Trump Is About To Seriously Screw Over Canada


Australian Workers Union national secretary Daniel Walton urged the Government to do more to protect Australian steel and aluminium industries from the tariffs and potential dumping from other countries.

Australia's Prime Minister Malcolm Turnbull spoke out strongly against import barriers Sunday, calling it a "dead end".

Oh, oh, look out!

On the other hand, if these tariffs are the first shot in a prolonged trade war that spirals out of control, the economic damage could be far more severe.

German Chancellor Angela Merkel's spokesman warned the tariffs could lead to a global trade war which "can't be in anyone's interest". Canberra has sought to be exempt from the hefty tariffs, citing an understanding reached with the United States at G20 meetings past year. "In the case of tariffs on things like steel or aluminum, our point is that we are an important part of the value chain, we're an important provider of those products and can be very important in making sure the United States industry has access to the kind of products they need".

"We've seen... over the last 48 hours commentary from Canada, from the European Union".

U.S. President Donald Trump increased pressure on Canada and Mexico over trade on Monday, saying the two could avoid being caught in his planned hefty tariffs on steel and aluminium imports if they ceded ground to Washington in talks on a new NAFTA trade deal.

U.S. Steel fell as much as 6.1 per cent, a day after climbing 5.8 per cent. Trump had been trying to force Canada and Mexico into significant concessions in NAFTA talks all during this process, with little success.

"FYI" wrote Strong in the subject line on an email, including the full text of the article that noted, "Stocks opened lower on Monday as investors mulled over potential US steel and aluminum tariffs".

Canada is the largest USA trading partner and a year ago shipped $7.2 billion worth of aluminum and $4.3 billion of steel to the United States. A broader selloff in stocks underscored concerns over the economic impact of the move, suggesting gains for US metal producers may not be clear cut, and that Trump faces pushback as he attempts to fill in details of the action.

Australia was already seeing the effects of Trump's threats on Friday.

Theresa May has told Donald Trump of her "deep concern" over his plans to introduce tariffs on U.S. steel and aluminium imports. How Mr. Trump's tariffs will play out in that regard remains to be seen, as he has offered few details. Business Roundtable, a lobbying group, says the national security justification is a stretch. NAFTA is in jeopardy and now other world leaders are weighing in.

- Corporate America warns Trump that such tariffs could backfire.

"All we are asking for is fair and reciprocal trade", Mr. Navarro said on "Fox News Sunday".

The push on metals may be only the early stages, with "far more critical decisions" coming up on China's alleged abuse of intellectual property under section 301, Innes said in a note.

There was always a chance that Trump "could amend his initial announcement" to take account of the concerns expressed about it, said a source familiar with the internal debate at the White House.

Anheuser-Busch InBev NV, the world's largest beer maker, warned that Mr Trump's plan was "going to put jobs at risk and would be against the United States consumer".

The Pentagon recommended "targeted" tariffs, so as not to upset partners. Canada is the largest exporter of steel and aluminum to the United States, supplying $7.2 billion worth of aluminum and $4.3 billion of steel past year.