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No exemptions: Trump rules out steel and aluminium tariff concessions

No exemptions: Trump rules out steel and aluminium tariff concessions

The president said the U.S. would impose duties of 25 per cent on imported steel and 10 per cent on aluminium to protect domestic producers.

"I know he has had conversations with a number of the world leaders", Secretary Ross said in a TV interview Sunday.

"That's what the president seemed to announce yesterday", Ross told CNBC when asked whether the tariffs would apply to all countries.

"He's talking about a fairly broad brush", he said.

"There will be an exemption procedure for particular cases where we need to have exemptions, so that business can move forward", Mr Navarro said on CNN's State of the Union program.

A business leader wants President Donald Trump to have "the courage" to step back from his campaign rhetoric on trade.

The European Union has said it is drawing up measures against leading U.S. brands like Harley-Davidson and Levi's jeans, while China warned it "won't sit idly by" if its interests are hurt.

Ross played down the possible effects of the proposed tariffs on the United States economy.

"In Ross" words: "Overall it's not going to be much more than a rounding error".

Cabinet Office Minister David Lidington's comments Sunday on the BBC came after Trump threatened to tax European cars if the EU boosts tariffs on American products in response to the president's plan to impose tariffs on steel and aluminum.

IBD'S TAKE: The sell-off triggered by President Trump's tariff plan has changed the outlook for the stock market, The Big Picture column explained on Thursday.

At North American trade talks in Mexico City, Republican Representative Kevin Brady, the top USA lawmaker on trade policy, said the administration should exempt current aluminum and steel contracts to avoid business uncertainty.

"Please reconsider", he said on CBS's "Face the Nation".

Sherrie Rosenblatt, vice president and spokeswoman for the institute, told AFP the value of metal in an individual consumer item did not reflect the true burden tariffs would create for can manufacturers and users. "You're making a huge mistake here". Graham says "China is winning and we're losing with this tariff regime". "Go after China - not the rest of the world".

Peter Navarro, director of the White House National Trade Council, said exempting countries was a slippery slope.

Ross then held up a can of Campbell's tomato soup, saying, "What I would like to do, though, is to emphasize again the limited impact this is a can of Campbell's soup this, in the can of Campbell's soup there's about 2.6 cents - 2.6 pennies - worth of steel".

"We understand the Trump administration's efforts to reduce the USA trade deficits, but it has to reconsider the intensifying import restrictions on South Korean steel products", GS Group Chairman Huh Chang-soo, who heads the FKI, said in the letter.

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