European Union trade official: USA 'closed the door' on tariff talks

06 June, 2018, 08:02 | Author: Mary Valdez
  • Cecilia Malmstrom the European Union’s Trade Commissioner

With the start date looming for US tariffs on Chinese goods, the latest round of U.S.

Days after the president moved forward with imposing steel and aluminum tariffs on the European Union, Canada and Mexico, three political groups affiliated with the billionaire Koch brothers are launching a multi-year, multi-million dollar campaign to tout free trade and oppose tariffs, ABC News has learned.

Trump's top economic adviser, Larry Kudlow, went on "Fox & Friends" on Tuesday to convey the president's preference for dealing separately with Canada and Mexico. Some 84 per cent of its steel exports, worth $9.0 billion, were sent south previous year, according to Statistics Canada.

China has complained that it should not have to negotiate measures to reduce its $375 billion goods trade surplus with America under the threat of tariffs on up to $150 billion of its exports to the U.S as part of a separate dispute over intellectual property (IP) protections.

Mexico's trade negotiators designed the list, in part, to include products exported by top Republican leaders' states, including in where Vice President Mike Pence was formerly governor, according to a trade source familiar with the matter.

Other major pork processing companies that could feel the pinch of lower prices if Mexican tariffs lead to a glut in the United States include Tyson Foods Inc (TSN.N), Smithfield Foods Inc [SFII.UL] and JBS USA Holdings JBS.N.

The spectre of a trade war between the USA and its allies will no doubt hang over this week's G7 leaders summit in Quebec, when Trump makes his first official visit to Canada as president.

Iowa, where one incumbent Republican representative, Rod Blum, is seen as vulnerable, is an example of a place where Trump's party could be hurt.

"Mexico has the right to take measures with equivalent commercial effects", the economy ministry said in a statement explaining the tariffs.

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Free trade, like immigration, is an issue that has come at the expense of American workers. Chicago Mercantile Exchange hog futures 0#LH: deferred trading months at one point fell more than 2 percent following the Mexico pork tariff news.

"It certainly casts a negative pall over the market", said CME livestock futures trader Dan Norcini.

The brothers also strongly support legislation that seeks to protect "Dreamers" - people brought illegally to the United States as children - from deportation.

The tariff increases are created to hit areas that are politically favourable to Trump, such as pork production, Mexican experts said.

The world remained on the brink of a trade war today after China warned the United States against imposing new tariffs as talks between top officials did not end yield progress, while major U.S. allies bristled at being hit by protectionist measures. By the time I finish trade talks, that will change, ' Trump promised in a tweet Monday morning. It did not provide details of tariff levels or a full list of products at the time. The two will meet in Ottawa before the G7 summit later this week to come up with a game plan in light of the recent US metals crackdown. (The United States posted a almost $3 billion trade surplus with Canada in 2017).

May will not push for a United Kingdom exemption to the new U.S. border tariffs of 25% on EU imports of rolled steel and 10% on aluminium as the United Kingdom will join the bloc's push for European exemption.

Dominique Anglade, economy minister of the Canadian province of Quebec, which generated C$8 billion in aluminium exports a year ago, said there would be an industry meeting on June 11 to discuss the tariffs. Canada has also strongly objected to the metals tariffs.

"Despite the strong incentives to avoid a trade war with the [United States], China can not tolerate the perception that it has yielded to U.S. demands", analysts at investment bank Nomura said in a research note Monday.

"We will work aggressively to educate policymakers and others about the facts", James Davis, executive vice president of Freedom partners said.

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