As we embark on a trade war, let’s talk competitiveness

Back in March, President Trump declared his administration meant to impose global tariffs of 25 percent on imported steel and 10 percent on aluminum, based on national security concerns.

The US president's imposition of tariffs on steel and aluminium last week and the apparent impasse in US/Chinese trade talks has set the world's biggest economies on a collision course and provoked fear of tit-for-tat measures escalating into a global trade war. The Trump administration is offering a process in which individual companies can apply for exemptions, and Zive says that the new tariffs will lead to thousands of such requests.

"We know there's a risk to employment but I think we'd like some time to have a discussion with the government about what kind of support is appropriate", Galimberti told reporters after the meeting.

"Don't blame Trump. Blame China, blame Europe, blame NAFTA".

Needless to say, Canada, Mexico and the European Union promptly announced retaliatory action.

Later today, the prime minister will be meeting with The Canadian Steel Producers Association.

"It is right to seek to defend our domestic industries from both the direct and indirect impacts of these USA tariffs". 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.

The metal tariffs imposed on the European Union and Canada are the latest escalation by the US on the trade front that has roiled financial markets for months and prompted the International Monetary Fund to warn of a trade war that could undermine the broadest global upswing in years. Business leaders in the US and Canada say that wouldn't offer the stability or predictability companies need.

Trump is also considering $50 billion tariffs on Chinese goods.

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USA risks sparking global trade war
The purchases Washington wants Beijing to commit to are aimed at reducing the $375 billion USA trade deficit with China. Trudeau rebuked the US tariffs following the announcement, insisting that Canada had no choice but to fight back.

"We still want to see what the measures themselves are, specifically we have been talking to the Irish government about the issue of bourbon being on the list because of the potential implications for the Scotch whisky industry and the Irish whiskey industry", he said. "We need to be very clear exactly how absurd this USA action is", she said.

Commerce Secretary Wilbur Ross is now in China to talk trade.

The remarks came as U.S. President Donald Trump lobbed another Twitter salvo at Canada early Friday.

The other finance ministers are urging Mnuchin to speak with President Trump to "communicate their unanimous concern and disappointment" ahead of next week's meeting between the member leaders.

"Exports accounted for more than $53 of the average $149 value of a hog past year and support over 110,000 U.S.jobs", said NPCC Chairman Jim Heimerl in a press release.

Canada sent 84 percent of its steel exports, worth C$9 billion ($6.97 billion), south past year, according to Statistics Canada. "It puts us in a position where we're defending first principles, which is Canadians' rights to a strong and healthy economy for their families".

President Donald Trump vowed he can save the American farmer with the new trade deals he's negotiating with countries around the globe.

Trudeau said he'd refused to go because of the "totally unacceptable" precondition.

(Copyright © 2015. All Rights Reserved.)
 
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