What special relationship? ‘Delusional’ No.10 trolled as Trump starts trade war

01 June, 2018, 20:28 | Author: Clarence Schmidt
  • President Donald Trump during a bill signing ceremony at the South Court Auditorium of the Eisenhower Executive Building in Washington

This morning, President Trump announced that he was imposing tariffs on steel and aluminum. The measures already announced would "take effect on July 1, 2018 and will remain in place until the US eliminates its trade-restrictive measures against Canada".

A 25 per cent tariff on steel imports and 10 per cent tariff on aluminium imports will be imposed on the EU, Canada and Mexico starting at midnight local time, Mr Ross told reporters.

She spoke on the sidelines of Cansec, an annual arms-trade show where defence companies from around the world showcase their wares to government and military officials. 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.

Critical over the tough negotiating position of the EU by Ross, German Economy Minister Peter Altmaier thought otherwise and said that the Europeans were willing to negotiate special trade arrangements, notably for liquefied natural gas and industrial goods, including cars.

"The administration will continue to monitor steel and aluminum imports and adjust the measures in effect as necessary to protect the national security of the United States", the White House said.

This morning, Mexico announced tariffs on USA goods in retaliation while the European Union promised to do the same.

But he says the global trading system "was built to resolve these problems in a way that prevents further escalation".

European Union trade commissioner Cecilia Malmström has called the approach "pure protectionism", and described it as illegal under WTO trading rules.

Canadian Foreign Minister Chrystia Freeland had traveled to Washington on Tuesday to discuss the issue, among other matters, with U.S. Trade Representative Robert Lighthizer.

The U.S.is still renegotiating the North American Free Trade Agreement (NAFTA) with Mexico and Canada.

What happens next? The EU, Canada and Mexico have said they will take the case to the WTO, triggering the organization's dispute settlement mechanism.

Why is the USA imposing tariffs?

Beer, iPhones and plane tickets are all likely to get more expensive in the next few months thanks to President Donald Trump.

Trudeau said that in NAFTA talks, Canada, the USA and Mexico had come so close to a deal he had offered to meet Trump in Washington.

Mexico said it would apply penalties to blueberries, pork bellies, grapes and certain types of steel.

"The Trump administration seems to regard overt threats, including tariffs and repudiation of previous agreements, as a key element for gaining leverage in trade negotiations", said Eswar Prasad, a former head of the International Monetary Fund's China division and now a professor at Cornell University.

A press release from Canadian Chamber president Perrin Beatty stated that "We need to act vigorously to support our domestic industries, and to send a message to the U.S. Administration that their unilateral protectionist measure will not come without a serious cost to them". The European Union is ready to retaliate immediately following the tariffs.

She calls the USA measures illegal and counterproductive.

"The industry remains greatly concerned about these potential tariffs", said Brian Wick, executive director of the Cape Cod Cranberry Growers Association.


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