Monday, 25 June, 2018

British PM tells Trump steel tariffs are 'unjustified'

China-US-TRADE-DIPLOMACY The two parties did not issue a joint statement after the talks
| 06 June, 2018, 03:30

"They agreed to discuss this and wider issues of free and fair global trade further at the G7 summit later this week", he added.

Following news of the new Mexican tariffs, which take effect immediately, the peso tumbled to its weakest level since February 2017, making it one of the worst performers among major currencies.

The move has also dismayed some domestic businesses, including pork producers, who now face a 20% tariff on exporting leg and shoulder to Mexico.

Mexico's economy ministry said on Monday it would start a dispute settlement process at the World Trade Organization over the us tariffs, joining the European Union in seeking WTO involvement against the new measures.

Numerous products targeted are produced by exporters in states that are politically important to United States President Donald Trump. Former Senate Majority Leader Harry Reid regularly attacked Republicans for what he called a "Koch addiction".

Trump has accused Canada of ripping off the United States through unfair trade practices, and Canadian officials have said Trump is using inaccurate information to attack a US ally.

"We will continue to make arguments based on logic and common sense and hope that they eventually will prevail against an administration that doesn't always align itself around those principles", says Trudeau.

He has pushed for China to open its markets more to USA agricultural exports, which would give Trump a win to brag about and likely boost his chances of winning farm states like Iowa in the 2020 election.

Chicago Mercantile Exchange hog futures at one point fell more than 2 percent following the Mexico pork tariff announcement.

"If the numbers are accurate, an additional $70 billion in US exports to China would be considerable - a 50 percent increase in USA exports from 2017 levels", Chad Bown, a senior fellow at the Peterson Institute for International Economics, said in an email.


In a statement released early Monday, the White House said the talks focused on reducing the United States' trade deficit by selling more agricultural and energy products to China.

The tariff increases are created to hit areas that are politically favourable to Trump, such as pork production, Mexican experts said.

The weekend brought no evidence that the world is stepping back from a damaging trade war.

In fact, the USA version first mentioned Trump's June 12 summit with North Korean leader Kim Jong Un and the situation in Syria, as well as "Iran's destabilizing behavior, including in Yemen and Syria".

The Mexican peso dropped to its weakest level since February 2017 following the government's announcement, to trade at more than 20 to the United States dollar.

Trump's decision to penalize some of America's best friends is consistent with his approach of pressing allies and wooing foes, betting he can extract things from both to benefit the United States - and his resume.

"China behaves logically, because the USA trade deficit is the result of the inefficient American economy", the Russian academic opined.

On Friday, he imposed 25 per cent tariffs on steel imports and 10 per cent on aluminium imports from Mexico. Last week Washington said it was ending a two-month exemption it had granted to imports from Canada, Mexico and the European Union. Canada has also strongly objected to the metals tariffs. Multiple U.S. states will be significantly affected by this move. "It's a measure that Mexico has a right to in accordance with the trade agreement to compensate for the damage caused by the [United States'] tariffs, which they set under the alleged argument of national security", he said.

Mexico, for example, has said it will penalize USA imports including pork, apples, grapes and cheeses.

"I don't know that it was unforeseen", Fryhover said.

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