Tuesday, 14 August, 2018

White House delays tariffs on EU, Canada and Mexico

Canada waits for news on US steel tariffs with deadline tomorrow Trump keeps US allies on edge ahead of steel tariffs deadline
Lisa Bryan | 03 May, 2018, 16:05

The Trump administration is "extending negotiations with Canada, Mexico and the European Union for a final 30 days", the White House said. The exemptions were to have ended on Tuesday May 1.

China's aggressive efforts to become a tech superpower have long anxious many American business leaders, and now are fueling trade tensions with the United States. Canada is the biggest foreign supplier of steel to the U.S., and also America's biggest customer of the metal.

On Tuesday, the European Commission issued a statement that said, "as a longstanding partner and friend of the USA, we will not negotiate under threat". The states most impacted by the tariff which took effect on April 2 are Washington, California and MI.

Trump tweeted Tuesday that there was "great potential" for the USA in addressing the trade disparities with other countries.

Late Monday, the USA announced that it had reached a final deal with South Korea, which will receive a permanent exemption from the tariffs.

"The good news" from this week's non-decision "is that we don't have across-the-board tariffs", Riley tells Reason.

Brazil accounts for 56 percent of the tire-grade steel imported into the U.S., while Korea is the source of another 8 percent, according to the U.S. Tire Manufacturers Association. A few weeks later, the White House said it meant to impose tariffs of twenty-five per cent on more than a thousand Chinese goods, affecting about $46.2 billion of USA imports.

Eurozone powerhouse Germany last week said it expected Washington to impose the tariffs from May 1, although a key economic advisor to Trump hinted Thursday that concessions might be made to the EU.

Of U.S. allies, then, only the European Union is left without a clear path forward for exemptions as of the latest proclamation.


In 2017, the 28-nation bloc exported 5.99 billion USA dollars worth of steel products to the United States, and 1.25 billion dollars of aluminum, making it the top exporter of steel to the United States and the fifth largest aluminum exporter.

In a statement emailed late on Monday, Austen also said Canada would work to secure good jobs for steel and aluminum workers on both sides of the U.S.

As U.S. President Donald Trump exempts Canada from steep new tariffs on foreign steel and aluminum for another month, the Canadian government has quietly approved new promised measures aimed at cracking down on the dumping of such materials by countries like China.

They say quotas open the door for corruption, aren't likely to add to the US's tax revenue, and may violate global trading rules.

These include measures to reduce excess steel production capacity in Korea; to increase capacity utilization in steel mills in the USA; and a quote imposing limits on Korean steel exports to the U.S.

The Treasury is also developing investment restrictions on Chinese companies to prevent them from obtaining US technology through acquisitions and joint ventures.

The UK alone exports about £360m of high-value steel products into the USA each year, equalling about 15% of all British exports. In 2016-2017, major Australian exports were beef, meat, aircraft and pharmaceutical products, according to the Department of Foreign Affairs and Trade.

In retaliation to that China threatened to impose a 25% tariff on $50 billion worth of U.S. exports.

The Treasury department is also supporting a bill to modernize reviews carried out by the Committee on Foreign Investment in the United States, an inter-agency government committee that evaluates sales of U.S. businesses to foreign entities to determine the impact on national security.

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