WTO chief warns against tipping 'first dominoes' in trade war


He made the comments as the United States, Canada and Mexico were wrapping up their latest round of talks on revamping the 1994 NAFTA deal, and as usa and world shares dipped again, partly on concerns that Trump's tariff plan could spark a global trade war.

The current round of Nafta talks, which focus on updating the 24-year old treaty, are due to finish on Monday and have achieved little. NAFTA, which is under renegotiation right now, has been a bad deal for United States of America.

"But we are fair and reciprocal traders and the World Trade Organization I think needs to change with the times", he said. "This law encourages the White House to monitor the effects of tariffs like this, to continue to adjust and tailor and exempt in a way that strengthens the goal, which is unfairly traded products and steel and aluminum".

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"We're going to build our steel industry back, we're going to build our aluminum industry back". "Highly restrictive. Mexico must do much more on stopping drugs from pouring into the U.S".

Speaker of the House Paul Ryan, R-Wis., meets with reporters following a GOP strategy session at the Capitol in Washington, Feb. 14, 2018. Republicans on Capitol Hill have implored Trump not to tear up NAFTA or impose the tariffs.

But the U.S. leader who prides himself on his ability to negotiate business deals, and last week said trade wars were "good, and easy to win", said the tariffs could depend on the outcome of the NAFTA talks.

"We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan", Mr Ryan's spokeswoman AshLee Strong said.

But on "Fox and Friends" Monday morning, White House trade adviser Peter Navarro made it clear that the president is still pursuing the tariffs for all countries.

However, senior lawmakers from Trump's Republican Party have urged Trump to reconsider imposing the tariffs, raising questions about whether they will be implemented at all. He is expected to reveal more details later this week.

"I don't think you'll have a trade war", Mr. Trump said.

White House press secretary Sarah Huckabee Sanders said on Monday that President Trump is "very confident" the USA would win any trade war.

The president on Monday indicated he might consider exempting Canada and Mexico from global steel and aluminum tariffs if he likes the outcome of pending trade talks.

The president said in December that he corrected Canadian Prime Minister Justin Trudeau on this matter when they spoke.

In 2002, then-President George W. Bush attempted to safeguard US steelmakers by imposing a more limited tariff of up to 30 percent - Canada and Mexico were exempt from the rule.

Last week, the European Commission President Jean Claude-Junker threatened retaliatory duty hikes on products manufactured in key Republican states "as well as orange juice from Florida, a critical swing state in elections", says The Daily Telegraph. "Millions of people addicted and dying", Trump wrote. ArcelorMittal is one of the world's largest steelmakers, with plants in Europe and Asia as well as the Americas; S&P didn't estimate the net impact of tariffs on foreign and multinational companies.

Trump administration officials frequently refer to the deficit in goods alone, excluding the offset from dominant United States services exports of things like banking and insurance.

The facts: No, the trade deficit is not $800 billion. Graham says "China is winning and we're losing with this tariff regime". "We're going to take care of it", he said.

During a meeting with CEOs and business leaders from the steel and aluminum industries last week, Trump announced tariffs were imminent.

But these measures have largely been ineffective as China found several workarounds, such as shipping steel to South Korea, then exporting to the USA and Europe.