Saturday, 21 April, 2018

The danger of tying tariffs to NAFTA

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Patty Aguilar | 12 March, 2018, 18:37

Why should trade policy be different? The President has announced steep tariff increases, with a 25 per cent import tariff on steel and 10 per cent on aluminium.

But lawmakers fear a trade war could wipe away economic gains and leave them on shaky ground with voters in November.

So why did Trump do it?

"This thing is going to drag into the summer and into the fall", Schwebel said.

Trump stoked the fire on Saturday by suggesting even broader tariffs for the European Union if they don't address still-unspecified concerns. Prominent Republican leaders expressed dismay at Trump's move. Sen.

"If they drop their horrific barriers and tariffs on U.S. products going in, we will likewise drop ours".

He said the auto industry was "systemically relevant" for the German economy, with the US being an important market.

While it was not entirely clear whether the threat reflected actual United States policy or merely an effort by the president to play to an appreciative crowd, he had used similar language earlier on Twitter. Former president George Bush imposed steel product tariffs in 2002, but withdrew them later, with little impact.

The president and the combative Navarro share the same hard-line views on trade that were a centerpiece of Trump's campaign. A review of trade statistics and public comments by interested parties during the Department of Commerce investigation indicates it is China's capacity Trump refers to, and at which most public comments were directed, as the largest threat to USA steel and aluminium. These tariffs will raise the price of farm machinery and nearly certainly spark a trade war that no one can win - especially not farmers like me, who depend on exports for our livelihood. Big Deficit. If not, we Tax Cars etc. The suggestion that Britain might go its own way provoked a rebuke from Jyrki Katainen, European Union vice president for jobs and competitiveness.

Steel workers build a structure in Ottawa, Canada. Japan will let China do the running.

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Trailing by 139 runs, Australia got off to a disappointing start as opener David Warner was clean bowled by Rabada for 13. Even though Maharaj was castled by Hazlewood, de Villiers batted through to take the total to 382 in 118.4 overs.

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Naresh Agarwal has been in the Bahujan Samaj Party, Congress and once even floated his own party -the Loktantrik Congress. With new Rajya Sabha polls looming, Naresh Agarwal was denied a ticket by the Samajwadi Party. "He is welcome.

S.Korean envoy briefs China on North Korea
Xi told Chung the peninsula was "facing an important opportunity of mitigation and dialogue", according to state broadcaster CCTV. In the meeting, Chung briefed on the results of his recent talks with North Korean leader Kim Jong-un and U.S.

The writer was chief United States trade negotiator with Japan in the Reagan administration.

There will be direct and indirect effects on Australia.

Suppose, he proposed, "America successfully negotiates a bilateral trade deal this year with Mexico in which Mexico agrees to buy more products from the United States that it now purchases from the rest of the world".

But it's not good news if it means a return to protectionism, and the United States is not a huge market for Australian steel compared to Asia.

He listed the benefits of trade with China that are often hard to measure and thus do not receive significant attention, including generating substantial savings for American consumers, hugely benefiting the USA from an environmental perspective, and moreover, helping the United States to focus efforts toward higher value-added activities.

It could bring about unintended consequences. "And we think that's not good news".

Brussels has already announced a list of USA products it could hit with countermeasures - including oranges, tobacco, peanut butter and bourbon - if its exports are affected by the tariffs, with European Commission head Jean-Claude Juncker saying the EU could match "stupid with stupid".

FDR's reciprocal agreement approach led to a rapid unwinding of Smoot-Hawley, and after the war it evolved into a series of global trade deals, creating a world trading system that these days is overseen by the World Trade Organization.

Turnbull has since had to shoot down questions of whether Australia had agreed to offer something in return for the exemption, with much of the attention turning towards the mention of the nations' military relationships and the US's ambitions for freedom of navigation exercises in the South China Sea.

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