Trump, Macron Discussed Need to Rebalance Trade With Europe - White House
04 June, 2018, 03:34 | Author: Melinda Barton
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.
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Trump last week he would go down to Washington with Freeland and personally sit down with the president to work out details. However, later he granted an exemption to the European Union and other USA allies; that reprieve expires Friday.
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