Trade wars are not the way to go

EU warns US against tariff exemptions for individual states

EU warns US against tariff exemptions for individual states

U.S. Trade Representative Robert Lighthizer said that despite the progress, only six of 30 chapters have been closed.

China said it would "protect its interests", and Canadian Prime Minister Justin Trudeau said he was "confident we're going to continue to be able to defend Canadian industry".

"We will not stand by while Canadians' livelihoods are put at risk", she said. "It must be that way". The people said the exclusions for Canada and Mexico could be ended if talks to renegotiate NAFTA stall.

But at the same time, Trump said he was delaying imposing the tariffs on Canada and Mexico until the conclusion of discussions on NAFTA.

Last Thursday, Trump announced the United States would implement a 25 percent tariff on steel imports and 10 percent tariff on aluminum imports.

Moody's Analytics Inc. forecast the tariffs would erode the competitiveness of a wide range of USA manufacturing companies including in the transportation, construction and heavy machinery sectors.

A former high-level Mexican diplomat said that the latest row fitted perfectly into the pattern of Trump disruptions ahead of NAFTA talks, and that the government needed to deny him the space to create them.

It's been a roller coaster of a week after Trump made a brief, nonspecific reference to the tariffs proposal last Thursday. Trading partners such as the European Union (EU) and China have already threatened retaliatory measures against iconic items such as Levi's jeans, (as well as Harley Davidson motorcycles, Bourbon whisky and peanut butter).

The seventh round of Nafta talks wrapped up Monday in Mexico City, with the threat of potential steel and aluminum tariffs overshadowing progress on parts of the 24-year-old trade deal between the U.S., Canada and Mexico.

Mexico, the third biggest trading partner with the USA, was also exempted from Trump's steel and aluminum tariffs. It's the tough businessman in him who was doing the talking when Trump tossed out the threat of tariffs on foreign steel and aluminum, then mentioned the possibility of an exemption for Canada in exchange for favourable terms in NAFTA negotiations.

CCA director of government and worldwide relations John Masswohl was on site the first three days for the agriculture session discussions. Judging from the strong negative reaction coming from all directions, it would seem foolish for the U.S.to follow through on the suggested tariffs, since it would likely result in a lose-lose scenario for both sides. The Canadian dollar and Mexican peso gained against the USA dollar.

Canada is a wealthy country with plenty of options for trade. It said the United States would become the largest oil producer in the world by 2023 as it could be producing 17 million barrels per day by that year, a significant increase from the 13.2 million barrels per day produced in 2017.

Last week, Trump had generated an endless global controversy by announcing the adoption of heavy tariffs on imports of steel (25%) and aluminum (10%), measures that would especially impact Canada, the largest steel supplier in the United States market.

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