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Trump economy should ease trade war fears, Peter Navarro says

04 Juin 2018

Trump first threatened to impose a 25 percent tariff on steel and a 10 percent tariff on aluminum on Canada, the European Union (EU) and Mexico in March to protect US industries and jobs.

President Trump tweeted on Friday that Canada had treated American farmers "very poorly" and that the country's trade policies are "highly restrictive". Prime Minister Trudeau says he thought the countries were close enough to a compromise that he tried to arrange a trip to Washington last week.

"I don't think our tariffs are anything to do with our friendship and longstanding alliance with Canada", Kudlow said.

Ohio Gov. John Kasich (R), who hasn't ruled out mounting a primary challenge against Trump in 2020, criticized the inaction to date of congressional Republican leaders nominally committed to free trade.

Economists, trade experts, and investors are all anxious that President Donald Trump's recent tariffs could be a problem for the U.S. economy.

The Canadian government announced retaliatory tariffs on USA goods that look to go beyond the value of USA tariffs on imports of Canadian steel and aluminum.

Mnuchin faced so much criticism from his counterparts that Japanese Finance Minister Taro Aso said he nearly "felt sorry" for the us finance chief. "It distracts from the underlying problems in the USA trading relationship with China while giving the Chinese more time to dominate the technologies of the future".

The targeted countries are considering retaliatory tariffs.

Steel industry executives, who met with Mr. Trudeau Monday afternoon, are also asking the Liberal government to throw up safeguards to block foreign steel diverted from the USA market from being redirected into Canada.

"We will work with industry and with partners in making sure that everyone's OK". The government says it is slapping tariffs on up to $16.6 billion in US imports.

Although the US government negotiated deals with Australia, Argentina, Brazil, and South Korea on steel and with Australia and Argentina on aluminum, the USA was unable to reach satisfactory arrangements with Canada, Mexico, or the European Union, according to the White House. But as U.S. Commerce Secretary Wilbur Ross conceded Thursday, as far as Canada is concerned, Ottawa's refusal to give sufficient ground on NAFTA was the reason. "Trump is responding to several decades of trade abuses here", he said.

At this time, the calling the shots as far as trade is concerned and US investors don't see any reason to abandon the bull market.

One executive in the steel service centre business said any federal aid should be distributed to manufacturers and other companies that will pay the duty on imported USA steel and not to steel mills in Canada.

In a statement issued by Canada following the meeting, the finance officials agreed "decisive action is needed" on the tariff issue at a the G7 leaders summit in Charlevoix, Quebec, next week.

But after totaling the value of Canada's list of U.S. goods subject to tariffs using import data, Business Insider found that the value of these exports is equal to roughly just over $15 billion USA dollars, or 19 billion Canadian dollars.

Canada, Mexico and the European Union combined exported $23bn worth of steel and aluminium to the USA in 2017 - almost half of the $48bn of total steel and aluminium imports past year. "It puts us in a position where we're defending first principles, which is Canadians' rights to a strong and healthy economy for their families".

"The fact that the president has moved forward with these tariffs is not just going to hurt Canadian jobs".

Trump economy should ease trade war fears, Peter Navarro says