BREAKING NEWS Minnesota health officials announce 5th Coronavirus-related death as positive tests hit 441 Full Story
SEVERE WX : Wind Advisory View Alerts
CLOSINGS: View Closings

Big business to Trump: Tariffs could backfire

The Business Roundtable has a message for President Trump: The tariffs your administration has proposed would backfir...

Posted: Feb 17, 2018 2:47 PM
Updated: Feb 17, 2018 2:47 PM

The Business Roundtable has a message for President Trump: The tariffs your administration has proposed would backfire.

On Friday, the Commerce Department publicly released its recommendations to the president on steel and aluminum imports. Commerce Secretary Wilbur Ross has put three options on the table: across-the-board tariffs, targeting select countries with even higher tariffs and capping how much steel comes into the country.

In a statement, the Business Roundtable, a Washington-based lobbying group that represents some of the most powerful businesses in the country, said it disagreed with the administration's entire rationale for taking action on steel and aluminum imports.

The Commerce Department is advising that Trump take action under a little known trade law from 1962.

If Trump invokes Section 232 of the Trade Expansion Act, as is recommended, that means he believes steel and aluminum imports hurt the country's national security.

Critics like the Business Roundtable say that justification is a stretch, and could open the door for tit-for-tat responses from other countries in the name of national security.

"Business Roundtable is concerned that acting on the Commerce Department's recommendations to use Section 232 to restrict steel and aluminum imports will result in foreign retaliation against U.S. exporters and harm the U.S. economy," the group said.

Related: Trump administration recommends steep tariffs on steel and aluminum

They continued: "Using Section 232 could embolden other countries to use 'national security' to restrict U.S. goods and services entering their markets. We urge the President not to take Section 232 action and, instead, develop a different approach to address global overcapacity of steel and aluminum that does not put the U.S. economy at such high risk."

The president has until April to choose any one of the options presented to him, or a combination.

Article Comments

Mason City
Overcast
48° wxIcon
Hi: 50° Lo: 36°
Feels Like: 41°
Albert Lea
Overcast
43° wxIcon
Hi: 44° Lo: 34°
Feels Like: 34°
Austin
Overcast
46° wxIcon
Hi: 47° Lo: 36°
Feels Like: 38°
Charles City
Overcast
52° wxIcon
Hi: 50° Lo: 36°
Feels Like: 52°
Rochester
Overcast
42° wxIcon
Hi: 44° Lo: 34°
Feels Like: 32°
Severe weather Saturday before the sun comes out
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Weekend setup for rain, storms, and snow

Image

Seniors give their best quarantine advice

Image

Coronavirus claims Alden coffee shop

Image

How Corona Impacts Weather Forecasts

Image

Man Missing after boat accident

Image

Minnesota girl's basketball all-star series highlights athletes without games

Image

Chris' PM Weather Forecast 3/27

Image

Neighbors Helping Neighbors Serves Rural Areas

Image

Risk of Off-Label Medications For Covid-19

Image

Going on a bear hunt!

Community Events