teknolojiarsivi.com
teknolojiarsivi.com June 23, 2018


Chart: Trump’s new tariffs punish America’s closest allies

31 May 2018, 07:30 | Vickie Mathis

There are plenty of tariffs the European Union has on us. It is the top buyer of US aluminum and the second buyer of USA steel, the economy ministry said.

"Those talks are taking longer than we had hoped".

The 25% USA tariffs are due to come into effect on Friday morning United Kingdom time.

The three allies were previously given temporary exemptions from the duties - 25 percent on steel imports and 10 percent on aluminum.

U.S. Commerce Secretary Wilbur Ross attended meetings at the Organization for Economic Cooperation and Development in Paris on Wednesday, and U.S. Trade Representative Robert Lighthizer joins discussions in Paris on Thursday.

Rufus Yerxa, president of the National Foreign Trade Council in Washington, said the steel and aluminum decision would have much broader implications for the worldwide trading system.

"It's entirely up to USA authorities whether they want to enter into a trade conflict with their biggest partner, Europe", he said after meeting Mr Ross in Paris. "Sorry, it's time for a change", said Trump.

In language rarely used by a French official, Le Maire also said on Thursday that the USA should not treat the balance of global trade like a "gunfight at the O.K. Corral".

And Britain, which has hopes of agreeing a trade liberalisation deal with the U.S. after Brexit, expressed alarm at Ross's announcement.

The expansion builds on new funding announced in late April of an initial outlay of more than $30 million over five years to hire 40 new officers to investigate trade-related complaints, including those linked to steel and aluminum.


"It's not everyone attacking the other and we see who remains standing at the end", he said, declaring that the stiff taxes would be "unjustified, unjustifiable and dangerous".

The decision to impose tariffs came as a shock to Canada and Mexico, as both countries thought they would be spared from the levies because of earnest negotiations they have had with administration officials over NAFTA.

"Ultimately they do have a gun held to their head - they're being. pushed into a corner", said Mr Stace.

The Commission has said the European Union will set duties $3.4 billion of USA exports, including peanut butter and denim jeans, if its metals exports to the United States worth $7.5 billion are subject to tariffs.

The EU is the world's second-largest steel producer after China.

The tariffs - 25 percent on imports of steel and 10 percent on aluminum - take effect at midnight Friday.

The Trump administration has given permanent metals tariff exemptions to several countries including Australia, Argentina and South Korea, but in each case set import quotas.

The U.S. action widens a rift with America's closest allies, threatens to drive up prices for companies and consumers that buy steel and aluminum, heightens uncertainty for businesses and is already alarming investors in global financial markets.

China has already levied new taxes on $3bn worth of United States goods, including wine, as retaliation for the steel and aluminium tariffs.



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