Published: Thu, June 07, 2018
World News | By Laverne Osborne

Industry players wary of tariff war, despite potential benefits

Industry players wary of tariff war, despite potential benefits

Canadian Prime Minister Justin Trudeau said Thursday that he'd offered to go to Washington this week to complete the talks, thinking they were close to an agreement, but that Vice President Mike Pence called him and told him a meeting with the US president would only happen if Trudeau agreed to put a five-year sunset clause into the deal.

Trudeau added that he does not know what Trump wants Canada to do in order to remove the tariffs, because the USA actually exports more steel to Canada than Canada sends to the US, and when it comes to oversupply from China, Canada is on the same page as Trump.

In the past, Trump had extended tariff exemptions for Canada and others beyond existing deadlines. "The United States must, at long last, be treated fairly on Trade", Trump tweeted. Even more unlikely is the fact that the target of the criticism is the US, which has done more than any other country to establish the free-trade principles upon which the global economy functions today. Morneau also warns the tariff fight will destroy jobs in Canada and the USA, and drive up consumer prices.

"But we see no sign of that in this action today by the U.S. administration", Trudeau said. "And on top of that, these tariffs are going to be hurting American workers and Canadian workers".

Sources say Trump will eventually have to consider the combination of the strong internal Republican and American business opposition to the tariffs, as well as the simple passage of time as the negative effects eventually trickle down to USA consumers.

Trump's disdain for diplomatic niceties and his "America first" policies have created a rift with countries whose alliance with the United States dates to the Cold War with the Soviet Union.

Using US Census Bureau data on exports and the list of goods subject to the tariffs, Business Insider determined exactly which states will get hit hardest by the Canadian crackdown. He blames what he calls their abusive trade policies for America's persistent trade deficits - $566 billion past year.

Facebook has lost its popularity among modern kids
In households with an annual income of $75,000 or more per year, 96 percent of teens say they have access to a computer at home. Pew also notes that 45 per cent of teens say they use the internet almost constantly, nearly double from the previous survey .

Group of Seven finance ministers ended their annual meeting with USA allies united in condemning Washington's aggressive protectionism, calling on President Donald Trump to reverse his decision to impose punishing metal tariffs.

Two things: Raise government revenue and protect domestic industries from foreign competition.

"Your comments, in addition to political meetings between your staff and President Trump's advisers, for which there has been little information provided to us, are quite worrisome". He exempted Canada, Mexico and the European Union pending additional talks to ease US concerns.

After years of trade agreements that bound the countries of the world more closely and erased restrictions on trade, a populist backlash has grown against globalization. Tariffs discourage imports by making them more expensive.

"The United States has been taken advantage of for many decades on trade". Cecilia Malmstrom, the European Union trade minister, said the tariffs amounted to "pure protectionism" and are "further weakening the transatlantic relations".

At the G7, Trump will defend his insistence on "fair and reciprocal trade", said a White House National Security Council official, speaking on condition of anonymity.

That condition "makes no sense", the Canadian leader said Sunday.

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