Home » Money

Trump, Macron Discussed Need to Rebalance Trade With Europe - White House

04 June, 2018, 03:34 | Author: Melinda Barton
  • May attacks Trump's 'unjustified' move to slap tariffs on EU imports

Nations around the world yesterday fought back against US President Donald Trump's decision to slap tariffs on steel and aluminum imports, announcing retaliatory countermeasures and saying that the plan would hurt US consumers.

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 .

Last month and earlier Thursday, Ottawa also unveiled measures to stop transshipments of steel and aluminum into the North American market, hoping to satisfy USA concerns and avert a trade war.

May said the USA should immediately rethink its decision, in what seems to be her first comment since the imposition of the tariff 24 hours ago.

"This is (going to have) significant consequences", Qualtrough said on the sidelines of the trade show after a breakfast address in which she provided an update on several major military procurement projects.

"This is protectionism, pure and simple", Juncker said.

The tariffs of 25 percent on steel and 10 percent on aluminum, which affect the EU, Canada and Mexico, came into effect on Friday. Markets shiver The move sent a chill through financial markets.

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.

"I think it really just boils down to this very mercantilist viewpoint that the USA administration has that imports are bad, exports are good", he said.

"We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved", US Commerce Secretary Wilbur Ross said.

"They report a really high surplus on trade with us".

And Mexico said it would impose retaliatory duties on a variety of United States goods, including steel and a host of agricultural goods such as pork, apples and cheese.

A previously published list of American products that could face European Union tariffs includes items with symbolic meaning, such as Kentucky bourbon, motorcycles and blue jeans.

China has imposed tariffs on about $3 billion of American goods in retaliation for steel and aluminum duties that Trump enacted in March. -European animosity over the Iraq war in 2003 escalated to the point that some conservative USA lawmakers wanted French fries renamed in the House of Representatives cafeteria.


The US Commerce Department and US Trade Representative's Office did not immediately respond to requests for comment. Tariffs will remain on imports from Japan.

"Economic nationalism leads to war,"Macron said".

Washington had granted Canada and Mexico an exemption on the metal tariffs to give the parties time to successfully negotiate a new free trade deal.

"Canada considers it frankly absurd that we would in any way be considered to be a national security threat to the United States", Canadian Foreign Minister Chrystia Freeland said before the tariffs were announced.

Mexico complained that the tariffs will "distort global trade" and said it will penalize US imports including pork, apples, grapes, cheeses and flat steel. "The US economy will suffer as much as any other economy".

Wang told reporters that China´s position is "not only trying to uphold China's own interest but also worldwide rules and the global free trade system". "We are ready to rebuild this multilateralism with our American friends", he said.

Donald Trump said the 25% tariff on steel and 10% tariff on aluminium was in the US's national interest, but European Union leaders have described the move as "protectionism" and "illegal".

The impact of the tariffs will likely be "small", only affecting 0.8 per cent of annual Canadian output, TD senior economists said in a note.

Malmstrom said the Trump measures "will cause a lot of damage to our steel and aluminum industry". Orrin Hatch, R-Utah.

President Trump is weighing new protections for domestic automakers, saying American auto workers have "waited long enough". "They're critical for national security". "At the same time, most of his product is made out of aluminum, and there is great uncertainty as to what the tariffs do to actually the price of his core product".

But as part of the efforts to address outstanding trade disputes, Europe will present a complaint before the World Trade Organisation against China's intellectual property practices, it confirmed on Friday.

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

But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment".

But, she added, "they also contribute to United States industry including in defence projects which bolster U.S. national security". Ross will also meet the German and French economy ministers.

Recommended:



Popular

China warns United States against imposing trade sanctions as talks end
China has promised to "significantly increase" purchases of farm goods, energy and other products and services. It says the two sides have made concrete progress on many areas but the details are left for final approval.

Neymar scores for Brazil on return from injury against Croatia
Croatia's biggest chance came in the first half from a corner as Dejan Lovren's header spun just wide of the left post. Brazil will face Croatia on Sunday and play one more friendly against Austria before the start of the World Cup.

Federation Internationale de Football Association 18 World Cup mode set to be released today
The 2018 FIFA World Cup kicks off in less than a month with the opening match in the Russian capital of Moscow. The patch will be ready to download when you log in today at around 6pm BST when you launch the game.

Serena Williams beat Ashleigh Barty in French Open
In the victory, Pliskova won 74 percent of her first serve points and 37 percent of her second serve points. But the 36-year-old's serve remains a formidable weapon, helping her take the first set after a tie-break.

Cavs' Tristan Thompson avoids suspension, gets $25K fine
While Thompson walked in the vicinity of Draymond Green , the Warriors' brash forward began clapping and taunting Thompson. I knew he was late on the drive, and I knew I had my man beat and he came over a little late.

President Assad: Syria Won the War
The comments followed Syrian President Bashar Assad's insistence that the U.S. should leave the Arab Republic. Israel wants Iran-backed forces removed from areas near its border and from Syria in general.

Embattled Missouri Gov. Eric Greitens resigns amid scandals
Less than two weeks ago, the legislature began meeting in special sessions to consider impeachment proceedings against him. Greitens, but sometimes pursuing charges is not the right thing to do for our city or our state", Gardner said.

Philippines say it protested China 'harassment' of navy boat
Mattis was heading to Hawaii to attend a change-of-command ceremony for the US military's Pacific Command. Harris has been nominated to become the next USA ambassador to South Korea.

Trump accuses Mueller's team of meddling in midterm elections
Coons said Gowdy "is stepping forward and putting to rest the baseless allegations by President Trump". It is notable that Trump cited Gowdy's views of the dispute.

Afghanistan rocked by deadly attacks after USA airstrike kills Taliban leaders
He said the attackers set off a suicide vehicle bomb at the entrance to the station before three suicide bombers tried to enter. Both the ISIS affiliate and the Taliban have launched several attacks in Kabul in recent months, killing hundreds of people.