Trump Trade War - Canada and Mexico exempted till NAFTA talks

Trump Trade War - Canada and Mexico exempted till NAFTA talks

It recognized the complex, integrated economies of all three trade partners in the North American Free Trade Agreement (NAFTA), and the damage a 25% import tariff on steel and 10% tariff on aluminum imports into the USA would cause all three nations.

"We're going to stay focus on negotiating NAFTA, on improving NAFTA, on making sure that everyone gets included in trade deals", adds Trudeau. "Tit-for-tat retaliatory measures don't profit any country".

She said the tariffs were an affront to close partners of the United States such as the European Union and Germany.

He's urging his colleagues to pass the bill before the administration inflicts "more damage on the economy". It's likely countries impacted by the tariffs will go to the group to challenge them.

President Trump has made no secret of his dislike of the NAFTA trade agreement.

In Sydney, Prime Minister Malcolm Turnbull cited Washington's strong relationship with Australia, adding: "There is no case for imposing tariffs on Australian steel".

The EU was clear on Friday that it views tariffs and defense as separate. Perhaps there's no success like failure for Trump, but the costs will be heavy for USA exporters and workers.

Mr Trump said if his goals could be accomplished "by other means" the United States will remain "open to modifying or removing the tariffs for individual nations as long as we can agree on a way to ensure that their products no longer threaten our security".

Historically, tariffs tend to be targeted - on specific types of imports, against certain nations and for a limited number of years.

Trump has championed coal exports as demand from power firms at home weakens.

President Trump is playing with fire.

Canada exported a combined $15 billion of the two metals to the US last year, so a tariff would bite deep and likely prompt some sort of retaliatory tariff on USA goods imported into Canada.

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Concessions could be required to protect the $7 billion in steel and aluminum exports the European Union sends each year to the United States. Under the President's proposal, if a manufacturer imports $1 million of steel, they now have to pay an additional $250,000 to the federal government. "It's really an assault on our country".

The U.S. tariffs on imported steel and aluminum announced Thursday would benefit Canada temporarily but nearly surely draw retaliatory measures from producers everywhere else, Canadian trade experts have said.

Trump appears resolute in implementing the tariffs but has given himself flexibility in drafting the final order. Other countries can apply for exemptions, according to the administration, although details of when they would be granted were thin.

Speaking in a briefing, a senior administration official says there's no end date set on the exclusions.

The people were not authorized to discuss details in advance and spoke on condition of anonymity.

Members of both parties warned of a trade war as a result of his action, which includes exemptions for Canada and Mexico.

The announcement comes amid a last-minute lobbying effort to blunt the impact of tariffs.

"We want Congress to understand that this would be a lose-lose situation", Moscovici told BFM TV. And none of those disputes were about tariffs as significant as Trump's.

"We are friends, we are allies, we work together", EU Trade Commissioner Cecilia Malmström said. The tariffs take effect in two weeks.

Trump has justified the import tariffs in the name of national security, but he said on Thursday that additional countries could be made exempt, and he left the door open to negotiations.

Donald Trump is president of the world's most powerful nation, but he's also a businessman. Can they stand up to Trump or will they fold like a house of cards?

Talk of tariffs has raised the prospect of a global trade war and hit stock markets hard. The Associated Press reports that Republican leaders of the House Ways and Means Committee have circulated a letter opposing the proposed tariffs. The White House has not yet clarified the tweet.

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