Trump Weighs Tariffs On Imported Cars

04 June, 2018, 02:54 | Author: Chad Mckenzie
  • French President Emmanuel Macron and US President Donald Trump shakes hand during a presse conference in the East Room at White House Washington DC

"A year ago when I talked with the president about the possibility of 232 tariffs on steel and aluminum, he agreed that it would be insulting to consider Canada as part of the national security concerns", Mr. Trudeau said.

"We're putting the same kinds of tariffs exactly on steel and aluminum coming from the United States into Canada to be directly reciprocal", Trudeau said.

Trudeau didn't specify what that might mean in the wake of US measures aimed at Canada, Mexico and the European Union that slap import duties of 25 per cent on steel and 10 per cent on aluminum. This in regards to Washington's decision to impose a 25-percent tariff on steel imports and 10-percent tariff on aluminum imports from the EU, Canada and Mexico.

Trump imposed the steel and aluminum penalties under a 1962 law that gives the president broad power to increase or reduce tariffs on goods deemed critical to national security.

Canada had earlier announced retaliatory tariffs on a range of USA imports, including maple syrup and ballpoint pens.

Prime Minister Justin Trudeau says it is "insulting" that U.S. President Donald Trump says Canada's steel industry poses a national security risk to the United States.

EU in flux as US alliance creaks, populists rise in Italy
Earlier it fell to $1.1510, its lowest level since last July before recovering to trade 0.5 percent down on the day at $1.1565. Demand at the ECB's weekly auction, where banks can borrow at zero percent, has also dwindled to next to nothing.

The United States had sought to use the tariff threat as a cudgel to win concessions from Canada and Mexico in talks to renegotiate NAFTA, offering the two US neighbors a permanent exemption if they agreed to USA demands.

Such a strong criticism of a single member of the G7 by consensus of all the other members is rare, especially when that rebuke is directed toward the United States.

"These tariffs may go on for a while or they may not.But to say that this is an attack on Canada is not right", Kudlow said.

Trump has made no secret of his overriding concern about USA trade imbalances, viewing them as a sign of American weakness around the globe.

"When you're nearly 800 billion dollars a year down on Trade, you can't lose a Trade War", he tweeted Saturday.

French President Emmanuel Macron, who has publicly embraced Trump several times in public, told reporters Thursday that Trump's decision to impose tariffs "is not only unlawful but it is a mistake in many respects".

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"If you consider that US oil and gas companies spent $8 billion to $9 billion on pipe last year alone, this would increase material cost by more than $2 billion dollars per year if they sourced all of that material from outside of the United States", Ed Longanecker, president of the Texas Independent Producers & Royalty Association, told S&P Global Platts.

"I don't think our tariffs are anything to do with our friendship and our longstanding alliance with Canada", Kudlow said.

German Finance Minister Olaf Scholz said G7 countries also told Mnuchin about their opposition to new USA sanctions on Iran, which will affect European companies.

The European Union and Canada both filed challenges with the World Trade Organization.

Bruno Le Maire, France's economy and finance minister, said a G7 trade war should be avoided. The said tariffs came into force on Thursday midnight. The official said a range of issues remain to be resolved but the USA looks forward to continuing the negotiations with Canada.

And in a testament to how ill-conceived the USA strategy is, even the United Steelworkers union opposes the move.

EU, Mexico respond to USA tariffs on steel and aluminum
The EU has already said it will respond by imposing tariffs on USA products such as motorcycles and jeans. European officials argue that tit-for-tat tariffs will hurt growth on both sides of the Atlantic.

"We need to demonstrate that as a sovereign nation we're in charge of our affairs and we can't accept that someone damages our economy for reasons that make no sense", said Morneau, who insisted he doesn't know the American motivation behind the tariffs.

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