Washington Is Scrapping Tariff Exemptions for Canada, Mexico, and the EU

03 June, 2018, 05:22 | Author: Sue Mclaughlin
  • Canada's Trudeau blasts

German Finance Minister Olaf Scholz said G-7 countries also told Mnuchin about their opposition to new USA sanctions on Iran, which will affect European companies. Europe and Mexico pledged to retaliate quickly, exacerbating trans-Atlantic and North American trade tensions.

"We have not seen any analysis that shows these exports pose a problem to national security", David O'Sullivan, the European Union ambassador in Washington was quoted as saying by the daily.

Trump announced plans for tariffs on foreign steel and aluminium in March, justifying them on national security grounds.

As reported by CNN, the said trade tariffs came into effect from Friday midnight.

"As to Canada, Mexico, you will recall that the reason for the deferral had been pending the outcome of the NAFTA talks", he said.

"It's frankly absurd that we would in any way be considered to be a national security threat to the United States", says Canadian Foreign Minister Chrystia Freeland. It is pure protectionism.

Trump on Saturday took to Twitter to complain about the higher tariffs charged by some US trading partners under World Trade Organization agreements. "That is not Free or Fair Trade, it is Stupid Trade!"

The tariffs are likely to go into effect on the European Union with an announcement before Friday's deadline, according to two people familiar with the discussions.

"I am deeply disappointed at the unjustified decision by the United States to apply tariffs to European Union steel and aluminium imports", May said, TASS reports.

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Ross and Lighthizer seem like the odd men out at this week's gathering at the OECD, an global economic agency that includes the U.S.as a prominent member.

"The problem is that by taking that kind of unilateral action the U.S.is undermining the principle of multilateralism in global trade, so it becomes more hard to deal with other concerns - like trade and market access practices in China", Dombrovskis said in an interview.

Worries about the deepening trade tensions, however, were offset by a bullish report on the USA economy.

That's going to cook Trump's goose, considering when he first proposed the tariffs, he stated that the move was an attempt to bring jobs back to the Land of the Free, stressing that it would also help to prevent trade arrangements that failed to benefit the US.

The EU has already started a case against the USA at the World Trade Organisation in Geneva, although this route may take many months to reach a conclusion.

Freeland says the dollar-for-dollar countermeasures, which apply to a long list of USA products from flat-rolled steel to playing cards and felt-tipped pens, will go into effect July 1.

"They must open their markets and take down their trade barriers!" Debbie Shon, a partner at the law firm Quinn Emanuel and a former official in the US Trade Representative's office under President Bill Clinton, told Business Insider that the exact value of the tariffs doesn't have to be exactly the same.

The Mexican measures target pork legs, apples, grapes and cheeses as well as steel - products from USA heartland states that supported Trump in the 2016 election.

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