Monday, 24 September, 2018

Donald Trump sharpens trade row, threatening to tax German cars

Australia set to secure exemption from US tariffs How Donald Trump's tariffs morphed from 'no exemptions' to carve-outs
Laurie Berry | 12 March, 2018, 21:59

"Any type of trade war. hurts us as an American company", Harris said.

The association said in the letter that it applauds the administration's efforts to rebalance trade and protect the US steel industry and workers, but it is concerned that global import tariffs on steel and aluminum would have a devastating effect on steel-consuming manufacturers downstream, including the auto care industry.

Such import taxes on cars would be especially problematic for Germany, a German foreign trade expert said on Sunday.

Mr Trump's announcement of import tariffs of 25% on steel and 10% on aluminium has sparked fears of a trade war.

"In some places trade has been to blame for the pains of globalisation or they used it as a scapegoat or they think we can live behind walls and borders", European Trade Commissioner Cecilia Malmstroem said at a trade conference in Brussels.

Conversely, the tariffs from 10 to 25 per cent are likely to depress global prices by metal exporters to the United States looking for other markets to dump their product in.

The EU says that its exports should be excluded from the measures.

His decision to levy stiff new tariffs on aluminum and steel imports puts him at odds with most of the Republican Party, prominent business groups and even some of his own advisers, who warn that the decision could backfire and slow economic growth in a midterm election year. It cannot get any better.

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"Steel is steel", Trump said.

"A lot of steel mills are now opening up because of what I did", he said. According to Reuters, Macri sought a waiver for his nation's steel and aluminum products, and Trump agreed to consider the request.

Notwithstanding, Trump remains as steadfast and defiant as ever.

"The problem is when you say, "All right, let's have tariffs, but let's couple that with uncertainty" - that's nearly worse", Senator Jeff Flake, an Arizona Republican pushing legislation to block the tariffs, said Sunday on NBC's "Meet the Press".

With tensions at a peak, the European Union had sought to keep low expectations for any breakthrough on Saturday. "It's clear. We need clarity", European Commission Vice President Jyrki Katainen said. It has threatened to slap retaliatory duties on around 2.8 billion euros ($3.4 billion) worth of US steel, agricultural and other products like peanut butter and orange juice if it is not excluded from the tariff regime.

Recent analysis from CommSec shows that in January that trade deficit was the second largest on record, with an $18.5 billion difference between imports and exports.

As the United States tries to light a fire under NAFTA negotiations, Canadian Foreign Affairs Minister Chrystia Freeland says Canada will not be bullied or pressured by the United States as part of those talks.

Canadian officials and businesses breathed a sigh of relief last week when Trump confirmed that Canada and Mexico would be exempt from the new tariffs - at least for now. He also added Australia to the list of likely carve-outs. Trump tweeted that he spoke with Japanese Prime Minister Shinzo Abe, saying they are "discussing opening up Japan to much better trade with the U.S. now have a massive $100 Billion Trade Deficit".

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