EU, Canada And Mexico Threaten Tariffs To Retaliate Against U.S.

INDUSTRY Steel

The EU and China announced on Friday (1 June) that they would expand trade and investment cooperation amid the global trade dispute triggered by U.S. tariffs.

He said the Chinese government will continue engaging with the U.S. to find "a mutually beneficial outcome" to the trade dispute.

In Canada, Prime Minister Justin Trudeau said the tariffs were "totally unacceptable", and Canada announced plans to slap tariffs on $12.8 billion worth of US products, ranging from steel to yogurt and toilet paper.

The tariffs from both countries are not conducive to a good trade environment, Bank of Canada deputy governor Sylvain Leduc told reporters after a speech in Quebec City.

"These tariffs are a new US$347 million tax on the USA beer industry", CEO Jim McGreevy said in a statement.

While China is seen at more risk from a trade war because its exports are larger than its imports from the United States, operations of American companies in China make substantial sales there, which could be hit by any turn in sentiment. The tariffs are part of Trump's effort to protect USA industry and workers from what he described as unfair worldwide competition, a key theme of his "America First" agenda.

Berenberg Bank economist Holger Schmieding argued that the direct impact of a US-EU trade war on the world economy would actually be rather small.

Trump had offered the two US neighbors a permanent exemption from the steel and aluminum tariffs if they agreed to USA demands on NAFTA.

The U.S., China, Canada and European Union have all started reaching out to the Geneva-based organization.

Wang says he hopes a solution is found to the trade row.

British politicians have urged the government to act on steel tariffs imposed by the United States on the country's allies, saying it could be a "catastrophic blow" to the British industry.

Duterte will 'go to war' if China crosses 'red lines'
Before Singapore, Mattis is in Hawaii, where he will participate in a change of command ceremony at Pacific Command headquarters. China claims most of the South China Sea, through which about US$3-trillion worth of goods passes every year.

Maude urged the European Union to avoid a "tit-for-tat" response and instead stick "robustly to free trade".

Washington angered its major allies by slapping duties of 25 per cent and 10 per cent on imports of aluminium and steel. "Any government that embarks on a protectionist path inflicts the most damage on itself".

"We regret that our common work together at the level of the G7 has been put at risk by the decisions taken by the American administration on trade and on tariffs", he said.

"The inevitable result of putting these tariffs on imports will be to increase prices on consumer goods for its own citizens".

Faced with thin margins, automakers will have to make a hard choice: Pass along the 25 per cent tariff on steel and 10 per cent rate on aluminum and risk getting stuck with inventory, or absorb the increases and reduce profits, said Flavio Volpe, president of the Automotive Parts Manufacturers' Association. His administration has asked China specifically to reduce its trade surplus with the U.S.by $200 billion, more than half the 2017 total, which was a record-high $375 billion.

It cautions "any escalation is harmful to both sides".

US President Donald Trump and French President Emmanuel Macron discussed the need to rebalance trade between the United States and Europe during a phone call, the White House said in a press release on Friday.

Industry representatives were reluctant to comment publicly, with several saying it was too early to know for certain how they would be affected by the US tariffs - as well as the retaliatory measures introduced later in the day by the Trudeau government.

Macron's office said in a statement Friday that the two presidents spoke by phone after Trump's administration announced the decision Thursday to impose 25 percent tariffs on steel and 10 percent tariffs on aluminum.

The U.S. decision came despite last-minute talks in Paris this week to try to reach a deal.

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