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etvfutures.com May 22, 2018


Trump's new tariffs just got a brutal review

13 March 2018, 09:52 | Lucia Cruz

Trump hints that Mexico and Canada could be exempt from steel and aluminum tariffs – but only if they give ground on NAFTA

Trump says he'll remove tariffs if NAFTA deal can be reworked

President Trump on Monday said that despite imposing new tariffs on imports of steel and aluminum, there's no need to worry about a trade war.

Trump's surprise announcement last week that he plans to impose tariffs of 25% on steel imports and 10% on aluminium, sparked a fierce global response, including from NAFTA partners Canada and Mexico.

The three NAFTA partners — Canada, Mexico and the United States — have been locked in talks aimed at possibly revamping the trade deal, but no clear framework has so far emerged. Massive relocation of companies & jobs, ' Trump tweeted.

Those tariffs could be removed for Canada and Mexico if they signed a "new and fair" agreement, he suggested. Finance Minster Bill Morneau also said recently that Canada has been "firm" in its opposition to tariffs. "Highly restrictive. Mexico must do much more on stopping drugs from pouring into the U.S". Millions of people addicted and dying, ” Trump alleged.

"I don't think we'll have a trade war", the president said.

Trump is expected to finalize the tariffs later in the week, posing a tough challenge for US Trade Representative Robert Lighthizer, Canada's Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo.

This is for benefit of you too, Raila assures Nasa chiefs
The meeting comes amid concerns of a fallout in the coalition, with political pundits saying the move by Mr. The threat came days after Mr Odinga said he had been betrayed .


The President opened the door to exempting the two countries from the planned tariffs, telling reporters, "that would be, I would imagine, one of the points that we'll negotiate".

"People have to understand, our country, on trade, has been ripped off by virtually every country in the world, whether it's friend or enemy - everybody", Trump said ahead of talks with Israeli Prime Minister Benjamin Netanyahu at the White House. He took a more measured tone in the Oval Office on Monday, saying that he didn't think there would be a trade war.

GM stocks have dropped 8.5 percent, according to CNBC, even though the company issued a statement saying "We purchase over 90 percent of our steel for USA production from USA suppliers".

"I don't see that changing anytime soon but I am anxious about this sort of sentiment shift, that people all around the world might suddenly say free trade is not good for the world, and that would be particularly bad for a trading company like BHP and a trading nation like Australia". Some American producers, including those that make bourbon, blue jeans and Harley Davidson motorcycles, worry that a trade war with Europe and other nations will harm their exports.

German vehicle companies urged policymakers on Monday to avoid a trade war with the United States "at all costs". He has vowed to use whatever tools necessary to change this, but many economists and others warn that tariffs and protectionist policies could hurt the overall US economy.



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