Trump says Commerce Secretary will talk tariffs with EU

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Last week President Trump dialed back his earlier call for a punitive and blanket tariff on imported steel and aluminum.

Even with an exemption for Australia ("mates rates"), the reprieve will not be worth it if a Trump-induced global trade war breaks out.

"We're doing tariffs on steel". But he exempted Canada and Mexico and held out the possibility of excluding other allies.

In the end, Trump's tariffs might help him win the battle for Ohio, Michigan, Pennsylvania or Wisconsin, but they will lose him the war in terms of trade. "NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A".

Philip Levy, a former trade adviser in President George W. Bush's administration, said the flaw in Trump basing his tariffs on national security was that military allies could ask to be excluded, undermining the president's stated objective of protecting domestic steel and aluminum mill jobs.

The EU's detached elite is singularly unaware of the poverty their customs fortress contributes to around the world - including even sections of USA society - so we should be grateful to President Trump that he is calling them out and seeking to establish free trade that is equitable to everyone.

Such import taxes on cars would be especially problematic for Germany, a German foreign trade expert said on Sunday.

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Trump on Thursday signed tariffs of 25 percent on steel and 10 percent on aluminum imports.

Let's say a country slaps a 20 percent tariff on imports of beef. "It's not the way to do business".

"Not fair to our farmers and manufacturers", he said.

In signing the order last week, the President made it clear that if Canada and Mexico made concessions during the NFTA negotiations, they would be exempted from the tariffs.

The American president made his comments after crunch talks in Brussels between European Union negotiators and US Trade Representative Robert Lighthizer in an effort to defuse a bitter row that many fear could turn into an all-out trade war. But the administration has yet to provide any clarity on what that would look like. A new round of North American Free Trade Agreement (NAFTA) talks ended this Monday, and by the time trade officials were wrapping up their week-long session in Mexico City, President TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out "subversion" at VA MORE torpedoed the entire enterprise. Imports grew at double-digit rates in 2017, the report noted, and the US now imports more than 30% of the steel it consumes.

The Commission refuses to negotiate over the issue, believing that Trump's tariffs are an attack on global trade rules and principles.

"We are anxious (about) the possibility of having a trade war between the United States and the European Union because we believe that there will be only losers". If the USA is isolated, it could actually be good for Australia.

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"The U.S. was looking to close as many (NAFTA) chapters as possible".

"All of a sudden you've forced them to deal politically with their own backlash at home", said Chad Bown, a senior fellow at the Peterson Institute for International Economics.

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.

The two also met with Japan's Minister of Economy, Trade and Industry of Japan Hiroshige Seko, and all three pledged in a statement afterward to work together to fight dumping that hurts jobs and industries around the world.

More surprising may be the outrage in the US from groups that have traditionally backed the president.

This transfer is usually economically inefficient because the benefits that domestic producers receive from a tariff will generally be less than the costs to domestic consumers. And yet they send their cars and everything else back into the USA, he said.

"This thing is going to drag into the summer and into the fall", Schwebel said.

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Jakob Hanke and Hans von der Burchard contributed to this article.

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