A fool and his trade war Jeff Spross

Posted June 01, 2018

"Canada buys more American steel than any other country in the world, half of U.S. steel exports", he said. Canada's planned retaliatory measures will take effect July 1 and stay in place until the US backs down. But if there are no exemptions, she said, "We will respond in an intelligent, decisive and joint way", Merkel said in Lisbon.

The 25% levy on steel, along with a 10% tariff on aluminium, will come into effect on Friday with the expiry of an exemption first granted to the EU, Mexico and Canada by Trump in March. He estimated the US tariffs would affect $4 billion in trade between the two countries.

President Donald Trump had announced the tariffs in March, saying they were necessary to protect the United States from unfair competition and thereby bolster national security.

A greater, enduring fear, according to Enrique Dussel Peters, an economist at the National Autonomous University of Mexico, is that Mr. Trump will suddenly pull the United States from Nafta, as he has threatened.

"Unilateral trade tariffs are always a negative sum game", he said on Twitter.

"Both China and the European Union should implement unreasonable concessions toward the USA as Trump is unwilling to cooperate with the world and would rather use trade-related siege tactics to conquer foreign nations", it said.

"This is $16.6 billion of retaliation", said Canada's Foreign Affairs Minister Chrystia Freeland on Thursday.

The United States, Canada and Mexico have been renegotiating the North American Free Trade Agreement, which governs trade between the three countries.

Petrol prices rise for 13th straight day; nearly Rs 86 in Mumbai
A litre of petrol now costs 141c on average - a rise of more than three cents when compared with last month's figure of 137.6c. Petrol was sold at Rs 86.08 per litre in Mumbai, against Rs 85.93 on Sunday, data from the Indian Oil Corp's website showed.

European Union officials lodged a formal complaint with the World Trade Organization (WTO) on Friday, the first in a series of measures created to hit back at the United States. Freeland said a 15-day consultation period would give Canadians a chance to comment on the tariffs and the products covered.

"The government of Canada is confident that shared values, geography and common interests will ultimately overcome protectionism", Trudeau said.

According to Navarro, the president's decision to end the exemptions is not about China or unfair trade but more about defending the USA against countries who are running a large trade surplus at the expense of American jobs.

He warned Trump's latest move doesn't bode well for a post-Brexit UK trying to hammer out trade deals with countries outside the EU.

A number of Republicans on Capitol Hill blasted the move, while Mexico and the European Union quickly said they would follow through on their vow to impose retaliatory tariffs on USA exports.

EU members have given broad support to a European Commission plan to set duties on 2.8 billion euros (S$4.4 billion) of U.S. exports if Washington ends tariff exemptions. Brazil, Argentina and Australia reached what Mr. Trump called "satisfactory" deals to head off tariffs, but Canada, Mexico and the European Union apparently fell short.

Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more United States goods in a bid to cut America's $375 billion trade deficit with China.

"Americans remain our partners, our allies and our friends", he said.