Trade war: What you may have missed over the weekend

04 June, 2018, 19:18 | Author: Carlos George
  • There goes the neighborhood Canada & Mexico vow to strike back at US in trade war

On Thursday, Trump announced he would remove exemptions and impose 25 percent tariffs on steel and 10 percent tariffs on aluminum imports from Canada, as well as the European Union and Mexico. "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 Foreign Minister Chrystia Freeland said in a statement that the tariffs were "imposed under a false pretext of safeguarding U.S. national security".

Canadian Prime Minister Justin Trudeau called President Trump's new tariffs "insulting" in a "Meet the Press" interview Sunday. The G7 leaders have also exchanged tough words over the issue, with Trudeau saying Sunday that calling Canada a national security threat to the United States is "quite frankly insulting".

"A trade war is when there is an escalation of conflict".

In the reports from the U.S. Department of Commerce on the steel and aluminum national security investigations, the American concerns have little to do with fears that Canada or Canadian steel directly pose a threat.

Next week's summit will be Mr Trump's first visit to Canada as president.

Trump says the U-S has to export more goods than it imports. They're furious. Jim Graham from Cornwall, Ontario says he wants Canada's prime minister to keep punching back. The estimate doesn't take into account the retaliatory tariffs that other countries will impose on the United States, either.

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In reality, Trump's tariff decision and efforts to undermine the WTO plays straight into China's hands, making it seem like less of a trade offender, undermining joint transatlantic action, and reducing US pressure on Beijing.

The meeting of top economic policymakers was seen as a prelude to the trade disputes that will dominate the two-day G7 summit that begins on Friday in Quebec.

"Our objective is to make sure we have fair and balanced trade", Mnuchin said in the Canadian ski resort town. Meanwhile, President Macron recently attended the St. Petersburg International Economic Forum-a meeting typically shunned by Western leaders since the beginning of the 2014 Ukraine crisis-where he discussed closer trade relations with President Putin.

Morneau, however, insists NAFTA and the tariffs are separate issues, because the USA applied the duties under the guise that Canada is a security risk.

"In both cases the electorate voted to "blow it up" even if they didn't feel confident they knew what "it" was and whether the desired new state would surely be better or whether the relevant politicians could actually deliver on promises made", said Martin.

The July 1 deadline for Canadian tariffs to take effect provides a window for Canada and the U.S.to still broker a deal, perhaps in the framework of a NAFTA agreement. Moreover, many argue the US tariffs are illegal under WTO and NAFTA.

Officials at the G7 meeting said the tariffs made it more hard for the group to work together to confront China's trade practises, especially when Beijing, like most G7 members, supports the current World Trade Organisation-based trade rules and the United States is seeking to go around them.

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