Reaction to the tariffs on steel and aluminum imports has been mixed among different sectors of the economy. The Hagstrom Report says Business Roundtable President and CEO Joshua Bolten calls the tariffs a major unforced error by President Trump that will put America’s economic progress at risk. He says, “The tariffs will cause significant harm to industries that rely on …
Mexico, Canada Don’t Want Tariff Exemptions Tied to NAFTA
Mexico and Canada were happy to hear about President’s Trump’s willingness to exclude them from tariffs on steel and aluminum exports to the U.S. However, they expect any talks about a possible permanent exemption to take place outside of the North American Free Trade Agreement negotiations. Politico quotes the Mexican Economy Ministry in a release that says, “The process of …
TPP Leaves U.S. Behind
The 11 remaining Trans-Pacific Partnership (TPP) countries officially left the U.S. behind Thursday, signing an amended agreement that does not include the United States. The 11 nations signed what is now called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership the same day the U.S. moved to a more trade protectionist status, rolling out tariffs for steel and aluminum imports. …
Canada Staying Calm and Constructive Amidst Trade Talks
As President Donald Trump has ratcheted up the conversation on trade, Canada is sticking to it’s “keep-calm” strategy. While the European Union immediately offered a list of targeted U.S. products in response to Trump’s tariff plan for steel and aluminum, Reuters says Canada is trying to stay constructive, and use negotiations for a better outcome. For now, the tariff plan …
Trump Unveils Steel and Aluminum Tariff Plan
President Donald Trump Thursday unveiled his plan to impose 25 percent tariffs on steel imports and ten percent on aluminum. The plan includes provisional exceptions for Canada and Mexico. However, the tariffs could trigger a trade war between the U.S. and the European Union and China, among others. Despite a large pushback by U.S. industry and trading partners, Trump is …
South Korea Forming Response team to U.S. Trade Protectionism
South Korea is creating a task force to respond to U.S. trade protection measures. South Korea’s Foreign Ministry has ordered the South Korean embassy in Washington set up the special response team. South Korea has requested to be excluded from proposed higher import tariffs on steel exports under Section 232 of the Trade Expansion Act, emphasizing the negative effects the …
Coalition Formed to Fight Steel, Aluminum Tariffs
Industry and agriculture groups have formed a coalition to address the proposed steel and aluminum tariffs by President Donald Trump. The National Foreign Trade Council announced formation of the Alliance for Competitive Steel and Aluminum Trade this week. The coalition includes industrial and agriculture groups, such as the National Pork Producers Council, The American Soybean Association and U.S. Wheat Associates. …
Trump Considering Trade Protection Measures Against China
The Trump administration is mulling trade protections against Chinese investments in the United States and a broad range of tariffs. The consideration is seen as a punishment by the administration to Beijing for its alleged theft of intellectual property. An announcement by the U.S. Trade Representative’s office investigation into China’s intellectual property practices is expected in the coming weeks, setting …
AFBF Encouraged by Efforts to Extend TPA
While some in agriculture have concerns over various trade actions by the White House, (AFBF) Trade Adviser Dave Salmonsen says they are encouraged by the U.S. Trade Representative’s recent announcement of plans to seek a three-year extension of Trade Promotion Authority. TPA allows the president to submit trade deals to Congress for up-or-down votes, without deal-killing amendments. AFB Encouraged by …
Trump Tells Canada he wants “Fair” NAFTA Deal
President Donald Trump told Canada he wants a fair North American Free Trade Agreement. Speaking over the phone earlier this week to Canadian Prime Minister Justin Trudeau, Trump said he supported an agreement that is “fair to all three countries,” adding that the current deal leaves the U.S. with a trade deficit, according to Politico. The conversation came shortly after …