United States tariffs make China trade issues more hard to resolve, European Union says

04 June, 2018, 03:32 | Author: Barbara Daniel
  • If there is an escalation of trade tensions it will be because of the EU’s decision to retaliate’ says Wilbur Ross

The EU took the USA to the World Trade Organisation to challenge the legality of the new tariffs and the Trump administration's national security justification.

Trudeau said he spoke with US President Donald Trump last week and offered to fly to Washington and sit down with him to hammer out the "final details of NAFTA because there were broad lines of a decent win-win-win deal on the table".

The EU announced on Friday that it is challenging the U.S. and China in the World Trade Organization (WTO).

Public companies may feel pressure from shareholders who would expect them to fight the US government in court and get an injunction, he said in an interview.

She warned that the decision would effect USA defence projects. "Steel and aluminum and the NAFTA tariffs are more unique to the Trump administration".

The EU plans to tax things like whiskey and Harley motorcycles as it strikes back at the US.

Bruno Le Maire, France's minister of the economy and finance, said the USA tariffs are "unjustified, unjustifiable and unsafe".

After the measures were announced on Thursday, the UK's global trade secretary Liam Fox also dismissed Mr Trump's claim that the tariffs were for security reasons .

"This is a risk that we've highlighted in our monetary policy report in the past, the risk of protectionism and the fear of the tit-for-tat responses", he said. In the case of aluminum and steel, Trump is invoking a seldom-used clause of a 1962 law that gives him the authority to curb imports if they undermine national security.

Likewise, the Trump trade team sought to use the tariff threat to pressure Europe into reducing barriers to USA products.

US Secretary of Commerce Wilbur Ross said there was "no longer a very precise date when they may be concluded", and that as a result, Canada and Mexico were hit with tariffs. "The US economy will suffer as much as any other economy".

The trade actions have opened the U.S.to criticism that it's burning bridges at a time when Trump is seeking to rid North Korea of nuclear weapons and help stabilize the Middle East.

"We have a huge problem with the American government, with the White House", Moisi said.

The Wolfsburg-based company is calling for dialogue between the USA and the European Union within recognized World Trade Organization principles "in order to prevent any long-term economic damage". Noting her discussions with US officials, she said.

Such facts, he said, show how Trump's view of trade is overly simplistic.

"Canada is a secure supplier of aluminum and steel to the US defense industry, putting aluminum in American planes and steel in American tanks", Trudeau said.

"Over the long run, these tariffs will drive aluminum prices higher globally, increasing the cost of beer production for all brewers".

Macron told Trump in a telephone call that the tariffs were "illegal", and Merkel said the measure "risks touching off spirals of escalation that in the end hurt everyone".

Brussels and Ottawa on Friday filed legal challenges at the World Trade Organization against Washington's decision.

In a clear reference to Trump, Macron added: "These solutions might bring symbolic satisfaction in the short term".

"Our steel and aluminium industries are hugely important to the United Kingdom, but they also contribute to USA industry including in defence projects which bolster U.S. national security." she said.

At the Group of Seven ministerial meeting in Canada, US Treasury Secretary Steven Mnuchin faced stern reactions from his counterparts, who accused Trump of jeopardizing the world economy with steps that would prove job killers for all concerned.

Ross criticized the European Union for its tough negotiating position.

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