Europe, Japan Meet Face-to-Face with United States over Trump's Tariffs
Europe, Japan Meet Face-to-Face with United States over Trump's Tariffs
US steel tariffs impact on local farmers
12 March, 2018, 10:16
Claim: The US is suffering from a trade imbalance, with a trade deficit of $800bn (£579bn) in 2017.
Trump suggested in his tweet that the USA would not impose the aluminum and steel tariffs on the European Union if they dropped their tariffs.
Germany - singled out for particular criticism by Mr Trump - accused Washington of protectionism, calling the tariffs an "affront to close partners".
Mr Trump took to Twitter on Saturday morning to say he'd spoken with the prime minister and was "working very quickly" on a security agreement to avoid imposing tariffs. But he exempted Canada and Mexico and held out the possibility of excluding other allies. But since Trump signalled that exemptions were possible, reaction has been measured, and counter threats have been carefully calibrated so far. It "could really result in retaliatory actions by our trade partners and it just injects uncertainty to an economy that was doing quite well".
"The reality is that Trump's trade measures to date amount to small potatoes".
Freeland notes the written presidential proclamation putting them in place does not.
Tokyo and Brussels rejected any suggestion that their exports to the United States threatened the country's national security - Trump's justification for imposing the tariffs despite warnings at home and overseas that they could provoke a global trade war.
So then they say, 'We want those tariffs taken off'.
Japan, the United States' top economic and military ally in Asia, was next in line.
Prime Minister Justin Trudeau is heading to Canadian steel country this week on a three-day tour created to shore up the industry.
It remains unclear how hard it would be for the European Union to win an exemption. "No immediate clarity on the exact U.S. procedure for exemption however", Malmstrom tweeted after a trilateral meeting with U.S. Trade Representative Robert Lighthizer and Japanese Minister for Economy, Trade and Industry Hiroshige Seko in Brussels.
German Chancellor Angela Merkel urged dialogue and warned that "no one can win in such a race to the bottom". Domestic producers will be the biggest beneficiaries.
The target of Trump's ire is China, whose capacity expansions have helped add to global surpluses of steel. Included in this group would be vehicle manufacturers, equipment makers, construction firms, tool and dye makers, manufacturers of air conditioners, industries that use aluminum for packaging, like beer companies and canned food makers.
Beijing vowed to "firmly defend its legitimate rights and interests".
But, after meetings with United States trade envoy Robert Lighthizer in Brussels today, trade officials said there had been no progress and negotiations would need to continue.
The United States bought just 1.1 per cent of China's steel exports previous year compared with 12 per cent for South Korea and five per cent for Japan, according to the US International Trade Commission. Trump has championed coal exports as demand from power firms at home weakens.
"As a close security and trade partner of the United States, the European Union must be excluded from the announced measures".
Mnuchin told CNBC that he has been speaking with his foreign counterparts and "my expectation is there may be some other countries that [Trump] considers in the next two weeks" for exemptions.
The EU is also maintaining a threat of counter-measures that would target USA imports ranging from maize to motorcycles, and may publish its list next week to allow industry and other interested parties to give their input.
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The big-bodied defensive tackle should immediately step in and contribute to a run defense that struggled at times last season. On Friday, Dorsey acquired quarterback Tyrod Taylor , wide receiver Jarvis Landry and cornerback Damarious Randall .
Energy also weighed on the commodity-heavy TSX, as oil prices saw sharp losses for a second day in a row after the U.S. Closer to home, his hot rhetoric about trade with Mexico and Canada is propelling our neighbors to start pulling away.
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