Thursday, 13 December, 2018

Canada's Justin Trudeau accuses China of 'dumping' steel on global markets

Factbox: Trump's steel, aluminum trade tariffs, Mar 12 Associations Issue Statements On Recent Steel And Aluminum Tariffs
Kenny Thornton | 14 March, 2018, 10:00

This policy will likely destroy American jobs both in industries that use steel and aluminum and in ones that may soon be hit by retaliatory measures from other countries. That's bad news for restaurants and fans of steaks and hamburgers, who will pay those higher prices.

The White House declined to comment on the size or timing of any move.

Trudeau also expressed optimism about reaching a good North American free-trade agreement that will benefit Canada as well as the US and Mexico - despite Trump's constant refrain that the current deal is a bad one.

On Thursday, President Trump signed sweeping new tariffs on steel and aluminum, against the urging of economists, allies and most of the manufacturing, retail and home-building industries. And other nations have every incentive to do so.

Trump's rollback on regulations and tax cuts are benefitting American workers. Taxing imported steel would help domestic steel producers, they concede, but it would drive up steel prices and put pressure on the far more numerous companies that consume steel, such as automakers and aircraft manufacturers.

A tariff is a tax on imports. It means higher profits and higher wages.

There's also the danger that making metals more expensive will hurt a lot more U.S. manufacturers than it helps.

Trump met Europe's threat of retaliation with a threat of his own: To slap tariffs on their autos.

The US attempt to unleash a trade war on China creates a unsafe precedent which could undermine the very principle of free trade, Huang Weiping, professor at the People's University of China, warns.

Trump is a negotiator, and that is a major factor in how he does things.

No one thought there would be a large impact in either direction. Then he protected the downside and left the upside to take care of itself. Here's what you need to know.

"The risk that the steel tariff could cause a tariff war is real".

Trump floats the idea of a U.S. military "Space Force"
However, that's not happening anytime soon. "We have the army, the navy ..." We are going to lead the way in space. Trump's space policy will replace former President Obama's, which did not include a goal to return to the Moon.

"In most cases I'm very easy to get along with", he states in the book.

Kim says he is "committed to denuclearization", although there is the valid concern that Trump will fall into a trap-North Korea may agree to throw out their nuclear weapons for now, but who will hold them accountable if they change their mind later, or lose patience, or believe that the American end of the deal has not been upheld? "It's very unfair." Germany was singled out as a particularly guilty nation.

With that said, I will now assume my constitutional advocacy role. "It is bad for European citizens, for Dutch citizens and it will turn out bad for USA citizens as well".

Signing up for free trade agreements - in which global trade is left to its natural course without tariffs, quotas, or other restrictions - have always been one of the few legislative agendas with bipartisan support.

That bipartisan support is found in the opposition as well.

The Commission's spokesperson for Trade Enrico Brivio told reporters that despite ongoing talks with United States officials, the EU's status as to whether it will be included on the list remains still remains unresolved.

They were also seen as hypocritical at a time when the Republican administration was trying to encourage other countries to liberalize trade policies - and reduce their tariffs - through the Doha Round of World Trade Organization talks that were happening at the time.

Trump has also raised the possibility of escalating the potential trade war if Europe reacts, and said that he could increase tariffs on European Union cars sent across the pond. The Consuming Industries Trade Action Coalition found that 200,000 workers in US manufacturing lost their jobs as a result of the tariffs. The profession generally views trade as helpful to both partners and the history or tit-for-tat trade tariffs as a good reason to avoid making the same mistake again. The economic growth, or wealth accumulation, has been heavily concentrated among the rich, and the gap between them and the middle class has grown.

There are a couple of important economic lessons that the American people should learn.

Canada, the top supplier of steel and aluminium to the United States market, has been temporarily exempted from the tariffs, along with Mexico. The White House is reportedly still drawing up the legal paperwork for an executive order that would bring the tariffs into effect.

Steel producing countries worry not just about lost sales in the USA, but also that steel from other exporting nations will flood in.

To tackle the trade deficit problem Washington would prefer to sell China more finished goods, raw materials and agricultural products. The steel industry has suffered since 2000, with production dropping from 112M tonnes to 86.5M tonnes in 2016.

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