United States eyes tariffs to punish China for intellectual property theft
United States eyes tariffs to punish China for intellectual property theft
Irish Prime Minister Leo Varadkar shows off his colorful socks to Canadian counterpart Justin Trudeau. Rex Shutterstock
14 March, 2018, 07:01
Speaking on German television shortly after Mr Trump'strade wartweet was posted, he said: "If the Americans impose tariffs on steel and aluminium, then we must treat American products the same way".
He said Canada and Mexico are exempt for the time being and other nations could also seek an exemption if they are willing to negotiate a trade deal that is more fair for American workers.
The EU insists that it is committed to open, global trade, and that Trump's tariffs are a protective measure to prop up U.S. industry that could undermine the worldwide trading system.
"The negative impact of the tariffs - which are a tax hike on consumers and users of steel and aluminum - is more than offset by the benefits of the more sweeping tax reform", said Brian Wesbury at First Trust Advisors in Wheaton, Illinois. Eventually the World Trade Organization ruled the policy illegal because it violated US trade commitments, which led to the threat of a trade war with the European Union. European Commission President Jean-Claude Juncker responded with a list of threatened tariffs on U.S products, lamenting: "This is basically a stupid process". But eventually, increased expenses could make it unprofitable to develop automobiles in the United States and production will move elsewhere.
Trump has also raised the possibility of escalating the potential trade war if Europe reacts, and said that he could increase tariffs on European Union cars sent across the pond.
U.S. President Donald Trump last week said he would impose import tariffs of 25 percent on steel and 10 percent for aluminum, effective later this month, but exempted Canada after an intense lobbying campaign arranged by Ottawa. If anything, by hurting downstream industries like auto and equipment manufacturers, the new import taxes will probably kill more factory jobs than they save.
A trade war isn't going to level that field.
"In some places, trade has been blamed for the pains of globalization, others use it as a scapegoat and insist that we can hide behind walls and borders", EU Trade Commissioner Cecilia Malmstrom said at a conference in Brussels on Monday. Here's what you need to know. It will also consider filing a complaint with the World Trade Organization, or WTO, through global cooperation.
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Trade actions against offshore steel initiated by the government and brought to the Canadian International Trade Tribunal would likely carry a greater sense of urgency than those brought by industry, Mr. Galimberti said in an interview Monday.
President Donald Trump's administration is considering a trade package including indefinite tariffs, investment restrictions and possible visa restrictions on Chinese travelers, a source told CNBC Tuesday.
USA tariffs on Canadian steel and aluminum would be "very harmful" for industry and workers in both countries, he added. That's set off a race for USA allies to plead for special treatment, while China has warned of "strong" measures to protect its interests.
Approximately seven percent of the UK's steel output, or 350,000 tonnes, was exported to the USA in 2017. Instead of letting USA metal makers charge higher prices to other American industries, the government could focus on helping to raise exports. Standing with Trump are workers, left, Vice President Mike Pence, Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross.
While there will be initially "higher import prices and substitution toward higher domestic prices", that will be followed by disinflationary effects when tariffs diminish demand, said Derek Holt, an economist at Scotiabank in Toronto.
Canada sent troops into the losing Afghan War to persuade the Americans to keep the border open to trade. In contrast, Chinese steel comprises just 2% of all American steel imports.
The writer is blog editor for the United Steel Workers.
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