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Trump ratchets up pressure on Canada, Mexico over trade

06 March, 2018, 02:08 | Author: Sylvester Abbott
  • US says time running short for NAFTA talks, floats bilateral deals

Ms Malmström told the BBC: "We are looking at possibilities to retaliate, meaning we will also put taxes or tariffs on USA imports to the European Union".

Mr Trump is being told by many sources, including British Prime Minister Theresa May, who telephoned him at the weekend, that the tariffs would hurt America's allies such as the United Kingdom, South Korea and Canada.

French economy minister Bruno Le Maire meanwhile said there would "only be losers" in a trade war between the USA and the EU.

Ministers from the United States, Canada and Mexico meet on Monday to wrap up the latest round of NAFTA talks under the shadow of U.S. President Donald Trump's proposed steep tariffs on steel and aluminum imports.

"Very often people implementing these tariffs, these protectionist measures, never think beyond the immediate benefit politically that they get, but over the long term, it tends to have a dramatic negative impact on the global economy".

"Our Steel and Aluminium industries are dead".

"The fundamental issue here is if you apply tariffs to manufacturing inputs, all you do is make manufacturing costs higher", he said. Both Canada and Mexico send more than 75 per cent of their goods exports to the United States.

"Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers", Canadian Foreign Minister Chrystia Freeland said in a statement.

However, Navarro indicated he had not seen Trump's tweets on Canada and Mexico being exempted if a NAFTA deal was achieved.

The newspaper said the George W. Bush administration in 2002 imposed high tariffs, hoping to protect US steel firms, which prompted fierce protests from the European Union.

The Canadian government needs to decide on a proactive response to U.S. President Donald Trump's new tariffs on steel and aluminum, according to politicians and industry experts.

Trump is on the verge of starting a trade war - and China isn't taking it lying down.

Amid these events, Trump announced Thursday that he would impose new tariffs - taxes on imports - of 25% on steel and 10% on aluminum.

That has included the threat that Washington will withdraw from the North American Free Trade Agreement if it is not satisfactorily renegotiated, and his unexpected, market-rattling announcement of plans for hefty tariffs on steel and aluminum imports. Our steel industry is in bad shape. "May's office says she noted that multilateral action was the only way to resolve the problem of global overcapacity". Countries are allowed recourse to that means under the General Agreement on Tariffs and Trade in times of war and other emergencies. "Vehicle shoppers looking for a deal will instead find that they are paying a new tax to transport themselves and their families". Mexico, China and Brazil have also said they are considering retaliatory steps.

"It's troubling to see an American administration revert to some of the failed policies of the past that not just discourages growth, but punishes [it]", Scheer said.

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