United States metals tariffs won't 'break' Canada's economy: Economist

01 June, 2018, 20:31 | Author: Angel Logan
  • President Donald Trump during a bill signing ceremony at the South Court Auditorium of the Eisenhower Executive Building in Washington

The goods affected are steel, aluminum and several other products, ranging from foodstuffs and coffee to cosmetics and stationery to detergents and various other chemicals.

After failing to win concessions from the European Union, tariffs are likely to be imposed on European steel and aluminium imports by the Donald Trump administration, reported Reuters.

Canada must open its markets and remove trade barriers against the US agricultural industry, US President Donald Trump said in a statement on Friday.

Boeing was the biggest drag on the Dow Jones Industrial Average, which was down 0.95 per cent. "We tried to do it through negotiation and we will do it by standing together and formulating a common European answer, possibly working more closely with Mexico and Canada", Peter Altmaier said. "They don't quite understand this is going to harm Americans" as well, he said.

In retaliation to the United States' tariff announcement, Canada has threatened to impose tariffs of up to $16.6 billion on some steel and aluminum products and other goods from the USA - including gherkins and condiments - beginning July 1.

Freeland is making the announcement alongside Prime Minister Justin Trudeau following word from the White House that the US will slap tariffs on Canadian, Mexican and European Union steel and aluminium as of midnight tonight.

The administration also said it was conducting a similar investigation into imported cars - a market where the Mexican economy is deeply intertwined with the United States.

A Commerce Department investigation earlier this year determined a need to ensure adequate US steel production capacity to supply the military.

Mexico quickly said the USA action was not justified, and vowed to retaliate with comparable penalties on American lamps, pork, fruit, cheese and flat steel. "The EU believes these unilateral USA tariffs are unjustified and at odds with World Trade Organisation rules", Jean-Claude Juncker, President, European Commission, said on Thursday. European Union exports potentially subject to United States duties are worth 6.4 billion euros ($7.5 billion).

Now, both of those men have left the White House, and Trump has gravitated instead toward seeking the counsel of trade hardliners like Commerce Secretary Wilbur Ross, senior adviser Peter Navarro, and U.S. Trade Representative Robert Lighthizer.

President TrumpDonald John TrumpKoch brothers company tweets support for Kim Kardashian after Trump meeting Romney reveals he wrote in wife's name for president in 2016 Pompeo has dinner with top North Korean official in NY: report MORE's strict position on trade could put up to 2.6 million U.S.jobs at risk, according to an analysis from the U.S. Chamber of Commerce.

Canada's Prime Minister Justin Trudeau takes part in a news conference in Ottawa, Ontario, Canada, May 31, 2018. The two countries are partners in North Atlantic Treaty Organisation and NORAD.

The Tory government has talked up the idea of a post-Brexit trade deal with the U.S., but Donald Trump's decision to impose tariffs on steel and aluminum on its allies has led to mockery of the so-called 'special relationship'. Shares in both companies fell.

Century Aluminum jumped 7.1 per cent, and Alcoa gained 3.6 per cent.

The US administration also launched a national security investigation last week into auto and truck imports, using the same 1962 law it has applied to curb incoming steel and aluminum.

The measures announced on Thursday ended months of uncertainty about possible exemptions, illustrating a hardening of the Trump administration's stance towards trade negotiations.

Trump has threatened to take steps to withdraw from NAFTA for more than a year, but during his first year in office he was coaxed out of taking dramatic steps by advisers like National Economic Council President Gary Cohn and Secretary of State Rex Tillerson.

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