U.S. risks sparking global trade war

Posted June 03, 2018

A trade body for the steel industry has expressed concern after the United States imposed tariffs.

May says Britain and the European Union "will continue to work together to protect and safeguard our workers and industries".

The British leader, who has sought to underscore the trans-Atlantic special relationship, said Friday she was "deeply disappointed" by the Trump administration's decision.

With the NAFTA talks seeming close to a possible breakthrough, Trudeau says he suggested to the USA president last Friday that they sit down with Mexico's Enrique Pena Nieto and talk about reaching a deal.

Nevertheless, "Trump's contempt for global rules can deal a significant blow to business confidence especially in trade-oriented nations", Schmieding said. If that fails to solve the matter, after 60 days the European Union can ask a WTO panel to rule on the case. "Instead of imposing piecemeal tariffs on our trading partners, he should comprehensively and fundamentally re-write all of our failed unfettered trade policies to stop the race to the bottom and lift living standards in the US and throughout the world".

"That is why we are challenging the USA and China at the WTO", EU Trade Commissioner Cecilia Malmstrom said.

Trudeau said he regrets the action but said they must do it.

U.S. Commerce Secretary Wilbur Ross said last month that following a conversation with President Donald Trump, he was launching an investigation into whether automobile imports are hurting United States national security. "It is pure protectionism".

He said: "I am sure that there are chips on both sides that can get traded to make the problem go away". It's counterproductive, that any government that embarks on a protectionist path inflicts the most damage on itself.

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United States tariffs on steel of 25% imports from the European Union have come into force, raising fears of a transatlantic trade war.

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

The EU's Trade Commissioner Cecilia Malmstrom told reporters: "I would not use the term trade war because it has a psychological effect as well and we are not there".

Dr Merkel said the measure "risks touching off spirals of escalation that in the end hurt everyone".

Now, both of those men have left the White House, and Trump has gravitated instead toward seeking the counsel of trade hardliners like Commerce Secretary Wilbur Ross, senior adviser Peter Navarro, and U.S. Trade Representative Robert Lighthizer.

In addition to Volkswagen vehicles, the company produces Audi, Porsche, and multiple other brands.

And on Tuesday, Trump said during a rally that he was going to make Mexico pay for a wall along the US border.

He also discussed addressing a trade imbalance with Europe in a phone conversation with French President Macron, who warned that Europe would respond in a "firm and proportionate manner". This could mean that the EU will either neutralize or retaliate against the USA with European tariffs.

But the NAFTA talks sputtered anyway, and the Trump administration imposed the tariffs at midnight Thursday. Throughout these talks, the US has sought to use the threat of trade restrictions as leverage to obtain concessions from the EU.

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