European Union hits out at trade 'bullies' as Donald Trump row deepens


"This week, I will travel across Canada to meet with the workers and businesses at the heart of our country's world-class steel and aluminum industries".

Trump has singled out Europe in the billowing trade row, threatening to tax German cars if the European Union doesn't lower barriers to U.S. products.

The tarrifs, which saw 25 per cent imposed on steel and 10 per cent on aluminium, have been welcomed by Australian steel manufacturers like BlueScope and have offered assurances the US-Australia alliance is as strong as ever, according to Turnbull. Yet privately, many nations are moving to consider trade concessions that would exempt them from the USA tariffs.

Freeland notes the written presidential proclamation putting them in place does not. This move has been criticised by major trading partners of The States.

It is not too much to say that no other country would suffer more from USA tariffs than South Korea, which is too dependent on exports for economic growth. One convincing argument is that the tariffs - whereas they would provide a shield to the U.S. steel industry - will increase steel prices, which will backfire on consumers and industries using steel, including the auto industry. Big Deficit. If not, we Tax Cars etc.

Exporting just over A$400 million ($314.32 million) a year ago, Australia is a relatively small supplier of steel and aluminum to the United States. "It's not the way to do business".

Proponents of tariffs say, "Yes, American consumers have to pay higher prices, but American jobs will be saved".

There's no indication from the American President that he'll stop at simply raising the metal bar. Canada and Mexico were temporarily exempted pending a NAFTA agreement and rumors over the weekend indicated Australia may be next to escape.

Minister Hiroshige Seko told a news conference his USA counterpart Robert Lighthizer had only explained the schedule and procedure of the US actions in talks in Brussels. But the administration has yet to provide any clarity on what that would look like.

After pressure from allies, the United States has opened the way for more exemptions from tariffs of 25 percent on steel imports and 10 percent on aluminium that US President Donald Trump set last week. "It could disrupt the steel and aluminum markets of the world and have a negative impact", Seko told reporters after his meeting with U.S. Trade Representative Lighthizer in which he sought an exemption for Japanese producers.

European steel and aluminum associations have warned that the USA tariffs could cost their sectors thousands of jobs.

Moreover, in my judgment, dire predictions that this latest round of steel tariffs will spark a trade war with other nations are overblown. "And we think that's not good news".

Complicating matters, Trump indicated that the sparing of Australia was linked to an unspecified "security agreement" outside of trade policy.

At a minimum, implementing Trump's tariffs could slow our economy; at worst, with retaliation from overseas, the tariffs could negate all the economic gains that Trump's other policies have generated. He should drop his threat of tariffs and find other, more effective and less disruptive ways to boost the fortunes of America's workers.

South Korea's trade ministry said last week it will take a dispute to the World Trade Organization against the United States for imposing high anti-dumping duties on South Korean steel and transformers. We both benefit from the transaction, but they benefit more than we do. "So nobody owes him anything, and that makes it a lot easier for them to retaliate".

Rim countries without USA involvement, a deal that will permit, among other things, more foreign auto imports into Canada - which has already infuriated US automakers and Canada's auto workers. There will be consequences, though, and US companies that buy steel to make lawn mowers, hand tools and other products will feel the impact. "It is bad for European citizens, for Dutch citizens and it will turn out bad for USA citizens as well". It agrees with ACC that the tariffs will be harmful to competitiveness. But seriously, taking into account how much non-Trumpite Republicans have already swallowed from this White House, they seem genuinely frightened by Navarro. The idea here is very simple: If you have a really nice restaurant that every one lines up to get into on a Saturday night, a good businessman raises the prices on the menu.

Fight Back!: Before you go, I wanted to ask you about China.