns that the tariffs would increase costs for US consumers and harm the economy.
He also said that despite the US stock market sell-off following the announcement, stocks would "adjust to facts" and bounce back.
One of President Donald...
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Stocks stumble as the US hits allies with steel and aluminum tariffs

Stocks stumble as the US hits allies with steel and aluminum tariffs

4 monthes ago   |   By

Spencer Platt/Getty Images
Stocks slid Thursday afternoon after the Commerce Department said tariff exemptions to Mexico, Canada, and the European Union will expire at the end of the day. The Dow Jones industrial average dropped more than 200 points following the announcement.
Here's the scoreboard: See the rest of the story at Business Insider NOW WATCH: What will probably happen with the North and South Korean peace treaty See Also: The market's biggest and most influential investors are altering their strategy - here's what they're doing and what it means for you Wall Street's top stock...
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Surging steel prices are 'self-defeating'

Surging steel prices are 'self-defeating'

4 monthes ago   |   By

Sean Gallup/Getty
Steel prices have risen nearly 40% since March.
The US followed through with steel tariff threats on its allies Thursday.
But some think prices could still drop as soon as this year.
Steel has been soaring, but some analysts think prices could fall sharply in the months ahead.
Steel prices have rallied 38% since the US Commerce Department launched a Section 232 investigation that led to hefty import taxes on the metal last year. And as President Donald Trump cuts off tariff exemptions to the US's closest allies this week , prices look poised to keep booming. See the rest...
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'A slow motion train wreck': Trump is kicking off a trade war with America's closest allies

'A slow motion train wreck': Trump is kicking off a trade war with America's closest allies

4 monthes ago   |   By

Carlos Barria/Reuters
President Donald Trump will impose steel and aluminum tariffs on imports from the European Union, Canada, and Mexico starting Friday.
The tariff decision will likely lead to retaliation from the three allies.
The tariffs will also cause major economic disruptions in the US, Canada, Mexico, and the EU.
"I don't know if it's officially a 'war' yet, but it's getting to be a pretty intense trade skirmish," one trade expert said.
Not even the US's closest allies can avoid getting caught in President Donald Trump's escalating trade battles.
Commerce Secretary Wilbur Ross...
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Steel stocks spike as Trump reportedly readies to slap tariffs on the US's closest allies

Steel stocks spike as Trump reportedly readies to slap tariffs on the US's closest allies

4 monthes ago   |   By

US steel stocks are jumping Thursday.
President Donald Trump is reportedly planning to put tariffs on steel and aluminum imported to the US from the EU, Mexico, and Canada.
Watch US Steel Corporation trade in real time here.
Shares of US steel manufacturers are jumping in early trading Thursday after the Wall Street Journal reported President Donald Trump is ready to announce tariffs on EU, Mexican, and Canadian steel imported into the country.
The tariffs would include a 25% tax on steel and 10% on aluminum imported into the US , and that is sending US steel manufacturers higher. Here's...
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The Mexican peso is sliding after report says Trump will move forward with tariffs on the US's closest allies

The Mexican peso is sliding after report says Trump will move forward with tariffs on the US's closest allies

4 monthes ago   |   By

Henry Romero/REUTERS
The Mexican peso was down 0.68% versus the dollar early Thursday.
Trump is reportedly set to follow through with tariff threats on Mexico, Canada, and the European Union.
Follow the Mexican peso in real time here .
The Mexican peso slumped against the US dollar Thursday following a report suggesting President Donald Trump is set to move forward with steel and aluminum tariffs on Mexico, Canada, and the European Union as soon as the end of the week.
The peso was down 0.73% to 19.8900 versus the dollar at 8:30 a.m. ET. See the rest of the story at Business Insider NOW...
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