Published: Mon, June 04, 2018
Money | By Michele Stevens

US tariffs make China trade issues more difficult to resolve

US tariffs make China trade issues more difficult to resolve

Meanwhile a handful of American allies have threatened to impose tariffs in retaliation against Trump's metal duties, including Canada, Mexico and the EU. Canada and Mexico, embroiled in talks with the U.S. to modernise the North American Free Trade Agreement, responded swiftly.

Canadian Prime Minister Justin Trudeau said Friday he was dumbfounded by Washington's national security basis for the tariffs, given that USA and Canadian troops had fought together in World War II, Afghanistan and elsewhere. She said if there were no exemptions, "We will respond in an intelligent, decisive and joint way".

Foreign Affairs Minister Chrystia Freeland, who pushed the steel and NAFTA issues during her meeting on Tuesday in Washington with USA trade czar Robert Lighthizer, has also made it clear that Canada would retaliate if the duties are imposed.

Mogherini said the European Union "is not at war with anyone".

But in the case of Canada and Mexico, he said the decision was based on making progress in the ongoing North American Free Trade Agreement talks, and there is no resolution in sight.

Nevertheless, European leaders are fuming.

Prasad warned that the United States was doing so at the cost of alienating key allies and undercutting broad worldwide pressure on China to change its trade and economic practices.Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more USA goods in a bid to cut America's $375 billion trade deficit with China.

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"And nationalism is war".

Macron told Trump in a telephone call that the tariffs were "illegal", and Merkel said the measure "risks touching off spirals of escalation that in the end hurt everyone".

VW says "there are fears that this marks the start of a negative spiral of measures and countermeasures where there will ultimately be no winners".

Mexico announced what it described as "equivalent" measures on a wide range of USA farm and industrial products.

The unprecedented trade tensions are souring a gathering of the so-called Group of Seven or G7 underway in the coastal mountain resort of Whistler, Canada, normally a scene of compromise and trade promotion.

"I have every expectation that our other allies around the table will express the same sentiments".

"This is the strongest trade action Canada has taken in the post-war era", Foreign Affairs Minister Chrystia Freeland told a news conference Thursday.

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Several company representatives quietly acknowledged their concerns about the impact of a looming trade war involving steel and aluminum, and said they would be watching the issue closely.

The Trump administration has demanded that Beijing make concessions and threatened to punish it for allegedly stealing USA technology by imposing tariffs on $50 billion of imports from China.

Nevertheless, "the uncertainty about future trade and Trump's contempt for worldwide rules can deal a significant blow to business confidence especially in trade-oriented nations", the expert said.

"We tried to do it through negotiation and we will now do it by standing together and formulating a common European answer, possibly working more closely with Mexico and Canada", he said, adding he hoped this would make Trump rethink.

"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in world trade".

Trump's antagonistic trade policies - and specifically the steel and aluminum tariffs - drew worldwide denunciation.

But he saw as "a very worrying development" Washington's justification that the measures were needed for reasons of national security.

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The WTO's former chief, Pascal Lamy, also said the damage would likely be limited in concrete terms.

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