Daily Trends Now
Daily Trends Now

EU, Japan start push for exemptions from Trump tariffs

EU, Japan start push for exemptions from Trump tariffs

Commission Vice President Jyrki Katainen warned Washington on Friday not to expect any concessions to win an exemption. Chief Cabinet Secretary Yoshihide Suga told a news conference that Japan's steel and aluminum shipments posed no threat to US national security.

Trump made his comments after crunch talks in Brussels between European Union negotiators and US Trade Representative Robert Lighthizer in an effort to defuse a bitter row that many fear could turn into an all-out trade war. The two economies together account for about a quarter of America's annual trade in goods, and leaders from both stressed serious concern.

Canada can breathe easier, for now: It's getting relief from USA tariffs for an undetermined period, as one of only two countries receiving a provisional exemption from the steel and aluminum penalties set to clobber the rest of the world. Trump himself has said an exemption for Canada and Mexico is possible if negotiations to modernize the North American Free Trade Agreement are concluded to his satisfaction.

South Korean steel stocks ended lower last week after the United States made a decision to impose a 25 percent tariff on imported steel products, as growing downside exerted pressure on steelmakers, analysts said Sunday. A provision in a 1962 US law allows the president to set emergency tariffs as a security issue. After a telephone call with Turnbull on Friday, Trump tweeted: "Spoke to PM @TurnbullMalcolm of Australia".

Earlier Mr Trump took to Twitter to praise Australia's commitment to a fair and reciprocal trade and military relationship. "Working very quickly on a security agreement so we don't have to impose steel or aluminium tariffs on our ally, the great nation of Australia", he said.

Turnbull went a step further, telling reporters in South Australia yesterday that he was "very pleased the President was able to confirm that he would not have to impose tariffs on Australian steel and aluminium".

Peter Navarro told Fox Business on Wednesday evening that Trump intends to sign a proclamation including such a clause favouring the two neighbouring countries.

Turnbull said Saturday that Australia and the United States have a fair and reciprocal trade relationship.

South Korea made an impassioned appeal to the USA secretary of defence and national security adviser, reminding them of its role in trying to defang North Korea, while Europe pointed out that it was a longstanding military ally of the United States.

Such legislation deserves the support of those who are not only acutely concerned with Trump's rhetoric on trade as of late, but those who value a commitment to the Constitution and reining in the imperial presidency.

Japan's government has warned the measure could hurt its economic relations with the U.S. But Seko also cautioned that "falling to exchanges of unilateral measures will not be in the interest of any country", according to the Kyodo news agency.

Bacon, a member of the House Agriculture Committee, said the US needs to remain in NAFTA. Later, starting from the heavy tax penalty from the European Union wing to Apple in response to the billions of dollars of emissions fees for the German automotive giants, the USA included Britain in the climbing "trade wars" between the US and the EU.

The U.S.is the world's largest importer of steel, totaling 35 million tons of raw material in 2017, with South Korea, Japan, China and India accounting for 6.6 million tons. While the US firms can not produce the steel pipes needed for the oil and gas pipelines, will Trump be able to take on the USA oil companies' lobby and the World Trade Organization (WTO)?

Along with a huge range of steel products, the EU´s hit list of flagship American products lined up for counter measures includes peanut butter, bourbon whiskey and denim jeans.


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