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Trump, Macron Discussed Need to Rebalance Trade With Europe - White House

04 June 2018, 12:54 | Marta Robbins

US risks sparking global trade war

UK exports in 2017 by commodity

"I am deeply disappointed at the unjustified decision by the United States to apply tariffs to European Union steel and aluminium imports".

She said that the tariffs have got nothing to do with national security.

Britain has stressed the importance of United Kingdom steel to the American defense industry.

The European Commission, which coordinates trade policy for the 28 EU members, has said the bloc should be permanently exempted from the tariffs since it was not the cause of overcapacity in steel and aluminum.

The tariffs, set to take effect at midnight, happened to coincide with the Cansec trade show, in which numerous world's largest defence companies descend on Ottawa each year to pitch their wares to government.

Ross said there was "no longer a very precise date when they may be concluded", and that as a result, Canada and Mexico were added to the list of countries hit with tariffs.

Both sides also discussed global issues, including North Korea and Iran.

The EU threatened to make good on a threat it issued in March to impose tariffs on imports from the US that is 10 pages long, including everything from corn and tobacco, to T-shirts, Levi's jeans, bourbon, motor boats and various forms of steel.

Tariff exemptions continue to apply to Argentina, Brazil, and Australia, which have all agreed to restrict exports of steel and aluminum to the United States.

"I had to agree to a sunset clause in NAFTA, which is to say every five years, NAFTA would come to an end unless the parties chose to renew it, which is completely unacceptable to us", he said. "So now this door for the moment is closed".

"If players in the world don´t stick to the rule book the system might collapse", Malmstrom said.

The World Trade Organisation's former chief, Pascal Lamy, also said the damage would likely be limited in concrete terms.

Malmstrom said over-production from China, not Europe, was to blame for the glut of steel that prompted the United States action.

Europe hit back at the U.S. after President Donald Trump slapped tough tariffs on European steel and aluminium earlier this week.

European Union plots counterstrike to American tariffs
The US today announced the end of exemption on steel and aluminum tariffs on imports from European Union, Canada and Mexico . America, however, claims its tariffs are in the name of national security and that retaliation is therefore unjustified.

That announcement came about a month after the Canada Border Services Agency was granted extra powers to identify businesses that try to dodge import duties and ship cheap foreign steel and aluminum through the Canadian market. She said that China is to be blamed for the problems identified by the USA, and not the EU.

The lesson to be learned by Canadian industry is that the disputes aren't about fact, subsidy or national security, said Susan Yurkovich, president of the BC Lumber Trade Council. "It is pure protectionism".

The U.S. administration also launched a national security investigation last week into vehicle and truck imports, using the same 1962 law it has applied to curb incoming steel and aluminum."The Trump administration seems to regard overt threats, including tariffs and repudiation of previous agreements, as a key element for gaining leverage in trade negotiations", said Eswar Prasad, a former head of the International Monetary Fund's China division and now a professor at Cornell University.

And French Finance Minister Bruno Le Maire said Europe "will not negotiate with a gun to our heads".

The Geneva-based WTO confirmed to AFP they had received the EU´s complaint against the US.

Wang says he hopes a solution is found to the trade row.

Canadian Prime Minister Justin Trudeau has taken a more combative stand against the United States, even going so far as to accuse President Donald Trump of lacking "common sense".

That summit, which will be hosted by Prime Minister Justin Trudeau, will also mark Trump's first visit to Canada as president.

U.S. Treasury Secretary Steven Mnuchin failed to soothe the frustrations of his Group of Seven counterparts over the 25 percent steel and 10 percent aluminium tariffs that Washington imposed on Mexico, Canada and the European Union this week.

Maude on Friday told the BBC "this is stupid". Tariffs are not a good thing.

Dr Merkel said the measure "risks touching off spirals of escalation that in the end hurt everyone".

European Union trade commissioner Cecilia Malmstrom announced the bloc would take the USA to the World Trade Organisation to challenge the legality of the new tariffs, saying negotiations with Washington were not now possible.

In addition to Volkswagen vehicles, the company produces Audi, Porsche, and multiple other brands. That from Brussels, as the U.S. slaps tariffs on imports of steel and aluminium from the bloc. U.S. Commerce Secretary Wilbur Ross attended meetings at the Organization for Economic Cooperation and Development in Paris on Wednesday, and U.S. Trade Representative Robert Lighthizer joins discussions in Paris on Thursday.



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