European Union sets July timeframe for USA tariff reprisals

07 June, 2018, 06:27 | Author: Brooke Harris
  • Trump wants separate trade deals with Canada, Mexico, says adviser Kudlow

The National Economic Council Director said Trump is "the strongest trade reformer of the past 20 years", and is striving not only to protect American interests but to open up avenues of growth for American business and workers.

Kudlow also touted the overall economic strength. In February, talking about "countries that take advantage of the United States", he said, "Some of them are our so-called allies, but they're not allies on trade".

President Trump and Vice President Pence attend the bill signing of the "Right to Try Act" in the Eisenhower Executive Office Building on the White House complex on May 30, 2018.

That move unleashed fury in the Group of Seven (G7) industrialized nations and prompted quick retaliation from Canada and Mexico and a promise from the European Union to do so as well, unnerving investors who fear a trade war that could derail the global economy.

Macron - who had formed an unlikely bond with Trump - declined to characterize his last conversation with the USA leader, but unnamed White House insiders told United States media it was "terrible".

Bills to revamp CFIUS are being pushed through both chambers of Congress.

"We believe that the meat [price] will go up 15, 16% and I think that it could have an impact on consumption, reduce consumption, and that's what worries me the most", said Víctor Manuel Ochoa, CEO of Mexico's largest pork producer, Granjas Carroll. Ottawa refuses to grant USA demands for a clause that would end the trade deal after five years unless it is renewed by the parties.

Kudlow added that China has yet to cooperate and has failed to provide solutions, creating an imbalance of trading conditions. The United States, Mexico and Canada agreed to NAFTA in the 1990s, and all three countries have worked to renegotiate the deal since Trump became president.

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Trudeau has publicly denounced the "national security" justification for the new tariffs.

"The government commitment remains NAFTA", said one of several officials, all of whom spoke on condition of anonymity because of the sensitivity of negotiations and the ongoing efforts to manage relations with the U.S.

In particular, China has shown willingness to step up purchases of USA goods including crude oil, coal and farm products, according to the people briefed on the talks.

Mr Mnuchin's support of legislation restricting Chinese investments that imperil the US's national security is among his highest priorities, a Treasury spokesman said Tuesday.

Interested in Trump Administration?

But much of that represents products the Asian nation has already promised to buy and in some cases the Chinese have not been willing to back their pledges with written contracts, they said. Mexico sells about 80% of its exports to the US.

Xi's government is open to entering into legal contracts to obtain about an additional US$25 billion in goods from the U.S. this year, according to the people.

The report follows remarks that State Department spokeswoman Heather Nauert made Tuesday while endorsing the "strong relationship" the US has with Germany. Last year, he set off a furor in South Korea by declaring that the country needed to cover the $1-billion cost of a missile defence system the USA was installing in the country.

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