March 23, 2018

Automakers may seek to water down Trump tariffs

14 March 2018, 04:24 | Taylor George

Donald Trump offers Canada Exemption from Metal Tariffs

Trump set to authorize steel, aluminum tariffs on Thursday

While ministers from Mexico, Canada and the United States met in the Mexican capital to culminate the 7th round of negotiation of the North American Free Trade Agreement (NAFTA), the president was on the offensive.

Even Canadians not involved in the steel and aluminum industry would feel the impact, since steel and aluminum products imported from the USA would see their prices increase under new tariffs.

"I think everybody else really doesn't want a trade war with the USA, and they don't want a sharp decline in global trade", he said, predicting that the countries affected will make efforts to de-escalate the trade disputes. The president made his announcement the same day that officials from 11 other Pacific Rim countries signed a sweeping trade agreement that came together after he pulled the US out of the Trans-Pacific Partnership past year. The Almond Board of California is aware of the European Union's list of potential products that could be targeted for a retaliatory tariff, the organization said in its March 2018 newsletter. In the event he exempted Canada and Mexico.

The EU's trade commissioner Cecilia Malmstrom said the bloc should be excluded from the measures and she would meet USA trade representative Robert Lighthizer to discuss the situation on Saturday.

David Bailey, professor of industrial strategy at Aston Business School in the United Kingdom, said that the first step could involve the European Union demonstrating that its steel and aluminum exports are not a national security threat.

In my view trade rules must be followed and if counties violate those trade rules they need to be held accountable. "Europe is certainly not a threat to American internal security so we expect to be excluded", European trade Commissioner Cecilia Malmstrom said in Brussels.

Another casualty in a pending trade war will be American exporters.

"I think tariffs ought to be used in a very selective way", U.S. Sen. Chrystia also said the Canadian Officials have worked tirelessly with counterparts from the United States in order to secure an exemption from the tariff scheme.

More than 100 Republican lawmakers have signed a letter to Trump expressing "deep concern" about the policy, which they warned could "undermine" economic gains from the president's own tax reforms.

"We are on the losing side of nearly all trade deals", the president tweeted.

One lever that China has is us agricultural exports and it has said in the past that it could target soybeans.

The end is closer for Toys R Us
The toy store giant and its companion stores Babies R' Us could all shut down by this week, according to published reports. Company executives have said those stores would begin liquidating inventory in February and be closed by mid-April.

World stocks inch higher ahead of US inflation data
Within the February numbers, there were signs that price pressures were running hotter than they had been at this point in 2017. Soumya Kanti Ghosh, the state-owned lender said the 7.5 percent jump was due to steep growth in manufacturing and electricity.

Xiaomi Redmi 5 set to launch today
The e-commerce site is already displaying a banner on its homepage that suggests the Redmi 5 will be an Amazon-exclusive device. The phone comes in three variants, 2GB RAM +16GB storage, 3GB RAM + 32GB storage and a 4GB RAM variant with 32GB storage.

The prime minister is hoping the rumours are true.

Trump called the "aggressive" foreign trade practices an "assault on our country".

"While U.S. steel production capacity has remained flat since 2001, other steel-producing nations have increased their production capacity, with China alone able to produce as much steel as the rest of the world combined", the U.S. Department of Commerce reported.

Beijing vowed to "firmly defend its legitimate rights and interests".

Trump says a 25 percent tariff will be added to steel and a 10 percent tariff will apply to aluminum.

The United States is the world's largest importer of steel, with four times as many imports as exports.

While there are several factors behind the rising deficit with its non-FTA partners, the simple fact is that the FTAs the USA have clinched - comprising 40 percent of its total trade - have opened markets to the benefit of US exporters.

"He may be globalist, but I still like him", Trump joked on Thursday, alluding to an ideological clash within his administration that the "nationalists" appear to have decisively won.

US automakers hope that there the is scope for workarounds for companies whose raw material costs will be impacted by a 25 per cent levy on steel and 10 per cent on aluminum announced by Trump.

The administration clarified this week that Canada, the largest single source of imported steel (about 16 percent), would be exempt, as would Mexico (about 9 percent).

Other News

Trending Now

Congress leaders turn up at Kejriwal's all party meet, BJP boycotts
His tweet said, "Due to the fake fights and the collusion between BJP and AAP, traders are facing a lot of damage". He said that another meeting would be called on the issue of sealing if the BJP is willing to attend it.

AfDB moves to propel solar energy development in Africa
During construction, the project will provide up to 250 jobs, many of which will be union labor, the partners note. At least 23 out of these 27 projects for which India has offered financial assistance are in African countries.

Marcus Smart Out Indefinitely With A Torn Tendon In His Right Thumb
Smart scored 20 points with eight assists, seven rebounds and four steals against the Pacers on Sunday (Monday, PHL time). ESPN's Adrian Wojnarowski reported it first, noting the injury was being called a sprain but was still under scrutiny.

Analysts Suggest to Hold stock: QTS Realty Trust, Inc. (QTS)
Sweeney, CEO, sold 9,241 with an average share price of $18.51 per share and the total transaction amounting to $171,050.91. Finally, Allianz Asset Management GmbH lifted its position in shares of Vornado Realty Trust by 3.9% in the fourth quarter.