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Read “First Tariffs, Then Subsidies: Soybeans Illustrate Trump’s Wrongfooted Approach on Trade” by Chad P. Bown and Eva (Yiwen) Zhang. Higher Rates for Turkey August 10, 2018 President Trump announces he will increase the steel tariff rate imposed on Turkey from 25 percent to 50 percent in response the depreciation of the Turkish lira. In a tweet , he also states that the aluminum tariff rate for Turkey will be raised to 20 percent, up from 10 percent. Turkey supplied 4.2 percent of US steel imports and 0.3 percent of US aluminum imports in 2017. Turkey previously retaliated on $1.8 billion of US exports, including agricultural products. Read “Trump’s Long-awaited Steel and Aluminum Tariffs Are Just the Beginning” by Chad P. Bown and “First Tariffs, Then Subsidies: Soybeans Illustrate Trump’s Wrongfooted Approach on Trade” by Chad P. Bown and Eva (Yiwen) Zhang. Turkey Retaliates August 14, 2018 Turkey announces new tariffs on imports from the United States, including cars, alcohol, and tobacco, in response to President Trump’s August 10 doubling of US tariffs on Turkish steel and aluminum. Steel Tariffs Have Hit Poor Countries the Hardest November 15, 2018 In the first six months of steel tariffs, strong economic growth actually increased US imports of steel by 2.2 percent, but small and poor countries saw a 12 percent decline in steel export volumes to the United States and 15.5 percent less revenue, relative to the six months prior to the tariffs. There has been no stated policy objective for hurting developing country exporters. Read “Trump’s Steel Tariffs Have Hit Smaller and Poorer Countries the Hardest” by Chad P. Bown, Euijin Jung, and Eva (Yiwen) Zhang.
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6 PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS TRADE AND INVESTMENT POLICY WATCH BLOG Steel Jobs Come at a High Cost December 20, 2018 A PIIE study finds that Trump’s steel tariffs have raised the price of steel products by almost 9 percent, creating 8,700 jobs in the US steel industry. However, steel users pay an extra $650,000 for each job created. Read “Steel Profits Gain, but Steel Users Pay, under Trump’s Protectionism” by Gary Clyde Hufbauer and Euijin Jung. US Lifts Tariffs on Canada and Mexico May 17, 2019 The United States agreed to remove steel and aluminum tariffs on Canada and Mexico on May 21 , a move that could boost the chances of all three countries ratifying the pending US-Canada-Mexico Agreement (USMCA). Canada and Mexico will remove their retaliatory tariffs on US goods, which include agricultural and consumer products. Read “Canada Strikes Back! Here Is a Breakdown” by Chad P. Bown, Euijin Jung, and Zhiyao (Lucy) Lu. India Retaliates after Losing Special Trade Status June 15, 2019 India implements retaliatory tariffs against US exports in response to Trump’s steel and aluminum tariffs of March 2018. India had announced the tariffs in mid-2018. Reports tie India’s action to the Trump administration’s deci- sion on June 5, 2019, to increase tariffs on India by removing the country from the US Generalized System of Preferences program for developing countries.
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