Trump says days of unfair trade deals 'are over'

07 June, 2018, 15:02 | Author: Charlene Valdez
  • Canada’s Prime Minister Justin Trudeau

Canadian Prime Minister Justin Trudeau revealed that shortly before the announcement of the higher tariffs, he rejected a proposal from U.S. Vice- President Mike Pence to have all trading agreements be renewed every five years.

The U.S. decision to impose tariffs on aluminium and steel imports from Canada, Mexico and the European Union will add a contentious note to a gathering of G7 finance ministers and central bankers, top policymakers said on Thursday as some warned that the tariffs could imperil global growth.

US President Donald Trump suggested Friday the United States might pursue separate free trade agreements with Canada and Mexico to replace the 24-year-old three-nation NAFTA pact.

Trudeau is calling the tariffs "totally unacceptable", suggested they would alter the relationship between the two countries, and has announced plans to levy tariffs on $12.8 billion in US exports.

U.S. from June 1 began to levy duties on steel imports (25%) and aluminium (10%) from Europe, Canada and Mexico.

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Analysts said that may prove a tall order given the status of U.S.

In order to persuade Donald Trump to eventually drop his punishing steel and aluminum tariffs and finally agree to a renegotiated NAFTA, Canada's strategy is to somehow engineer a way for the US president to claim a political victory by doing just that.

"We can say the USA went into the tariff issue alone and they remain alone around the table", said Mário Centeno, the Portuguese finance minister who participates at the G-7 by virtue of being the president of the Eurogroup, the association of eurozone finance ministers, in an interview.

Galimberti said American steel continues to flow into Canada tariff-free while Canadian steel now faces tariffs.

While there may be Canadian-made alternatives, these tariffs will "inflict pain" on domestic firms as some inputs or unique products can not easily be switched or replaced, said Dan Kelly, the chief executive of the Canadian Federation of Independent Business.

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"From the beaches of Normandy to the mountains of Afghanistan, we have fought and died together", said Trudeau. It marks the first time U.S. President Trump will set foot on Canadian since assuming the role and comes amid an escalation of trade tensions between the two countries (as well as the U.S. and many other countries present).

"The Liberal government is the government that put supply management in place and it is the Liberal government that will protect supply management". "If we charge a country ZERO to sell their goods, and they charge us 25, 50 or even 100 per cent to sell ours, it is UNFAIR and can no longer be tolerated". Tariffs discourage imports by making them more expensive.

In a statement issued yesterday, he said the United States had been taken advantage of for many decades on trade. Macron pledged the riposte would be "firm" and "proportionate" and in line with World Trade Organization rules.

President Donald Trump's chief economic adviser is brushing off concerns over escalating trade disputes with a host of US allies as nothing but a "family quarrel". It was originally proposed in March on imports from Canada, Mexico, and the European Union.

International Monetary Fund Managing Director Christine Lagarde said if trade is "massively disrupted", the level of public trust in leaders will be severely damaged.

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