Saturday, 20 July, 2019

Trump says Wilbur Ross, EU to discuss tariffs, trade barriers

Trump says Wilbur Ross, EU to discuss tariffs, trade barriers Trump says Wilbur Ross, EU to discuss tariffs, trade barriers
Deanna Wagner | 13 March, 2018, 06:59

An import tariff of 25 per cent on steel and 10 per cent on aluminium has been justified by Trump - the U.S. can not have free trade if some countries exploit the system at the expense of others, he says, and that the United States supports free trade but it has to be fair and reciprocal.

"There are no winners in a trade war", Mr Zhong said. The US trade action could force Indian steel exporters to either scout for new markets or possibly counter flooding of products into the local market by other major steel exporters including from Europe. We believe that protectionism is a dead end, " French Economy Minister Bruno Le Maire told reporters. Canada is the No. 1 supplier of both metals to the U.S. It represents about 41 percent of aluminum imports and 16 percent of steel imports.

In October 2017, Mexico extended, for the fourth time, a 15% tariff imposed on imports of slab, hot-rolled coil, heavy plate, cold-rolled coil and wire rod to protect the domestic steel sector.

Fox said that there were two exemptions to the United States tariffs, one which applies to countries with a strong national security relationship with the U.S., and a second which will evaluate the impact of the tariffs on individual products if there are no USA domestic alternatives and there are national security considerations.

United Kingdom 'very disappointed' by Trump tariff plan, official says
In a tweet Wednesday, the president said the "US is acting swiftly on Intellectual Property theft". The White House schedule released late Wednesday didn't list a tariff announcement for Thursday.

Amid uncertainty over who might be exempted, German Finance Minister Peter Altmaier appealed to reason, saying it is the "responsibility of everybody to keep global trade as fair and open as possible".

Trade Secretary Liam Fox said that while Britain remains in the EU it will abide by the club's rules, which state that the European Commission conducts trade negotiations on behalf of its members. US Trade Rep. Robert Lighthizer met Saturday with European Trade Commissioner Cecilia Malmstroem to discuss the tariffs and the exemption procedures. She said: "The best option would be [for the EU] to be excluded".

President Donald Trump required Canada and Mexico to take steps to stop trans-shipments of foreign steel via their ports as one of the conditions for exempting them from the 25 per cent duty on steel and 10 per cent duty on aluminum that will apply to imports from every other country. It was not clear when or where the meeting would take place.

In this case, one can't help but wonder whether the tariff announcement was timed to affect Tuesday's special election in Pennsylvania's 18th Congressional District, traditionally conservative steel country where Trump-backed Republican Rick Saccone has seen his lead in the polls dwindle against Democratic candidate Conor Lamb, who meekly endorsed Trump's tariffs as soon as they were announced.