Sunday, May 19, 2019 4:08:28 PM
The auto tariffs are opposed by both domestic and international car companies. If imposed, they would likely blow up trade negotiations launched with the EU and Japan, which Trump is due to visit later this month.
Members of Congress from both parties also argue the president is abusing powers delegated to him by Congress to pursue a protectionist agenda. A group of steel importers are lobbying the Supreme Court to hear their constitutional challenge to Trump’s use of Section 232 with other business groups starting to join the fight.
The invocation of national security is designed to exploit a loophole in global trading rules that allows countries to restrict trade in times of war. It also has caused a brewing fight between the U.S. and other members at the World Trade Organization that is expected to escalate in the coming months.
Until the Trump administration the U.S. regularly lobbied other governments to adopt a narrow view of national security with regards to trade for fear that if everyone invoked the exemption it would render global rules useless.
U.S. officials used that message with counterparts in Beijing for years, said Jude Blanchette, a China expert at the Crumpton Group, a Washington consultancy. China has long invoked national security to justify censorship of the internet and limit access by foreign firms to industries it deems strategic.
“The U.S. now thinks in a maximalist way about national security,’’ Blanchette said. The Huawei escalation in recent days is just one reason why a recent breakdown in talks between the U.S. and China seemed unlikely to be resolved any time soon, he added.
The Trump administration has from its early days rejected trade orthodoxy, insisting it is finally addressing global economic injustices that have hurt the U.S. for too long.
In a speech to students at Harvard University last month, White House adviser Peter Navarro said Trump was rejecting “conventional fossilized wisdom’’ to take on China’s “deviant economic model’’ and other trade cheats such as Germany, which Trump has nominated as a target for auto restrictions.
“America should be comforted by having a president who wakes up every day thinking about how to grow the economy faster and create jobs for Americans while protecting national security,’’ Navarro said.
(Updates with proclamation in third to sixth paragraphs.)
UP NEXT
Trump Isolated on Iran as World Sees Confusion in U.S. Strategy
https://www.bloomberg.com/news/articles/2019-05-17/on-huawei-and-autos-trump-aligns-trade-with-security-doctrines
Recent BIDU News
- Novavax Surges 57% Post $1.4 Billion Sanofi Deal; Apple Boosts Data Centers with AI and Internal Chips, and More News • IH Market News • 05/10/2024 12:02:56 PM
- Baidu to Hold Annual General Meeting on June 26, 2024 • PR Newswire (US) • 05/08/2024 09:00:00 AM
- Philips Stocks Soar 47% Following US Deal, Tesla Bolsters Presence in China, and More News • IH Market News • 04/29/2024 11:11:24 AM
- BHP Bids $38.8 Billion for Anglo American; Biden Unveils Historic Micron Technology Deal, and More News • IH Market News • 04/25/2024 11:48:40 AM
- Baidu Launches Second ERNIE Cup, A Global Innovation Challenge to Discover the Next Big AI-Native Applications • PR Newswire (US) • 04/17/2024 11:03:00 AM
- Baidu Presents a Suite of Toolkits and Models to Supercharge AI Creativity at Create 2024 • PR Newswire (US) • 04/16/2024 12:39:00 PM
- Ericsson Soars with 66% Net Profit Growth; Live Nation Under Antitrust Scrutiny in US, and More News • IH Market News • 04/16/2024 11:18:19 AM
- Baidu to Report First Quarter 2024 Financial Results on May 16, 2024 • PR Newswire (US) • 04/12/2024 09:00:00 AM
- /C O R R E C T I O N -- Baidu, Inc./ • PR Newswire (US) • 04/02/2024 11:19:00 AM
- Baidu Create 2024: Empowering Everyone as Creators of the AI Future • PR Newswire (US) • 04/01/2024 11:00:00 AM
- Apple & Google in Talks for Gemini AI on iPhone, Nvidia’s GTC Conference Today, and Latest News • IH Market News • 03/18/2024 11:10:46 AM
- Baidu, Inc. Files Its Annual Report on Form 20-F • PR Newswire (US) • 03/18/2024 09:00:00 AM
- Baidu Launches China's First 24/7 Robotaxi Service • PR Newswire (US) • 03/08/2024 12:44:00 PM
- Baidu Announces Fourth Quarter and Fiscal Year 2023 Results • PR Newswire (US) • 02/28/2024 09:00:00 AM
- Goldman Sachs Reconsiders Fed Cuts, LUNR Surges Over 40% in Pre-Market, and More • IH Market News • 02/23/2024 01:03:59 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 11:01:51 AM
- Cloudflare Skyrockets 26% Pre-Market; Expedia Plunges 14% After CEO Resignation, and More • IH Market News • 02/09/2024 10:51:57 AM
- Baidu to Report Fourth Quarter and Fiscal Year 2023 Financial Results on February 28, 2024 • PR Newswire (US) • 02/06/2024 08:30:00 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/01/2024 11:07:55 AM
- Philips Shares Drop 6% as US Sales Halted Following Agreement on Faulty Sleep Apnea Devices, and latest news • IH Market News • 01/29/2024 11:09:38 AM
- Wall Street Highlights: Apple Cuts iPhone Prices in China, Microsoft Launches Copilot Pro Subscription, and More • IH Market News • 01/16/2024 11:15:52 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/16/2024 11:08:56 AM
- Baidu Responds to Recent Media Reports on Ernie Bot • GlobeNewswire Inc. • 01/15/2024 02:44:17 PM
- Baidu Responds to Recent Media Reports on Ernie Bot • PR Newswire (US) • 01/15/2024 11:49:00 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM