Trump presses European Union on trade barriers in tit-for-tat

Announcing the details in Washington yesterday, Mr Trump singled out Australia when he said he may exempt countries with which the United States has good trade and military relationships.

US President Donald Trump renewed his demand on Saturday that the European Union halts its trade barriers to US products in order to spare his allies new steel and aluminum tariffs.

S. on aluminium and steel imports, due to an alleged threat to national security, are a "wanton attack" on the multilateral trade system, a Chinese commerce official said Friday.

Canada and Mexico will be exempt indefinitely.

Romig said he agrees China has engaged in unfair trade practices that have decimated the American steel industry.

I include President Donald Trump tweeted earlier that, "When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win".

"We're negotiating right now NAFTA and we're going to hold off the tariff on those two countries to see whether or not we're able to make the deal on NAFTA", he said.

The EU exported about 5.5 million tons of steel to the USA past year.

"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", said Axel Eggert, head of steel association EUROFER.

Trump said the tariff hikes ordered on Thursday were needed to protect USA national security by ensuring the survival of the country's metals producers.

There is a trade deficit with the United States, meaning more American products and services are bought down under than sent the other way.

Japan's government has warned the measure could hurt its economic relations with the U.S. But Seko also cautioned that "falling to exchanges of unilateral measures will not be in the interest of any country", according to the Kyodo news agency.

"At the same time, we have some friends and some enemies where we have been tremendously taken advantage of over the years on trade and on military", he said. But such a ruling would mean the U.S. would have no protection at the WTO if other countries imposed their own tariffs in retaliation.

The U.S. reported a $375 billion deficit with China previous year, so a 20 percent reduction would still be among the largest trade gaps that it has with any country.

The new U.S. action will deal a heavy blow to Korean steel companies and they need to work together to minimise the impact by devising measures like raising competitiveness and diversifying export markets.

Despite his Conservative Party's place in opposition, Fast said he had full confidence in Canada's negotiation team that has been meeting with Mexican and American counterparts in recent months.

"Tariffs will negatively impact Washington state companies and consumers alike by driving up prices of goods and inviting retaliation against Washington state exports and investment", says Lori Otto Punke, President of WCIT.

Turnbull said the two leaders discussed the importance of a "fair and reciprocal" trade relationship between Australia and the U.S.

"We have noticed that some foreign-funded businesses have complained about China's investment environment", Zhong said.

"There are potential carve-outs for Canada and Mexico based on national security and possibly other countries, as well", Sanders told reporters at the White House.

  • Salvatore Jensen