Monday, 15 October, 2018

Commerce secretary to push EU to lower tariffs

Australia's Prime Minister Malcolm Turnbull told reporters Saturday that he was “very pleased” President Trump confirmed new US tariffs of steel and aluminum would not apply to Australia Australia set to secure exemption from US tariffs
Kenny Thornton | 13 March, 2018, 04:09

The bloc says that it's a close ally of the USA and therefore any import levies on national security grounds are unjustified. Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore.

The big worry is that U.S. trading partners will retaliate. It isn't going to change the price of a vehicle. But it will hurt firms which export pipes and tubes besides stainless steel, which account for 34 per cent of the steel exports to the US. It has threatened to slap retaliatory duties on around 2.8 billion euros ($3.4 billion) worth of United States steel, agricultural, and other products like peanut butter and orange juice if it is not excluded from the tariff regime.

But the reaction was swift.

Any trade war would upset an global economic order that has achieved stability and relative health.

"The burden of these tariffs, as always, will be passed on to the American consumer", said Cody Lusk, president and CEO of the American International Automobile Dealers Association.

Even with an exemption for Australia ("mates rates"), the reprieve wouldn't be worth it if a Trump-induced global trade war breaks out. "We have to see in what form they are able to justify and rationalize it", she added.

Trudeau rejected calls by some Quebec union leaders to take a harder line in NAFTA talks and leave the table if Canada can not get a better deal.

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Wes Miller and the Spartans punched their ticket by topping East Tennesse State University in the Southern Conference Tournament. The Tar Heels beat the Blue Devils on Friday night to advance to the ACC Championship Game and are 2-1 against them this season.

Trump's action has turned into a day-to-day drama of how the tariffs will specifically be implemented and their short- and long-term effects. Based on the fact that there are few parts necessary for the upkeep of a vehicle that do not contain significant amounts of steel and aluminum, this action will have a significant negative impact throughout the supply chain, including many medium and small businesses and their employees that comprise the auto care industry. While the Trump highlighted the nations' military and trade relationships, Turnbull moved to clarify Trump's comment about a new "security agreement", saying the president was referring to the legal paperwork that would lock the exemption into place.

Canada has been particularly recalcitrant in making any concessions on its dairy policy, a key issue for the US where dairy producers are suffering economically.

"Our industries have been targeted for years and years by unfair foreign trading practices", Trump said at the signing ceremony, "And that's going to stop". "This is a win-win decision", he said in his video message. Only Canada and Mexico - both partners in the North American Free Trade Agreement being renegotiated - were excluded from the tariffs.

While the USA and Russian Federation have been imposing tariffs on each other since the annex of Crimea in 2014, the US now finds itself bickering with one of its major partners, the European Union. The investigation was set up to determine whether lower aluminium and steel prices from China was a risk to national security via the closure of US domestic steel and aluminium smelters. And to some degree, they're right.

Trudeau said Canada had a lot more work to do and would press Washington to ensure the exemptions were permanent. NAFTA has turned into a dirty word.

"And they can do whatever they like, but if they do that, then we put a big tax of 25% on their cars, and believe me, they won't be doing it very long", Mr. Trump asserted. That was the rationale behind the Hawke-Keating tariff reforms of 1983-96, that took Australia from a protected economy with high inflation and high unemployment, to an economy that has experienced over 25 years of continued economic growth.

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