World on brink of trade war as US slaps tariffs on allies

02 June, 2018, 08:26 | Author: Teresa Adams
  • US Dollar Stable as Trump Administration Greenlights Tariffs

Trump imposed the tariffs of 25 percent on steel and 10 percent on aluminum using a national security justification, which Ross said encompasses a broad array of economic issues.

Trump's decision could raise prices for Americans on a range of everyday products. The state sent $1.75 billion worth of goods to Canada in 2017 that could fall under the tariffs.

Trump's remarks follow a refusal by Trudeau to accept terms laid out by the US administration.

Mr Ross said he's looking forward to "continued negotiations" with Canada, Mexico and European Union "because there are other issues" that need to be resolved.

Speaking of NAFTA, Trudeau said he told Mr. Trump last week he would go down to Washington with Freeland and personally sit down with the president to work out details. He has frequently threatened to withdraw the United States from the deal, but thus far he has opted to stay in while attmempting to negotiate a new deal between the member countries.

The Trump Administration argued the tariffs would give a boost to the domestic steel and aluminum industries, which have declined over the last few decades because of competition overseas.

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Canada, which is the largest supplies of steel to the USA, has announced retaliatory worth £9.6bn and Mexico said it would match U.S. tariffs by raising duties on its farm and industrial exports.

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

U.S. President Donald Trump on Friday criticized Canada for being "highly restrictive on trade", then suggested replacing NAFTA with separate deals for his northern neighbour and Mexico, as Canada filed a legal challenge over steel and aluminum tariffs. "They must open their markets and take down their trade barriers!" he wrote. Canada had also pledged to retaliate.

Donald Trump's move to slap penalties on imports from USA allies including the European Union is moving the country to the brink of a global trade war as the White House tries to wrest concessions from trading partners that are threatening to retaliate. "These tariffs are totally unacceptable".

"Without a strong economy, you can't have a strong national security", Ross said.

Mexico and Canada are the state's two biggest trading partners. Mexico was the third largest, behind South Korea.

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European Union exports potentially subject to United States duties are worth €6.4bn ($7.5bn).

"Obviously, the visit didn't happen", he said.

"If any of these parties does retaliate that does not mean there can not be continuing negotiations", Ross said.

The trade actions have also opened the United States to criticism that it was burning bridges just as Mr Trump was seeking to rid North Korea of nuclear weapons and help stabilise the Middle East.

Such an action could hurt Mexico, Canada, Germany and Japan.

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