Published: Tue, June 05, 2018
Markets | By Erika Turner

May tells Trump that United States tariffs on European Union steel are unjustified

May tells Trump that United States tariffs on European Union steel are unjustified

Bernie Sanders issued a statement accusing the president of recklessly starting a trade war with American allies while causing economic pain to USA farmers, manufacturers, and consumers. If not, an all-out trade war may become unavoidable. "In this case, it is simply a response to a first action", Guajardo told Mexican radio. In theory, taxing items coming into the country (imports) makes people less likely to buy them as they become more expensive. Trudeau says the Trump team made a new demand insisting that any new NAFTA deal expire after only five years.

"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 US and throughout the world", Sanders continued.

China reiterated its threat on Sunday in the wake of the Trump administration saying the trade war was "on hold" and then back on again.

"We're actually going to see hardship happening on both sides, well particularly on the American side of the border, as the unintended consequences of putting trade tariffs on their closest ally and trading partner begin to be felt".

US Treasury Secretary Steven Mnuchin was the prime target of the criticism at the meeting of Group of Seven finance ministers.

He told MPs: "It is right to seek to defend our domestic industries from both the direct and indirect impacts of these U.S. tariffs.it's important that the United Kingdom and the European Union work within the boundaries of the rules-based global trading system". Besides imposing steel and aluminum tariffs on June 1, it's reported that Trump is also considering imposing tariffs on imported motor vehicles and auto parts.

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Canada announced tariffs on U.S. goods in response to President Donald Trump's steel and aluminum tariffs. But as U.S. Commerce Secretary Wilbur Ross conceded Thursday, as far as Canada is concerned, Ottawa's refusal to give sufficient ground on NAFTA was the reason. On Saturday, the president tweeted that the United States had been "ripped off by other countries for years on trade".

Lawrence Herman, a former Canadian diplomat, wrote in The Globe and Mail newspaper: "The Trump administration's announcement of punitive tariffs on Canadian steel and aluminum means we're into a full-blown economic and political war with the Americans".

And former Iowa Governor Terry Branstad was appointed USA ambassador to China in part because of his agricultural ties. Business leaders in the USA and Canada say that wouldn't offer the stability or predictability companies need. They came into effect on Friday.

Trudeau is to meet with Trump next week if the president attends the G7 leaders summit in Quebec as expected, and the prime minister says his message will be that Canada is polite but not a punching bag for the president.

According to a Reuters report, Japanese Finance Minister Taro Aso called the usa tariff actions "deeply deplorable". Canada's steelmakers send $7 billion in steel shipments to USA annually and employ 22,000 people.

Asked Friday about how the measures affect relations with the United States, Trudeau said it marked "a bit of a turning point, but we've always known that this administration is unpredictable".

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