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

13 March, 2018, 06:10 | Author: Priscilla Morrison
  • Trump speaks to reporters in the Oval Office at the White House in Washington U.S

The president announced last week that the United States would impose heavy tariffs on imported steel and aluminium, with some countries potentially exempted.

For the U.S., Trump has long touted and tweeted that economy will see big gains from the move, as he throws a lifeline to domestic manufacturers.

The EU hinted at a trade war with America.

Mexico and Canada were happy to hear about President's Trump's willingness to exclude them from tariffs on steel and aluminum exports to the U.S.

The EU's top trade official, Cecilia Malmstroem, responded Monday by charging that trade was being used "as a weapon to threaten and intimidate us". "But we are not afraid, we will stand up to the bullies". Canada and Mexico were temporarily exempted pending a NAFTA agreement and rumors over the weekend indicated Australia may be next to escape.

Shadow International Trade Secretary Barry Gardiner criticised Fox for taking 10 days to make a statement to the House of Commons following the Trump administration's announcement of tariffs.

Jeff Flake, a Republican senator from Arizona and vocal Trump critic, on Monday introduced a bill in Congress to nullify the tariffs, though it would be extremely hard for the measure to achieve a two-thirds majority needed to override an expected Trump veto.




"Cherry-picking particular tariffs in one category, like looking just at vehicle tariffs on both sides, misses the whole picture, while not taking into account lower levels on other products does not give an accurate picture of tariffs in general", a Commission spokesman said.

But as negotiations on trade continue between the US and the rest of the world, economists say the impact of these new tariffs on the global economy is not as big as the threat of a global trade war.

European steel and aluminum associations have warned that the US tariffs could cost their sectors thousands of jobs.

The negotiations between the European Union and the US are to win an exception for Europe from the tariffs, with Brussels seeking clarity on how to achieve that.

'If they drop their horrific barriers & tariffs on USA products going in, we will likewise drop ours, ' he pledged in a tweet.

The tariffs might be popular in certain parts of the country where steel producers are major employers, just as Trump's obsession with favoring coal over other energy sources plays well in areas that happen to have voted for him.

Mr Trump said last Thursday that he is slapping tariffs of 25% on imported steel and 10% on aluminium. Indeed, most European Union countries are in North Atlantic Treaty Organisation, the world's biggest security alliance, together with the United States.

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