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Suzanne O'Halloran

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President Trump welcomed Australian Prime Minister Scott Morrison in Wapakoneta, Ohio at Pratt Industries, along with factory owner Australian billionaire Anthony Pratt, as he touted an “economic revival” of the manufacturing industry with the promise of more foreign investment and a surge in new jobs.

“We proudly declare Pratt Industries and the great, great state of Ohio open for business…Pratt has pledged, as I said, to invest many billions in the United States” Trump told a packed crowd as they chanted “U-S-A, U-S-A…”

“When this plant is fully operational, hundreds of Ohio workers will have full-time jobs, with quality healthcare, retirement benefits and really great wages…..I’m especially excited to announce that 1 in 4 workers at this plant is a veteran” Trump added.

Pratt is creating 5,000 new jobs, helped in part by Trump’s tax cuts which included lowering the corporate tax rate to 21 percent from 35 percent. Trump noted foreign companies invested $250 billion in the United States last year alone.

Pratt Industries is America’s 5th largest corrugated packaging company and the world’s largest, privately-held 100 percent recycled paper and packaging business, the company notes.

Pratt himself accompanied the world leaders on a factory tour.

The push may also help the U.S. manufacturing sector which is showing signs of a slowdown, contracting for the first time in three years and raising fresh concerns about the health of the U.S. economy.

The ISM Manufacturing Index fell to 49.1 percent in August, down from 51.2 percent in July, as the U.S.-China trade war continued to cause uncertainty.

The announcement also reinforced a strong bond between the United States and Australia on several levels.

“If you don’t have a strong economy, there are so many things you can’t do,” said Morrison who also thanked the U.S. veterans in the crowd. “The President and I are here today because we believe in jobs and we believe in the way that jobs transform lives.”

Trump called Australia one of “America’s greatest friends and loyal allies.”

America is also the largest investor in Australia Trump noted.

Author: Suzanne O’Halloran

Source: Fox Business: Trump wins big Ohio manufacturing investment from Australia’s Pratt Industries

The White House Opens a New Window. and the Commerce Department have made Friday one of the busiest for trade news Opens a New Window. in recent months.

Early afternoon, the United States and Canada agreed to jointly lift tariffs on steel and aluminum.

In a statement, the two countries said:

“After extensive discussions on trade in steel and aluminum…. the United States and Canada have reached an understanding as follows, the United States and Canada agree to eliminate, no later than two days from the issuance of this statement, all tariffs the United States imposed under Section 232 on imports of aluminum and steel products from Canada. Additionally, “the United States and Canada agree to terminate all pending litigation.”

Canadian Prime Minister Trudeau tweeted to the country’s industrial workers, “we have your back. We stood firm to support & defend Canada’s steel & aluminum industries, and the workers who power them.”

Paul Nathanson, the spokesperson for the Coalition of American Metal Manufacturers and Users (CAMMU), issued the following statement:

“We are also pleased that negotiators listened to U.S. steel and aluminum-using manufacturers and did not replace tariffs with quotas, which are even worse for U.S. companies. This shows that our voices are being heard in Washington, DC.”

The move came hours after President Trump agreed to delay his decision on slapping tariffs on European, Japanese and other global automakers, by 180 days.

The move may be a strategic one says free-market economist Steve Moore, because it paves the way to step up the pressure on China.

“We need to get USMCA done to isolate China” said Moore who was one of President Trump’s Opens a New Window. picks for two vacancies on the Federal Reserve Board of Governors.

Moore reluctantly withdrew his intentions to pursue the Fed role.

“It was very disappointing that this couldn’t go forward but you know the fact is that this kind of sleaze campaign over the last three or four weeks was just really too tough for me and my family and you know we just decided it was much better for Donald Trump to select someone who doesn’t have a 30-year paper trail,” he told FOX Business’ Neil Cavuto after the news broke.

Author: Suzanne O’Halloran

Source: Fox Business: US, Canada, Mexico lift steel, aluminum tariffs pressuring China

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