Tuesday, 16 October, 2018

Donald Trump steel, aluminum tariffs on Europe, Canada, Mexico effects

US to slap tariffs on steel, aluminium from EU on Thursday Trump to remove tariff exemption from EU, Canada, Mexico
Elsie Buchanan | 01 June, 2018, 05:29

The tariffs will also cause major economic disruptions in the US, Canada, Mexico, and the EU.

The White House defended the move by invoking national security as it stated excessive levels of aluminum and steel imports threatened to impair the security of the United States.

The United States negotiated voluntary export limits with several other friendly nations, including South Korea, Argentina, Australia and Brazil. But it would be a great pity if we ended up in a tit-for-tat trade dispute with our closest allies'.

That exemption was due to expire on Friday.

"We urge the European Union to consider this when initiating its response. One can think about making voters happy by saying, 'I have a victory, I'll change the rules, you'll see.'" But Macron said those "who waged bilateral trade wars... saw an increase in prices and an increase in unemployment". This Russia-bashing has to be brought to an end'.

"If there is an escalation it will be because the European Union would have made a decision to retaliate", he said, adding that Washington did not want a trade war with the EU.

"It is totally unacceptable that a country is imposing unilateral measures when it comes to world trade".

Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more USA goods in a bid to cut America's $375 billion trade deficit with China.

Canadian Prime Minister Justin Trudeau said the Trump administration's argument that the tariffs were necessary for national security reasons was an "affront" to Canada, which has fought alongside the U.S.in numerous armed conflicts. The move turns a threat and negotiating ploy into an action, which will bring real consequences in the form of retaliatory tariffs on USA exports.

Trump hoping to effectively block German auto imports to US?
Although he is for free trade, but not at any price: "I love free trade, but it must be a smart trade, so I call him fair". The president has shown he's not afraid to get into trade wars with even America's closest allies.


The EU had already publicly announced that in the event tariffs did go ahead, it would impose levies on Levi-made jeans, Harley-Davidson motorbikes and bourbon whiskey.

If Canada and Mexico choose to take retaliatory measures, it would not affect the ability to keep renegotiating NAFTA as a separate track, he added.

Europe and Mexico reacted to the USA move with their own lists of tariffs on American products, raising fears of a trade war among allies. Gareth Stace, of manufacturer UK Steel, said: 'President Trump had already loaded the gun and we now know that the United States has unfortunately fired it, potentially starting a damaging trade war.

The UK steel industry employs about 31,000 people and sends about 7 percent of its exports to the United States, according to the organisation. The S&P 500 Steel index was up 0.5 per cent.

"It's entirely up to U.S authorities whether they want to enter into a trade conflict with their biggest partner, Europe", Le Maire told reporters after the meeting. This as Trump considers tariffs on imported cars, particularly with German automakers in mind.

Ben Digby, from the CBI, said: 'There are no winners in a trade war, which will damage prosperity on both sides of the Atlantic.

"The implementation of new tariffs will disrupt the US oil and natural gas industry's complex supply chain, compromising ongoing and future USA energy projects, which could weaken our national security", said API President and CEO Jack Gerard in a statement.

The White House insisted the measures were needed to stop China, which is also subject to the tariffs, flooding its markets with cheap products.

Prior to Ross's announcement, a senior Canadian official, speaking on condition of anonymity citing the sensitivity of the situation, confirmed Canada has prepared a list of US products that might face retaliatory tariffs, but declined to give further details.

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