America Alone: Trump's trade move will bring real consequences

04 June, 2018, 00:20 | Author: Dustin Murphy
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At the same time, Ottawa will challenge the "illegal and counterproductive" USA measures under the North American Free Trade Agreement () and at the, said Freeland.

The Trump administration imposed a 25% steel tariff and 10% aluminum tariff on Canada, Mexico and the European Union, all of which were previously exempted.

Canadian Foreign Minister Chrystia Freeland said the USA had imposed the tariffs under a "false pretext of safeguarding United States national security" and added that "Canada will closely collaborate with the European Union" on challenging the tariffs at the WTO.

"The United States has a two billion USA dollar surplus in steel trade with Canada, and Canada buys more American steel than any other country in the world", he added.

- The Trump administration has decided that trade negotiations have proven fruitless and will go ahead with imposing tariffs on imported aluminum and steel from Canada, Mexico, and the EU.

President Trump's decision to impose the tariffs was provoked by a flood of subsidised Chinese steel on the world market, which has challenged the sustainability of the industry in the West.

At first sight the list of American products targeted by Canadian retaliatory tariffs that will come into effect on July 1 seems rather eclectic. The $800 billion figure represents the total value of goods imported by the 2017.

MI would be close behind, with $1.17 billion in goods that could be subject to tariffs.

But after totaling the value of Canada's list of USA goods subject to tariffs using import data, Business Insider found that the value of these exports is equal to roughly just over $15 billion U.S. dollars, or 19 billion Canadian dollars.

Automakers responded negatively to the Trump administration's first announcement of the duties in March and on Thursday the trade group that represents foreign-brand auto dealers echoed that sentiment.

Soaring demand for lumber from the booming USA housing construction sector, where housing starts were higher than they have been in a decade a year ago, has helped pushed prices to record highs. "But I think we have a good chance of doing some great trade deals that will make America great again, right?"

He said he had spoken with steel and aluminum producers, assuring them the federal government will help companies weather the sanctions. We do not have any other choice but to respond.

North Country Congresswoman Elise Stefanik is blasting President Trump's decision to implement tariffs on Canadian steel and aluminum.

"We follow this with a lot of anxiety", Malmström said of the investigation. "We actually buy a lot of USA steel, bring it into Canada turn it into something else and send it back to the United States so we're actually helping the USA economy so we're one of the innocent bystanders stuck in the middle".

Donald Trump announced new tariffs on steel and aluminium imports, with the policy coming into force on Friday.

Canadian Prime Minister Justin Trudeau speaks during a news conference in Ottawa, Ontario on Thursday, May 31, 2018.

Trudeau has slammed the move, and declared just hours later that Canada would match USA tariffs "dollar-for-dollar".


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