wnol.info June 23 2018

US singled out by G7 allies over steel and aluminum tariffs

June 23 2018, 04:24 | Irvin Gilbert

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Her comments on Friday came a day after US President Donald Trump announced the decision to levy tariff amid waves of criticism, Xinhua news agency reported.

The EU said these circumstances did not comply with the basic rights that companies should have under the WTO rules and disciplines, particularly under the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement).

Trump this week announced a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum from Canada, Mexico and the European Union.

French Finance Minister Bruno Le Maire said the United States has only a few days to avoid sparking a trade war with its allies and it was up to Washington to make a move to de-escalate the tensions.

"Our steel and aluminium industries are hugely important to the United Kingdom, but they also contribute to U.S. industry including in defence projects which bolster USA national security", Mrs May said.

May also noted that the European Union and United Kingdom "should be permanently exempted from tariffs" and Britain would work with the bloc to protect and safeguard workers and industries.

Ross arrived in Beijing on Saturday morning for trade talks with Chinese officials, after the Trump administration renewed its tariff threats against China, and with key USA allies in a foul mood toward Washington after they were hit with duties on steel and aluminum.

The European Union is planning retaliatory tariffs on USA steel and food goods in the coming weeks, once it calculates the exact cost to EU companies of the US tariffs.

Canadian authorities said they would take retaliatory steps, responding to the United States metal tariffs, according to government sources, as quoted by Canadian TV channel Global News.

"Trudeau uttered some of the harshest words a prime minister has directed at an American administration in decades", said Toronto Star columnist Chantal Hebert, calling this a "watershed moment in the Donald Trump-era Canada/US relationship".

The EU is set to retaliate with tariffs on a range of US goods, from Harley-Davidson (HOG.N) motorcycles to jeans and bourbon.

Nigerian Muslims, others start Ramadan Thursday
A street vendor sells dates ahead of the upcoming holy fasting month of Ramadan in Kabul, Afghanistan, Wednesday, May 16, 2018 . Ramadan is a sombre period of spiritual reflection, daylight fasting and increased charitable behaviour for Muslims.

European Union officials lodged a formal complaint with the World Trade Organization (WTO) on Friday, the first in a series of measures created to hit back at the United States.

The British International Trade Secretary Liam Fox called President Trump's decision "wrong and illegal".

United Kingdom steel producers could be shut out of an American market where they sold around £350 million of exports previous year, while also facing increased competition from a "tsunami" of as much as 25 million tonnes of cheap steel diverted away from the USA, he told BBC Radio 4's World At One.

"We know that the incumbent party suffers (at the ballot box) when the economy is bad", Leblond said.

"We are heading for a trade war, which is going to be all losers - there will be no winners".

US Commerce Secretary Wilbur Ross said that no reprisals over the measure will have an impact on the American economy.

Morneau has called the steel and aluminum tariffs "absurd", because Canada is by no means a security risk to the U.S. He's warned the measures will destroy jobs on both sides of the border. He wants to break up that system.

We need a trade policy that is fair to American workers, not just large multi-national corporations.

"That is not the basis on which mature adults negotiate", Beatty said.

Speaking on the sidelines of a meeting of finance ministers and central bankers of the Group of Seven ― the world's seven leading economies ― European Commission Vice President Valdis Dombrovskis told Reuters such an approach made it tougher to bring China in line.

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