wnol.info June 23 2018

Kudlow: Trudeau is 'overreacting' to U.S. tariffs

June 23 2018, 04:49 | Alonzo Simpson

US isolated at G7 meeting as tariffs prompt retaliation

Bill Morneau

Trump announced Thursday that the USA would impose tariffs on imports of steel and aluminum from three key U.S. allies: Canada, Mexico, and the European Union.

Today we're going to talk about tariffs and the need for a swift USA invasion of Canada.

Britain's trade minister Liam Fox warned parliament on Monday that growing protectionism could "ramp up into a global trading disaster" and said Britain and the European Union's response must be measured and proportionate.

"This is a dire situation for Canadian steel and Canadian employees", he said. And now we're stuck with the tariffs. The NAFTA talks have broken down, the steel tariffs are on. The bloc and the United States' northern neighbor are the largest sources of USA steel and aluminum imports. "We are anxious to see this get resolved as quickly as possible".

The head of the Canadian Steel Producers Association says his group isn't asking for government money to help its members deal with new USA tariffs - not yet, at any rate.

Mr. Galimberti said his organization has not made a formal request for support and wants to take some time discussing it before aid is offered.

"We're concerned that these actions are actually not conducive to helping our economy, they actually are destructive, and that is consistently held across the six countries that expressed their point of view to Secretary Mnuchin", Canadian Finance Minister Bill Morneau said at a news conference after the meeting ended in the Canadian mountain resort town of Whistler, British Columbia.

Distribution of aid could be a thorny challenge.

Business leaders in Canada and the US predicted dire economic consequences as result of the decision, which was derided on both sides of the Atlantic. Steel service centres buy steel from mills - both in North American and offshore - and process it for downstream users such as manufacturers.

Bill Browder arrested in Spain on Russian warrant, released shortly
He renounced his American citizenship in 1998 to avoid having to pay United States taxes, and became a British citizen. He believes it's Putin's No. 1 priority to get the U.S.to lift sanctions under the act, which now affect 44 Russians.

"A lot of us in Congress think this is this is not the way you handle trade".

"If ultimately that's monetary, if that's what's required to preserve investment and employment in Canada, to make sure that those 23,000 Canadians in steel continue working, then that's what we'll do".

If we're going to inexplicably go after our allies, let's really go after them.

The metal tariffs imposed on the European Union and Canada are the latest escalation by the USA on the trade front that has roiled financial markets for months and prompted the International Monetary Fund to warn of a trade war that could undermine the broadest global upswing in years. Over the past year, the G-7 blamed the USA for failure to reach climate change agreement but did nothing about it.

Late last week, Canadian government insiders said any hope of a quick deal on a renegotiated North American Free Trade Agreement was wrecked by Trump's decision to end Canada and Mexico's exemption from the steel and aluminum tariffs.

Canada, Mexico and the European Union combined exported $23bn worth of steel and aluminium to the USA in 2017 - almost half of the $48bn of total steel and aluminium imports past year.

Freeland says the countermeasures, which apply to a long list of US products from flat-rolled steel to playing cards and felt-tipped pens, will go into effect July 1.

"Finance ministers of the world's seven wealthiest nations gathered for a meeting in Canada over the weekend".

Other news