Trudeau says NAFTA negotiations stalled after Pence demanded sunset clause

Trudeau says NAFTA negotiations stalled after Pence demanded sunset clause

British Prime Minister Theresa May on Friday said she was "deeply disappointed" at the unjustified decision by the United States to apply tariffs to European Union (EU) steel and aluminium imports.

Trump's move makes good on his campaign vows to crack down on trading partners that he claims exploit poorly negotiated trade agreements to run up big trade surpluses with the United States.

Mexico has already retaliated by levying measures on US farm and industrial products, targeting pork legs, apples, grapes and cheeses.

"But the situation is worrying, it could escalate and also the recovery, the economic recovery that we have seen lately not only in the European Union but also globally, risks of course to be diminished by this".

"The U.S.is playing a unsafe game", Malmström told reporters".

Canada, the largest supplier of steel to the United States, will impose tariffs covering C$16.6 billion ($12.8 billion) on U.S. imports, including whiskey, orange juice, steel, aluminium and other products.

"I strongly support imposing stiff penalties on countries like China, Russia, South Korea and Vietnam to prevent them from illegally dumping steel and aluminum into the USA and throughout the world".

All six of the other G7 countries are paying the tariffs, which are largely aimed at curbing excess production in China.

She added: "This is further weakening the transatlantic relations and it also increases the risk of severe turbulences in the markets globally".

The EU plans to tax things like whiskey and Harley motorcycles as it strikes back at the US.

The EU said these circumstances did not comply with the basic rights that companies should have under the WTO rules and disciplines, particularly under the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement).

The freshly introduced metal tariffs reportedly threaten €6.4 billion ($7.4 billion) worth of European exports to the US. "Do Timber & Lumber in USA?"

The U.S. tariffs coincide with - and could complicate - the Trump administration's separate fight over Beijing's strong-arm tactics to overtake U.S. technological supremacy. Throughout these talks, the USA has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU. American steel and aluminum workers need our help, and they need it now, but not at the expense of farmers, workers, small businesses and consumers in Vermont and throughout this country.

Justin Trudeau says he abandoned a proposed meeting with Donald Trump in Washington this week after the White House insisted that the prime minister first agree to a five-year "sunset clause" in a renegotiated North American Free Trade Agreement.

Trudeau said he regrets the action but said they must do it. He also launched the largest trade action that Canada has taken in eight decades. That's on par with the value of Canadian steel and aluminum exports to the United States.

Worries about the deepening trade tensions, however, were offset by a bullish report on the U.S. economy.

And the tariffs will allow domestic steel and aluminum producers to raise prices, squeezing companies - from automakers to can producers - that buy those metals.

Related Articles