Europe threatens tariffs on US peanut butter and orange juice as trade war looms – business live

The EC has drawn up a list of American products to target if Donald Trump doesn’t back down over steel tariffsLatest: EC says it’ll hit back against AmericaPeanut butter, orange juice and bourbon on provisional tariffs listEC: Trump’s proposed tariffs are deeply unfairUS dollar hits two-week lowAnalysts fear trade warFull story: Gary Cohn quits as Trump’s top economic adviser 1.48pm GMT Just in: America’s trade deficit has swelled to its widest level in almost a decade.The Commerce Department reports that the trade gap jumped by 5% in January to $56.6bn. That’s more than expected.U.S. trade deficit $56.6 billion in January, the widest in more than 9 years. That’s a result of $76.5 bln goods deficit and $19.9 bln services surplus. pic.twitter.com/OqFUezaxAj*U.S. JAN. TRADE DEFICIT WIDENS TO $56.6 BLN; EST. $55 BLN 1.42pm GMT Newsflash: US Steel has announced that it is reopening some operations at its site in Granite City, in Illinois – and giving Donald Trump the credit.Our Granite City Works facility and employees, as well as the surrounding community, have suffered too long from the unending waves of unfairly traded steel products that have flooded U.S. marketsThe Section 232 action announced by President Trump last week recognizes the significant threat steel imports pose to our national and economic security. The President’s strong leadership is needed to begin to level the playing field so companies like ours can compete, win and create jobs that support our employees and the communities in which we operate as well as strengthen our national and economic security.US Steel CEO: Calling back 500 workers idled in Illinois. “This feels like the beginning of a renaissance for us.” @SquawkCNBCDavid Burritt, ceo of US Steel tells CNBC he is calling back 500 workers to plant in Granite City, Illinois. “This feels like the beginning of a renaissance for us…” #tariffs #Trump #Cohn #SteelTariff Continue reading…
Via: Europe threatens tariffs on US peanut butter and orange juice as trade war looms – business live