Monday, 20 May, 2019

Canada dodges tariff bullet, at least for now: USA grants provisional exemption

ECB takes focus as trade war worries simmer ECB takes focus as trade war worries simmer
Patty Aguilar | 11 March, 2018, 12:49

The China Iron & Steel Association has called on the government to adopt countermeasures against USA steel as well as coal, agricultural and consumer electronic products, according to a statement, while the Japanese steel federation has expressed fears about the impact on the global steel trade and the world economy.

Using national security as a pretext to limit imports of South Korean steel is "unjust", Trade Minister Paik Un-gyu said in a statement Friday expressing his "displeasure" at the move. Other Chinese media have not covered much on U.S.

He said millions of USA workers had been laid off as plants closed all across America ravaged by the unfair trade practice called dumping.

Canada and Mexico are excluded from the levies - provided they agree to renegotiate a North American trade deal to his satisfaction - and other countries could be as well, Trump said.

Trump said a strong steel and aluminium industry are vital to U.S. national security.

"They will retaliate; they've already signaled following Trump's steel tariffs [announcement] last week that they are going to take some measures".

"I think the risk is, however, that if the US does press ahead on further protectionist measures, which do specifically target China, then, I think, China will have to respond in a much more aggressive way, and then obviously risks all end up getting a lot worse", he said.

Speaking a day after Trump shot down Mexican and Canadian proposals that the neighboring nations be granted an exemption from the steep United States tariffs, Guajardo said Mexico was prepared to fight back, and hit the U.S. president where it hurts.

The tariffs come into force in two weeks, and if the 28-nation European Union can not secure an exemption, it has threatened retaliatory tariffs on US products like peanut butter and orange juice.

Shares of Baoshan Iron & Steel Co., the listed unit of China's biggest producer, lost 13 percent in the past two weeks, including a 3 percent drop on Friday after Trump signed the order. The U.S. only imports two percent of its steel from China.

Tiger Woods battles to sub-par start at Valspar Championship
He had to let go of the club as it clattered into the trunk of a tree on the par-four 16th. "I can confirm he's back". The setting is Woods returning to golf, and while it is nothing new at this point, it is no less the attraction.

IShares 0-5 Year TIPS Bond (STIP) Declines 0.03% for Mar 9
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Beyond the divide-and-conquer strategy of the outreach tour in the United States, those close to the trade file say that dealing with Trump brings its own imperatives.

Another Republican Senator, Jeff Flake, said he would draft and introduce a bill to nullify the tariffs, adding: "I urge my colleagues to pass it before this exercise in protectionism inflicts any more damage on the economy".

Freeland spoke on Wednesday to House of Representatives Speaker Paul Ryan, a prominent Republican critic of the tariffs proposal, said a Canadian government official.

Brazil, the second-largest exporter of steel to the USA after Canada, is also the largest importer of US metallurgical-grade coal to fuel the steel-making furnaces.

Not only that, Trump's comments also fly in the face of facts as outlined by the USA government's own trade officials.

Canada will not follow the European Union and issue specific threats to the US over proposed steel and aluminum tariffs because it's still holding onto the hope that it will get an exemption from any such duties, CBC News has learned. The EU, however, did not leave the meeting with the exemption from the new tariffs it is looking for.

The peso also strengthened following the tariff announcement.

French Economy Minister Bruno Le Maire said there were "only losers" in a trade war.

"We feel very confident that the approach he's taking ... will actually help resolve the underlying issues", he said.

"We want a fair and level playing field", he said. Norman and a handful of prominent Australian business leaders signed a letter beseeching Mr Trump not to take "any action that might have demonstrable negative impact on the mutually beneficial American-Australian bilateral relationship".

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