'Trade wars bad and easy to lose', Tusk warns Trump
'Trade wars bad and easy to lose', Tusk warns Trump
World Trade Organisation director general Roberto Azevedo said ‘An eye for an eye will leave us all blind and the world in deep recession
07 March, 2018, 20:04
"The WTO is concerned about the USA plans for tariffs on steel and aluminum", he says, "and the potential for escalation is real, as we have seen in the responses of others".
The tariffs would increase employment in the US iron and steel employment and non-ferrous metals (primarily aluminum) sector by 33,464 jobs, but cost 179,334 jobs throughout the rest of the economy, with a net loss of almost 146,000 jobs, according to The Trade Partnership, a Washington-based consultancy.
"Many said they feared tit-for-tat retaliation which could spiral out of control, damaging the global economy and the multilateral trading system", WTO spokesman Keith Rockwell said.
Adam said it was still unclear what exactly the tariffs would look like but warned there was a risk that the European market might be forced to absorb imports originally meant for the USA market as a result.
"We fear that the United States may be opening a Pandora's Box that we would not be able to close", a trade official quoted Canada's ambassador as saying.
However, with the tariffs due out this week and the latest round of NAFTA talks ending Monday with no agreement imminent, the two countries will face tariffs on their metals exports at least for some time.
As a result, she said the European Union was appealing to the World Trade Organisation, potentially alongside other affected countries, but said the bloc was ready to impose retaliatory tariffs as a "quicker" measure.
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Besides taking the issue to the WTO, the European Union is ready to put in place its own safeguard measures if there is a surge in steel imports to Europe.
He also said Trump's view that trade wars were good and easy to win was wrong.
"The truth is quite the opposite".
Instead, EU officials argue that the USA move appears to be a "safeguard" action - temporary tariffs that WTO rules allow in response to unanticipated import surges that hurt local industries. "Trade wars are bad and easy to lose", Mr Tusk told reporters.
His trade adviser Peter Navarro shot down rumours that Mr Trump would exempt American allies, saying: 'There will be no country exclusions'.
Trump's announcement of tariffs on aluminum and steel imports have sparked negative reactions from a number of major US allies.
German Economy Minister Brigitte Zypries said: "I hope Trump changes his mind". Therefore the current signals from the USA make me anxious.
It added that "there can be no "cherry picking" through participation based on a sector-by-sector approach". In a dark assessment of the future talks, Tusk said Brexit will not make trade "frictionless or smoother".
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And we can't lose our aluminum industry. "I don't blame the countries, I blame our leadership to allow it to happen". Trump downplayed the risks of a trade war on Tuesday, and said his proposals wouldn't be draconian.
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Participation by local schools, colleges and universities, and nursing homes is particularly encouraged. Protect yourself from flying debris by covering your head with your arms or a coat or blanket.