Trump, Canada tariffs: States that would lose the most exports
07 June, 2018, 14:58 | Author: Mable Gonzales
Larry Kudlow, the US President's top economic adviser said that the new tariff decision taken by the US has nothing to do against the friendship and longstanding alliance that the country has with Canada. The tariff rates are published by the U.S. International Trade Commission in the Harmonized Tariff Schedule, which lists U.S. tariffs on everything from dried plantains (1.4 per cent) to parachutes (3 per cent).
According to The Washington Post, the tension between the two countries are likely to intensify in the coming days. U.S. Commerce Department numbers show the U.S. recorded a trade surplus with Canada for each of the past three years.
Trudeau said he and Trump were planning to meet this week because a Nafta deal was in reach. It sells the USA more steel and aluminum than anyone else, in part because of deeply integrated auto and defense sectors.
Morneau, however, insists NAFTA and the tariffs are separate issues, because the US applied the duties under the guise that Canada is a security risk.
During his visit, Ross looked to build on a vague joint statement released May 19 after negotiations in Washington. The official said a range of issues remain to be resolved but the US looks forward to continuing the negotiations with Canada. "This is the first time that the Trump administration has imposed meaningful tariffs on imports from these major trading partners". "The U.S. has been ripped off by other countries for years on Trade, time to get smart".
Trudeau replied he wants to follow through on the consultations while trying to persuade the U.S.to drop the tariffs.
In the fiscal year that ended September 30, the USA government collected $34.6 billion in customs duties and fees.
Announcing the meeting's close, Canadian Finance Minister Bill Morneau said the host government and five others had urged Mnuchin to relay their "unanimous concern and disappointment".
Prime Minister Justin Trudeau says it is "insulting" that President Donald Trump says Canada's steel industry poses a national security risk to the United States.
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The complaint, which aired Sunday on NBC's "Meet the Press", was a dramatic departure from the conciliatory approach Trudeau has shown to President Donald Trump over the a year ago, and signaled the growing pushback from US allies to the protectionist trade policies. Initially announced in March, the levies took effect Friday.
Following this, Canada filed a complaint at the WTO over Trump's tariffs. "But we see no sign of that in this action today".
Trudeau earlier deplored a decision by Trump to impose tariffs on steel and aluminum imports. The White House said in a summary of the call that Trump pressed May on the need to "rebalance trade" with Europe.
Trudeau said he'd refused to go because of the "totally unacceptable" precondition. China has threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in U.S. goods - as have Canadian, EU and Mexican authorities.
The confrontation, he warned, will hurt consumers and workers on both sides of the border.
Roland Paris, an academic and former Trudeau foreign policy adviser, said he declined a meeting with the USA embassy on principle to protest the "apalling" actions. He said he wanted to ensure that the Canadian and U.S. aluminium sectors work together to become an efficient North American unit that can "successfully compete with China and anyone else in the rest of the world".
"I have every expectation that our other allies around the table will express the same sentiment".
Trump's decision to levy a 25% tariff on steel and a 10% duty on aluminum last week drew howls from numerous same leaders the president will meet at the first Group of 7 summit since last year's meeting in Italy.
In theory, taxing items coming into the country (imports) makes people less likely to buy them as they become more expensive. The U.S. has been in trade negotiations with Mexico and Canada for months over the North American Free Trade Agreement.
Those penalties will remain in place "until the United States government eliminates tariffs imposed", Mexico's government said. Chicago Mercantile Exchange hog futures at one point fell more than 2 percent following the Mexico pork tariff announcement.
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