Trade war? Trump blasts Canada on Twitter

01 June, 2018, 18:29 | Author: Brooke Harris
  • The European Commission has said the EU should be permanently exempted from the tariffs

The U.S. steel and aluminum action has set off a big enough reaction as is, forcing Canada to threaten its own dollar-for-dollar tariffs against U.S. goods that include steel, aluminum and maple syrup. "What they can do, we're able to do exactly the same".

The proposals are so complex that many observers have speculated that it would be easier to simply pay the existing 2.5 per cent vehicle import tariff than to try to comply with potential new USA rules in order to get duty-free NAFTA treatment. It believes the new tariffs are in clear breach of WTO rules and rejects United States claims that they are necessary on national security grounds.

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. "This is protectionism, pure and simple".

The EU trade commissioner, Cecilia Malmstrom, said Thursday the EU "did everything to avoid this outcome", as the bloc announced it would bring the case to the World Trade Organization (WTO) on Friday.

The measures, which target pork legs, apples, grapes and cheese as well as steel and other products, will be in place until the U.S. government eliminates its tariffs, Mexico's Economy Ministry said.

Branding the move by United States president Donald Trump as "just protectionism", he said: 'We absolutely do not rule out counter measures. U.S. House Speaker Paul Ryan said the deadline to receive a notice of intent to sign a deal was May 17, and then said there may be a couple of weeks of wiggle room, placing the deadline around now.

But let's suppose that, after a lengthy investigation, the U.S. Commerce Department determines that the import of all those Mercedes, BMWs, Hyundais, Toyotas, Mazdas and Subarus from overseas - and of course the Chevys, Fords and Chryslers from Canada and Mexico -actually undermined U.S. national security. "Sooner or later prices will reflect those increased costs of steel and aluminum".

Throughout his presidential campaign, Trump accused China of dumping steel on the U.S. market - and said previous presidents had made a series of "bad deals" to promote free trade.

It's a bad day for world trade. These could come into force from June 20, although European Union officials said it might take a little longer.

Pret A Manger Stores Sold
Pret's serves sandwiches, salads and wraps that are prepared daily in the company's shop kitchens. In 2017, the company said it gave away 3.4 million food items.

The EU also vowed to retaliate against a list of USA goods worth over $3 billion, including bourbon, orange juice, motorcycles and blue jeans.

If Canada and Mexico choose to take retaliatory measures, it will not affect the ability to keep renegotiating NAFTA as a separate track, he added. "Do Timber & Lumber in US?"

Canadian and Mexican officials also threatened retaliatory responses but have as yet not indicated which USA products they will target.

Canadian Steel Producers Association President Joseph Galimberti said his organisation was consulting with members and studying the products covered.

The US announcement of tariffs on steel and aluminium immediately triggered vows of retaliation from Mexico and the European Union, which called the tariffs "protectionism, pure and simple".

But the EU's Malmstrom said there would be no such wider trade talks as long as the USA measures were in place.

"The President has said he believes he could win a trade war".

Mr. Trump, in his proclamation announcing the new tariffs, said he did it to protect national security.

In Frankfurt, shares in Deutsche Bank fell sharply, losing seven percent at the close, after the U.S. Federal Deposit Insurance Commission classified the German lender among its "problem banks" according to a person familiar with the matter.

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