Justin Trudeau Says Tariff Exemptions And NAFTA Deal Are Not Linked

Australia set to secure exemption from US tariffs

The exemption of Mexico from President Donald Trump's tariffs on steel and aluminum was a lifeline for the renegotiation of the North American Free Trade Agreement, but at the same time Mexican officials fear the tariff issue could be used as a bargaining chip to force concessions in the broader auto sector.

What is unfolding before us is also a good reminder that we need to make a complete review of trade policy per se the USA under Trump.

Australia's fair trade relationship with the USA could be held up as an example of what President Donald Trump hopes to achieve with other nations, Malcolm Turnbull believes.

"Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the United States of America". Big Deficit. If not, we Tax Cars etc.

Those talks will have to resume next week after failing to yield assurances on whether the European Union and Japan would be spared the 25 per cent tariffs on steel and 10 percent tariffs on aluminium. Chinese commerce minister Zhong Shan said, "There are no winners in a trade war".

Gary Cohn resigned from his position as national economic director at the White House in the wake of the tariff announcement.

And Douglas Porter, chief economist at the Bank of Montreal added, "We're pretty consistently flabbergasted that Canada is at the top of the hit parade of trade villains in Trump's eyes".

He said other countries could be spared the tariffs if they can convince the USA government that their steel and aluminum exports don't threaten American industry.

The result is that even some of the U.S.'s closest trading partners are bewildered about where the announcement leaves them.

With backing from Trump, a rise in US import tariffs will allow him to deliver on his campaign promise of protecting U.S.jobs, gaining much needed support as he approaches the half way point in his term of office.

In seeking to win a respite from the tariffs, American allies tried a mix of persuasion, threats, personal appeals, and diplomatic leverage. It was still hoping for clearer indications about the exemption process. "While we strongly urge the President to reconsider this action, at minimum we hope that the administration will look to create an efficient exemption process for qualified USA companies in order to alleviate the harm that will be caused by the imposition of this tariff".

Asked about Trump's tweet, the European Union in a statement said that "no further meetings as such are planned at the moment".

In a phone call from the smelter town, Trudeau thanked Trump for the "special consideration" extended to Canada on the tariffs, and emphasized the importance of preserving "mutually beneficial" supply chains to support jobs and businesses on both sides of the border, his office said.

Critics point out that the tariffs will do more harm than good to the overall U.S. economy. "Industries that are net consumers of steel and aluminum in the US now face cost disadvantages relative to their global competitors, especially at a time when the labor market is tight and wage inflation is picking up", he wrote. The outbreak of trade wars will act like a tax on USA consumers and negatively impact millions of U.S.jobs.

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