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Trump's son-in-law Jared Kushner possible next chief of staff: US media        Sri Lanka PM Mahinda Rajapaksa to resign, says his son after court setback        Rahul Gandhi After Rafale Verdict: "Will Prove PM Helped Anil Ambani"        Author Amitav Ghosh Honoured With 54th Jnanpith Award        Supreme Court sees no wrongdoing in Rafale deal, rules out probe        India bowled a little bit short, Australia pacers could benefit: Border        ISL: FC Goa thrash NorthEast United 5-1        BWF World Tour Finals: PV Sindhu, Sameer Verma Register Easy Wins To Enter Semifinals        Diving legend says HIV-contracted friend inspired him to Olympic gold        India beat Pakistan to reach final of Emerging Teams Asia Cup        Boosting exports key to make India $5-tn economy by 2025: Kant        Prabhu, US Commerce Secretary to discuss trade issues on Feb 14        Ceasefire for key Yemen port agreed at peace talks: UN        Britain's May sees no 'immediate breakthrough' at EU        Poll results prove Ram Temple or communal polarisation doesn't cut ice with people: Sinha        Ashok Gehlot appeals to Cong workers in Raj to maintain peace        Rahul tweets pic with Kamal Nath, Scindia as race for CM moves to Bhopal        Aussies will fight back, but India has upper hand: Ghavri        World Tour Finals: Tough road ahead for Sindhu; Sameer too eyes knockout berth        Govt should consider 100% FDI in multi-brand retail trade: CII report        
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International News
Giving tax concessions to countries does not make sense: US
 
(Washington, Mar 5, 2018): US Commerce Secretary Wilbur Ross has defended President Donald Trump's proposed tariffs on imported steel and aluminum, saying it would help correct a decades-old policy that has given away all kinds of concessions to countries like China and Germany ever since the end of World War II.

Trump on Thursday proposed slapping a 25 per cent tariff on imported steel and a 10 per cent tariff on imported aluminum.

Ross dismissed concerns that European nations may respond by placing tariffs on American goods.

"Think about it, we have unilaterally given away all kinds of concessions ever since the end of World War II. And in the beginning that was probably good policy to rebuild Europe and rebuild Asia after the ravages of the war," Ross told ABC News.

"The mistake that our trade negotiators made way back then and continued to make was not time limiting it, concessions that were perfectly reasonable to make to Germany in 1945 or China in 1945 don't make sense anymore. Those are now very mature, big, strong economies," Ross said.

"So, there's a lot of history that needs to be undone," he said ahead of President Trump signing an executive order that would impose tariffs on aluminium.

Trump is expected to sign it next week.

There has been sharp reaction from countries with the European Union and China indicting retaliatory measures.

Trump in a series of tweets early this week said that it would not work and the US would impose additional tariffs on other items.

"If the EU wants to further increase their already massive tariffs and barriers on US companies doing business there, we will simply apply a tax on their cars, which freely pour into the US. They make it impossible for our cars and more to sell there. Big trade imbalance," Trump said.

In another tweet, Trump said that trade wars are good and easy to win.

"I think what the president had in mind was that unlike the Smoot-Hawley days in the 1930s, back then US had a big trade surplus and the world was in a depression. Now, we have a big trade deficit. Well, if we have big trade deficit with our other partners, they have a lot more to lose than we do, because those hundreds of billions of dollars are in their pockets now, not ours," Ross explained.

He refuted reports that increase in import tariff on steel would hurt American industries in particular the car manufacturing industry.

Similarly, all the other products, the total amount of tariffs we're putting on is about USD 9 billion in a year.

That's a fraction of one per cent of the American economy, he said.

"So, the notion that it would destroy a lot of jobs, raise prices, disrupt things is wrong.

As to the idea of retaliation, they may well be some sort of retaliation. But the amounts that they're talking about are also pretty trivial. It's some USD 3 billion-odd of goods that the Europeans have threatened to put something on," Ross said.

"Well in our size economy, that's a tiny, tiny fraction of one per cent. So, while it might effect an individual producer for a little while, overall it's not going to be much more than a rounding error," the commerce secretary said.

The Trump administration has argued that it is imposing such a tariff under national security interests.

Ross reiterated that there would be no exceptions to the rule.

"As of the moment, as far as I know, he's talking about a fairly broad brush," he said to a question.(PTI)


Trump's son-in-law Jared Kushner possible next chief of staff: US media
Sri Lanka PM Mahinda Rajapaksa to resign, says his son after court setback
Ceasefire for key Yemen port agreed at peace talks: UN
Britain's May sees no 'immediate breakthrough' at EU
Khashoggi, other journalists named Time 'Person of the Year'
May tours Europe in desperate bid to save Brexit deal
Trump's potential next chief of staff pick leaving White House
UK PM faces fight for her political life in Brexit deal
Iran arrests 10 over suicide attack on police
Trump chooses new Joint Chiefs of Staff chairman, against Mattis wishes
Merkel gets boost with ally's party win
Rouhani warns weakened Iran less able to fight trafficking
Trump may nominate Heather Nauert as UN Ambassador: Reports
Qatar injects more cash into Gaza for Hamas employees
Singer Mika Singh Detained in Dubai for Sending Obscene Messages to 17-year-old: Reports
Conditions Met for Assange to Leave Embassy in London, Says Ecuador President
Pakistan slashes non-salary budget by 10%
Moscow dismisses 'groundless' US claim Russia breaching arms treaty
AgustaWestland deal 'middleman' Christian Michel brought to India
Don't be like Hitler: sacked Lankan PM tells President Sirisena
ENTERTAINMENT NEWS
Vaikom Vijayalekshmi ties knot with Anoop
 Vaikom: Playback singer Vaikom Vijayalekshmi has tied knot with Anoop N. at Vaikom Mahadeva temple.  
Mohanlal's Odiyan: Official trailer launched
Mammootty narrates Odiyan's intro?
Sradha Kapoor as Saina Nehwal: First look poster is out.
KERALA NEWS
Activist Rehana Fathima, Who Attempted Sabarimala Trek, Arrested Over Facebook Post
 (Kochi, Nov 28, 2018): Model and activist Rehana Fathima, who tried to reach Kerala's Sabarim
Good news for Keralite Nurses: IELTS cut-off reduced to 6.5
BJP leader K Surendran, 71 others granted bail
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
NATIONAL NEWS
Rahul Gandhi After Rafale Verdict: "Will Prove PM Helped Anil Ambani"
 (New Delhi, Dec 14, 2018):Hours after the Supreme Court's clean chit to the government on the
Author Amitav Ghosh Honoured With 54th Jnanpith Award
Poll results prove Ram Temple or communal polarisation doesn't cut ice with people: Sinha
Ashok Gehlot appeals to Cong workers in Raj to maintain peace
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