Published: Sun, March 11, 2018
Business | By Kate Woods

China accuses Donald Trump of damaging global trade

China accuses Donald Trump of damaging global trade

The EU has proposed retaliatory measures against a number of U.S. goods including bourbon and peanut butter. "Reminiscent of failed protectionist trade policies of the past, this decision will harm the American economy, hurt American workers, and damage relations with America's allies and partners", he said.

Trump says he's sticking with his initial plan for import tariffs of 25 percent on steel and 10 percent on aluminum.

"We're going to be doing a reciprocal tax program at some point so that if China is going to charge us 25 per cent or if India is going to charge us 75 per cent and we charge them nothing".

"This measure might impact the economy and the cooperative relationship between Japan and the USA", the Ministry of Foreign Affairs said in a statement on Friday. "The difficulty is so far I haven't persuaded him", Alexander said.

Needless to say, retaliation from other countries in the form of tariffs on us exports might inflict considerable damage on USA trade.

The bloc has also said it would challenge the legality of the USA metal tariffs at the World Trade Organization.

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"Whatever complaints the United States has about other trading relationships, it has no complaints in relation to Australia". Gary Shapiro, president and CEO of the Consumer Technology Association, which represents more than 2,200 U.S. companies, reflected these concerns. Navarro said that merely exempting Canada would force the other tariffs to have to be increased; what if Trump adds Japan and/or South Korea to the list?

The US's "abuse" of national security concerns as a reason for implementing the measures will lead to "a serious attack on normal worldwide trade order", the Ministry of Commerce said in a statement on its web site, adding that "China is firmly opposed". While I pride myself on being a strong supporter of free trade, I have always supported the idea of fair trade - the notion that America has the right to impose tariffs or restrict access to our markets the same way a competitor does to us.

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Canada is drawing a line between the two issues.

Mr Trump has also demanded concession from the European Union, complaining that it treated American cars unfairly and has threatened to hike tariffs on vehicle imports from Europe.

The EU's trade chief Cecilia Malmstrom warned on Friday, at a panel discussion in Brussels, that imposing tariffs is not the way to resolve overcapacity in the steel sector.

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A revamped version of the Trans Pacific Partnership, which the U.S. withdrew from a year ago, was signed earlier today in Chile.

Representative Peter Roskam (R-IL) also released a statement, saying, "While we must stop countries like China from dumping steel in our market, the actions taken today by the Administration could hurt companies, employees and consumers in my district".

Whether Trudeau likes it or not, Canada's prosperity is tied to our friends and allies in the US and Mexico.

"But there are few alternative sources for the main products the United States buys from China", the research firm said in a note on Wednesday.

"Mexico reiterates that the negotiation of NAFTA should not be subject to conditions outside the process", it added. Mexico accounts for 9 percent of imported steel. "The US's "abuse" of national security concerns as a reason for implementing the measures will lead to "a serious attack on normal global trade order", the release read".

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