Canada hits USA with billions in retaliatory tariffs in steel row

01 June, 2018, 16:20 | Author: Dustin Murphy
  • Jean-Claude Juncker was speaking in Strasbourg this morning

"These tariffs are totally unacceptable", said Prime Minister Justin Trudeau in response, before announcing Canada will retaliate with tariffs on the U.S.

The White House has opted to introduce high metal import tariffs for the European Union, triggering threats from the bloc that it will impose counter-measures.

What are tariffs? "Customs duties on merchandise imports are called tariffs", the World Trade Organization (WTO) says on its website.

Trudeau, meanwhile, says it's impossible to seriously believe that Canada could ever be a national-security threat to an ally as close and important as the United States.

Rather than forcing Canada and Mexico into concessions on Nafta, analysts say, the tariff move is likely to strengthen Canada's and Mexico's resolve to not back down on unconventional USA demands for Nafta, such as the elimination of worldwide panels to resolve trade disputes and a new clause under which the pact would expire if not explicitly renewed every five years.

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.

White House National Trade Council Director Peter Navarro discusses the significance of President Trump's steel and aluminum tariffs.

She added: "We have no intention to escalate this, the door for dialogue is always open.the ball is in (the US's) court". Tariffs are not a good thing.

The countermeasures Canada announced have been designed with the same pain-inflicting objectives, even if Canada's relative economic size means Canadian surcharges won't inflict the same level of absolute discomfort on the USA economy. The administration has argued that foreign production of steel and aluminum has driven down prices and hurt US producers, creating what the Commerce Department has called a national security threat.

Brazil, Argentina and Australia have agreed to limit steel shipments to the U.S.in exchange for being spared the tariffs, the Commerce Department said.

Huge tariffs on imported steel and aluminium from Europe, Canada and Mexico have come into effect in the United States.


Ross, meanwhile, said that he still plans to leave for China on Friday for the resumption of trade talks.

That's quite possible: Commerce Secretary Wilbur Ross says talks are continuing, and constancy in policy hasn't been a feature of Trump's presidency. The retaliatory tariffs they've promised make no more sense in narrow economic terms than the US tariffs they're objecting to.

United States pork among products that will be affected by Mexican tariffs.

"This will only lead to the victory of those who want less growth, those who don't think we can develop our economies across the world", he said.

"It would have made much more sense to have a coordinated action from all the other countries that are being impacted - it's a whole lot harder for China to start a trade war with several economies and not just a bilateral relationship between the two", he continued.

The tariffs will hit products such as plated steel, slabs, coil, rolls of aluminium, tubes and raw materials that are used across manufacturing, construction and the oil sector in America. "This is a bad day for world trade", he said.

"We take the view that without a strong economy, you can not have strong national security", Ross told reporters.

The row has revived fears of a global trade war.

The WTO gives countries broad leeway to determine national security interests.

"The reason I can't export a lot of that product produced in the USA into Canada is because Canada has become a dumping ground for other foreign nations of the product I produce in the US ... primarily standard pipe which is pipe that's used in the basic plumbing of a building", Zekelman said. How many Chevrolets do you see in Germany?

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