Tuesday, 16 October, 2018

Australia denies security deal was behind U.S. tariff exemptions

Senate Majority Leader Mitch McConnell R-Ky. says Republicans in Congress are concerned that President Trump's proposed tariffs might metastasize into a larger trade war MoreCloseclosemore
Kenny Thornton | 11 March, 2018, 13:32

Flake said the new tariffs, which function as taxes on imports, of 25% on steel and 10% on aluminum would be detrimental to the United States economy and must be stopped. Adding new elements to the negotiations to create wiggle room on big decisions was a Trump tactic familiar to David Bozell, a supporter of the president.

In the case of these tariffs, the Republican leader used a 1962 law authorizing the president to tax certain imports in the name of national security protection - legislation rarely invoked in the past except in the notable case of oil.

The developments Thursday cap a week of frenzied lobbying by Canada, and come after the seventh round of NAFTA talks, which concluded Monday.

Trump first drew the link between the metals tariffs and NAFTA on Monday in a Twitter message.

Canada and Mexico are exempt from the tariffs, but only conditionally and for now.

Trump said that while the North American Free Trade Agreement (NAFTA) is being re-negotiated, Canada and Mexico will be exempt.

Arjun Kapoor to reportedly move in with father Boney Kapoor
Boney Kapoor had gone to Haridwar with brother Anil Kapoor and other close friends to immerse Sridevi's ashes in the holy river. After Sridevi's death, there was even suspicion surrounding her death, after blood tests found alcohol in Sridevi's system.

But GOP senators acknowledged in the hours ahead of Trump's announcement that they were largely in the dark about what the president was planning.

The Trump's protectionist steel tariff sparked outrage across the globe, AFP reported. Prime Minister Justin Trudeau called Trump on Monday to "forcefully defend" the interests of Canadian workers and to stress that the tariffs would not help talks to modernize the NAFTA trade pact, according to a government official who spoke on the condition of anonymity.

As always with this capricious deal-maker, no action is clear or straightforward. John CornynJohn CornynLawmakers feel pressure on guns Kasich's campaign website tones down gun language after Florida shooting Murphy: Trump's support for background check bill shows gun politics "shifting rapidly" MORE (Texas), the No. 2 Senate Republican, said earlier Thursday. Canada supplies nearly half of all the aluminium that the US consumes each year.

Australian steel and aluminum exports to the United States were worth just over A$400 million ($314 million) previous year, government data showed.

Canada, in particular, has a trade deficit with the USA on both steel and aluminum, meaning we're buying more than we're selling.

Mr Turnbull said Mr Trump had acknowledged the trade relationship between Australia and the U.S. was a fair and reciprocal one. The strings Trump attached to his tariff exemption could tie down an elephant.

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