Thursday, 21 June, 2018

Trudeau waiting to see if Canada gets exemption from new United States tariffs

Donald Trump signs order imposing tariffs on steel and aluminium - but promises exemptions for 'real friends' Trudeau waiting to see if Canada gets exemption from new United States tariffs
Kenny Thornton | 14 March, 2018, 16:25

Trump, who said last week that trade wars were "good and easy to win", clearly suggested that Mexico and Canada will only be safe from heavy tariffs if they agree to make concessions at the NAFTA negotiating table.

Treasury Secretary Steven Mnuchin on Tuesday said Canada and Mexico could be exempted from new tariffs on steel and aluminum imports into the USA, subject to a renegotiated North American Free Trade Agreement (NAFTA).

She said the tariffs plan threatened to jeopardize the impact of Trump's recently introduced $1.5 trillion (€1.25 trillion) tax cuts, which were backed by Ryan. "Absolutely vital. Steel is steel".

He said he looks at vacant land along Lake Erie, not far from where he used to work, and imagines a new steel mill rising and a new era beginning. You don't have a country.

Historically, tariffs tend to be targeted - on specific types of imports, against certain nations and for a limited number of years. Decades, in fact, by unfair foreign trade practices, leading to the shuttered plants and mills, the laying-off of millions of workers, and the decimation of entire communities.

John Giannopoulos, managing partner of Sly Fox Brewing Co.in Pottstown, said he expects the costs of the cans Sly Fox uses to can its beer to go up.

An administration official told the Washington Post before Navarro's comments that Canada and Mexico would likely be exempted from tariffs for 30 days - not a whole lot of time to wrap up negotiations on the trade agreement that have lately stalled. We've got an aluminium and steel industry. "It's a travesty", he said.

But the industry also fears the indirect consequences of Mr Trump's actions, which could lead to cheap Chinese steel being dumped on European markets instead of sold to the USA. "We want our workers to be protected and we want, frankly, our companies to be protected". "We make a lot of agricultural products here in the Midwest, we ship a lot of them overseas".

"I think this would be bad for Americans overall and reduce our economic potential over time, which had been boosted by the tax cuts past year and the regulatory reforms that were made", Ginn told WND and Radio America.

"If you look at North Atlantic Treaty Organisation where Germany pays one percent and were paying 4.2 per cent of a much bigger GDP".

Canada's Justin Trudeau accuses China of 'dumping' steel on global markets
There's also the danger that making metals more expensive will hurt a lot more U.S. manufacturers than it helps. The steel industry has suffered since 2000, with production dropping from 112M tonnes to 86.5M tonnes in 2016.

Ginn said that approach badly undermines the administration's defense of the tax cuts.

The tariffs could reduce USA growth by as much as 0.2%age point this year, and further risk lies in how trading partners respond, Barclays Plc economists said. "It is also bad for USA economically and with jobs", he rued.

The loss of exports to the USA, combined with an expected massive import surge in the European Union, could cost tens of thousands of jobs in the European Union steel industry and related sectors.

"This has been an assault on our country", he said. While America's almost $20 trillion economy today may be able to shrug off any long-lasting effects of the coming trade spats, one thing is for sure: There will be far more losers than winners. China is the second-largest aluminum exporter to the United States and is not among its top seven steel suppliers.

Ries predicted a worst-case scenario where the affected countries also bypass the WTO and take retaliatory measures outside the global free trade framework.

But Isely said unless someone is buying a new vehicle, which could cost a couple hundred dollars more, the tariffs likely won't have a big impact on an individual consumer or their wallet. But did hint on Twitter earlier this week that he would reconsider tariffs on Canada and Mexico if a "new & fair NAFTA agreement" is signed.

But there are critics of Trump's tariff threat on his own side of the border, and within his own party.

"Our greatest presidents" he said, "they protected our country from outside influence, from other countries coming in and stealing our wealth and stealing our jobs and stealing our companies".

Or we'll just do it a different way.

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