24
Monday
September 2018
11:29 AM IST
News Headlines
Shilpa Shetty faces racism at Sydney airport        Pakistan’s friendship offer to India should not be seen as weakness, says PM Imran Khan        India thrash Pakistan by 9 wickets        Naomi Osaka pulls out of Wuhan Open        Hasan, Asghar, Rashid fined 15 per cent of their match fees        Ready to be sacked if ATK do not fare well: Coppell        Sensex ends in red after 1,000-pt flash crash        OYO to hire over 2,000 tech experts, engineers by 2020        Thousands rally across Russia against raising pension age        Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks        Sisodia, AAP MLAs discharged in case related to 2014 protest        We have no role in selection of Reliance Defence for Rafale deal: Govt        Modi, Ambani carried out Rs 1.3 lakh cr 'surgical strike' on defence forces: Rahul on Rafale issue        Chekka Chivantha Vaanam: Second trailer released        Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue        India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"        Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande        Wreckage of Captain Cook’s ship found off US coast        Death toll reaches 136 in Tanzania ferry disaster with scores missing        Ravindra Jadeja, Rohit Sharma take India to comprehensive 7-wicket win        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
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)


Shilpa Shetty faces racism at Sydney airport
Pakistan’s friendship offer to India should not be seen as weakness, says PM Imran Khan
Thousands rally across Russia against raising pension age
Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks
Wreckage of Captain Cook’s ship found off US coast
Death toll reaches 136 in Tanzania ferry disaster with scores missing
Kim, Moon join hands on peak of sacred North Korean volcano
Palestinian schools strive to modernize classrooms
Trump: Declassified Russia probe papers expose 'bad things'
100 die in severe flooding in Nigeria: relief agency
Pak govt, Opposition agree for parliamentary probe into vote rigging charges
Air Tanzania to soon resume direct flights to India
Imran Khan govt auctions 70 luxury cars as part of austerity drive
Time Magazine sold to Marc Benioff for $190 million
Hurricane Florence: Death toll mounts to 14
Death toll rises to 8 as Florence pours on the rain
Evacuations underway as huge typhoon nears Philippines
South and North Korea open first liaison office for better communication
Amid deep budget cuts, $52,701 spent on curtains for Nikki Haley’s official residence: Report
Japan's Abe expresses support for better Trump-Kim ties
ENTERTAINMENT NEWS
Chekka Chivantha Vaanam: Second trailer released
 The second trailer of Mani Ratnam movie Chekka Chivantha Vaanam released. The trailer almost reveals  
Freak penne trending with dislikes and trolls
Viswasam- On set photos leaked
Aiswarya- Abhishek's Gulab Jamun would go on floor in mid 2019
KERALA NEWS
Kannur International Airport: Kerala to be the first state with four international airports
 Malappuram: With Kannur International Airport becoming operational, Kerala will be the first state i
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
NATIONAL NEWS
Sisodia, AAP MLAs discharged in case related to 2014 protest
 New Delhi Sep 22 (PTI) A Delhi court on Saturday discharged Deputy Chief Minister Manish Sisodia, AA
We have no role in selection of Reliance Defence for Rafale deal: Govt
India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"
Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.