Steel tariffs affect Kent businesses

Jun 02, 2018, 01:21
Steel tariffs affect Kent businesses

Ottawa would impose $12.8 billion worth of retaliatory tariffs on USA goods such as steel and aluminum as well as consumer goods like maple syrup, pizza, and toilet paper, according to a list published by Canada's Department of Finance.

Canadian Prime Minister Justin Trudeau criticized the USA decision, calling the tariffs "totally unacceptable" and their premise of Canada being a threat to national security "inconceivable".

Mr. Trump says - as he has many times before - that NAFTA has been a bad deal for the United States, while its North American trading partners make "many billions of dollars" at the expense of Americans. EU Trade Commissioner Cecilia Malmstrom announced a 2 pm (1200 GMT) Friday news conference to deliver the response of the world's largest trading bloc to the USA tariffs.

In Canada, Prime Minister Justin Trudeau called the US tariffs "totally unacceptable".

This comes at a time when Trudeau and Mr. Trump will encounter each other at the G7 conference of wealthy nations in Quebec in just over a week. It represents an apparent breakdown in Trudeau's efforts to find common ground with the tough-talking president.

Business leaders in Canada and the US predicted dire economic consequences as result of the decision, which was derided on both sides of the Atlantic.

Nevertheless, European leaders are fuming. House Speaker Paul Ryan, who is not seeking re-election, has said he disagrees with the decision.

All three have said they will strike back with tariffs on U.S. exports and suggested they may coordinate their actions in a bid to bring the United States administration back to negotiations.

European Union officials say the total value of goods targeted is a dollar for dollar response to U.S. tariffs.

Trump went back to fuming over the USA trade deficits with other nations.

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"These tariffs are an affront to the long standing security partnership between Canada and the United States", said Canadian prime minister Justin Trudeau, as Canada hit back with retaliatory duties on U.S. imports worth up to 16.6 billion Canadian dollars ($12.8bn).

On Thursday, the Trump administration announced it was going ahead with plans to slap 25% and 10% tariffs on steel and aluminium from the EU, Canada and Mexico, in what is expected to escalate into a global trade war.

Trump had reportedly offered Canada and Mexico, America's two partners in the North American Fair Trade Agreement, an exemption from the tariffs if they agreed to his demands concerning the renegotiation of NAFTA.

"If a very large proportion of that lands in the European market that pushes prices down and could mean hundreds if not thousands of jobs".

"To be honest with you, I wouldn't mind seeing NAFTA where you'd go by a different name, where you'd make a separate deal with Canada and a separate deal with Mexico", Trump said. Both she and Trudeau sounded incredulous that Canada could ever be considered a national-security threat to such a close and important ally.

In a CBC radio interview Friday in Halifax, Prime Minister Justin Trudeau called the tariffs "ridiculous" and predicted they would backfire.

The EU has staged its protest after Washington announced that it was imposing metal tariffs on the European Union member states as well as Canada and Mexico.

Tata Steel has urged the EU to take "swift and robust action" in response to a United States decision to impose a 25% tariff on European steel. French President Emmanuel Macron called the tariffs illegal and a "mistake".

"The unilateral action by the Trump administration severely damages that relationship. It's irrational", Beatty said in an interview.

Those nations, in turn, announced they were hitting the US with taxes on products ranging from steel to peanut butter.

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"The U.S.is now exercising its power", said Ms. Haugland, the DNB Markets economist.

Ross shrugged off questions about the US facing possible retaliation, or whether the move would negatively affect the G7 meeting.

"It all depends on how the various parties react to the circumstances".

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

Speaking to Sky News, the International Trade Secretary said he would not rule out retaliatory counter measures as "you can not look at every global issue through the prism of Brexit".

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Congressional Republicans have already started raising the specter of job losses in their states.

'And I believe in the word reciprocal. "We don't understand the logic of this". Officials said the import taxes would take effect on Friday.

Beatty said future negotiations have been altered by Trump's "classic bully techniques" which are designed "to extort the conditions that Donald Trump wants to see in NAFTA".

"This is Trump versus the world, rather than Trump versus Canada".

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