Amid fears over trade war, Japan pushes for US tariff exemptions

Arturo Kim
June 1, 2018

The BBC says he has "justified the tariffs by arguing that United States steel and aluminium producers are vital to national security and threatened by a global supply glut".

Tata Steel Europe urged the EU Commission to "take swift and robust action to combat the indirect effects" of the tariffs.

"It's clearly going to have a negative impact on all the users of steel throughout the economy", said Emily J. Blanchard, an associate professor of business administration at Dartmouth University's Tuck School of Business.

Germany's Volkswagen, Europe's largest automaker, is warning the Trump administration's decision to impose tariffs on aluminum and steel imports from Canada, Mexico, and the European Union could start a trade war that no side would win. U.S. trading partners had demanded that the exemptions be extended or made permanent.

He also imposed a 10 percent tariff on aluminum imports.

In a statement, Mr Gardiner said national security was being used as an excuse for the "unjustified" tariffs, which present a "grave threat" to thousands of United Kingdom jobs.

The Trump administration's decision to impose punishing new tariffs on Canadian steel and aluminum could have dire consequences for Canada's defence sector and drive up the price of new military equipment, federal ministers said Thursday.

"US steel consumers are already reporting price increases and supply chain disruption and with some half-billion dollars of steel exported from the United Kingdom to U.S. previous year, United Kingdom steel producers are going to be hit hard".

Amid fears the tariffs will deal a huge blow to the struggling UK steel industry, some political figures and prominent UK journalists have flocked to Twitter to condemn the Brexiteers for putting the UK at risk of being "eaten alive" by trade tariffs once it leaves the EU.

"This is a bad day for world trade", he said.

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Canadian Prime Minister Justin Trudeau called the move "totally unacceptable", while in London a spokesperson for Theresa May said the British government was "deeply disappointed". Permanent exemption for Canad and Mexico, meanwhile, was said to hinge on a resolution to a renegotiation of the North American Free Trade Agreement, which has yet to materialize.

The EU said it would take action through the World Trade Organisation, setting in motion a process aimed at settling the dispute over the penalties.

See the full list of products that are now subject to tariffs.

But he said US Vice-President Mike Pence told him on Tuesday that as a precondition for that meeting, Trudeau would have to agree to a five-year sunset clause.

According to Navarro, the president's decision to end the exemptions is not about China or unfair trade but more about defending the US against countries who are running a large trade surplus at the expense of American jobs.

Mexico complained that the tariffs will "distort global trade" and said it will penalize U.S. imports including pork, apples, grapes, cheeses and flat steel.

The British government said it was "deeply disappointed" and the United Kingdom and other European Union countries "should be permanently and fully exempted" from the tariffs.

Trudeau said that in NAFTA talks, Canada, the United States and Mexico had come so close to a deal he had offered to meet Trump in Washington.

He said the government and European Union should work closely on counter-measures. Macron pledged the riposte would be "firm" and "proportionate" and in line with World Trade Organization rules.

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