Friday, 26 April, 2019

U.S. Allies Rebuke Trump Administration's Trade Actions At G7 Meeting

Justin Trudeau Just Slammed “Insulting and Unacceptable” Trump Trade Behavior G7 countries criticize US over steel tariffs
Deanna Wagner | 04 June, 2018, 21:29

Their statement came as Mr Trump's economic adviser admitted that placing duties of 25 per cent on steel and 10 per cent on aluminium from Canada, Mexico and the European Union could jeopardise the United States economy.

Calling Trump a "trade reformer", Kudlow said the president has been committed to protecting us workers and jobs from a trade system that "is not working" ever since "day one" of his administration.

"The American administration has made a decision today that we deplore, and obviously is going to lead to retaliatory measures, as it must", Canadian Prime Minister Justin Trudeau said in a statement, announcing retaliatory tariffs on USA steel, aluminum, as well as an array of other products. "The idea that the Canadian steel that's in military vehicles in the United States, the Canadian aluminum that makes your fighter jets, is somehow now a threat?"

Canadian Prime Minister Justin Trudeau has called the tariffs "totally unacceptable", but Mr. Navarro said USA trade partners need to examine their own "unfair trade practices".

Trump used national security concerns to justify imposing tariffs, which Morneau has called "absurd". "There's some early signs that that may be possible", Kudlow said.

The call came shortly before International Trade Secretary Liam Fox addressed MPs in the House of Commons on the tariffs, which he described at the weekend as "wrong and illegal".

"If the USA rolls out trade measures including tariffs, all the agreements reached in the negotiations won't take effect", state-run Xinhua News Agency reported Sunday, citing a statement from the Chinese team that met with a US delegation led by Commerce Secretary Wilbur Ross.

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"I don't think we're satisfied yet that they will protect or uphold all the shipments of steel coming into Canada from around the world. this transshipping effort is something that has been troubling to us", Kudlow said. And she says the US trade deficit has nothing to do with bad trade deals or unfair tariffs.

The stalemate comes after Mr Trump said he would move to implement $50billion (£38billion) tariffs on Chinese industrial exports "shortly" after June 15. The unfolding trade spat now risks unleashing a transatlantic trade war that would further add to the already frosty relations between Washington and European capitals.

"Let's not kid ourselves that we're not going to hurt", says Leblond. The World Trade Organization, which sets these rules, has been totally ineffectual.

About halfway through the above clip, after Kudlow praises Trump's trade policy extensively, Wallace shows a clip from March when Kudlow was an analyst for CNBC.

"There are better ways to help American workers and consumers".

No new agreements were announced, and China warned that it would ditch a previous pledge to buy more American goods if the Trump administration goes ahead with its plan to impose tariffs on $50 billion of Chinese exports later this month. "And that's really the problem for the United States is that it's not clear that these steel or aluminium tariffs fall under any of these boxes". The U.S. trade deficit with China was $375 billion in 2017, the largest in the world. "But we are not in a trade war", he said Sunday on CNN's "State of the Union".

On Saturday and Sunday, Trump continued to sound off on the issue via Twitter.