Canadian, US leaders discuss North American trade

Canada will not bend to US steel tariff pressure in NAFTA talks, says Freeland

White House Deputy Press Secretary Lindsay Walters said Ross will work closely with U.S. Trade Representative Robert Lighthizer on determining country exemptions from the steel tariffs, specifically "whether proposed measures between the United States and another country will address the national security threat posed by that country's export to the United States of steel or aluminum products". "While we are grateful that our trading partners, Canada and Mexico, are now exempt, it is our view that these tariffs will quickly become a tax on the fix and maintenance of vehicles, a tax that will ultimately be paid for in higher fix prices by the American auto owner".

President Donald Trump's administration is considering a trade package including indefinite tariffs, investment restrictions and possible visa restrictions on Chinese travelers, a source told CNBC Tuesday.

The tariffs announced by the Trump administration last week on steel and aluminum are viewed as relatively insignificant in terms of imports and exports.

Another area where a trade war is likely is aerospace. A week later, as expected, he signed proclamations calling for restricting those imports.

President Donald Trump said the tariffs, due to take effect in late March, are needed to protect USA workers. But global trade has been anything but free. According to an analysis by the Council on Foreign Relations, U.S. steel employment peaked around 650,000 jobs in the 1950s, compared to around 140,000 today.

Steel and aluminum, along with coal, glass and solar panels, are among many Chinese industries that mushroomed until supply vastly outstripped demand.

US automakers are among the businesses with the most at stake, accounting for 38 percent of the aluminum and 15 percent of the steel consumed in the country, according to Ward's Automotive Reports. Trump can pull out of agreements, but he can't prevent the EU, China, and Japan to respond in kind, coming closer through agreements that keep the USA out.

"This is something that we take very seriously, because it does come and directly impact on the great Canadian workers, the great Canadian industries that we count on", he said.

It has also lined up 2.8 billion euros of US products, from bourbon to motorcycles, on which to impose tariffs so as to "rebalance" trade flows.

Mr. Trudeau argued that Canada - the largest supply list of steel to the United States - is a key American defence ally and noted Canadian steel is used to manufacture USA tanks and Canadian aluminum is in America warplanes. But there is still room for further negotiations. The tariffs take effect in about two weeks, which means the president could still change his mind.

Buveur D'Air retains Champion Hurdle title
It's the first time he has had a race all season (after three easy wins) and that did worry me, I must admit. Alan King's outsider Midnight Tour took second spot.

Pakistani diplomats, families harassed in India
This chokes the traffic and drivers from other vehicles are seen asking those in the Maruti auto to speed up. This comes days after several complaints of harassment of Indian diplomats in Islamabad .

Packers make deal with defensive lineman Muhammad Wilkerson
With Wilkerson now in the fold, the Packers have a formidable defensive line that also includes Mike Daniels and Kenny Clark . He will also contribute to the pass rush - Wilkerson recorded double-digit sacks in two of his seven seasons with the Jets.

She's wrong. The U.S. president has linked them and, in doing so, placed Canada in a bad bind.

Roughly two-thirds of the 35 economists polled by Bloomberg expect the tariffs that Trump signed last week would cause a small decrease in jobs and a small drop in USA economic growth, which is enjoying its third-longest expansion on record. He also credited Trump for keeping a promise: he said the president told him at last year's G7 that Canada would get an exemption, and kept his word. With the possibility of an exemption in mind, South Korean trade authorities will once again stress that Korean companies' investment in the US can contribute to the American economy and that Korean steel exports do not affect the U.S.' security and economy negatively.

"The budget's title is 'Equality + Growth, ' but on the growth side the government's agenda is disappointingly thin", said John Manley, president and CEO of the Business Council of Canada and a former federal Liberal finance minister.

But every sector of the US economy that uses steel or aluminum would suffer from higher prices.

The United States bought just 1.1 per cent of China's steel exports past year compared with 12 per cent for South Korea and 5 per cent for Japan, according to the US International Trade Commission.

Before that, Canadians spent days pondering what we could do in response.

In early 2002, then-President George W. Bush imposed steel tariffs of up to 30 percent on imports of steel in an effort to shore up domestic producers against low-priced imports.

So what happens when a country imposes tariffs? Countries that allege the U.S.is acting unfairly can use WTO councils, committees and its dispute settlement system - which essentially rules on trade squabbles - to seek and obtain redress.

Trump said in a tweet on Saturday the United States was ready to drop its tariffs if the European Union lowered its "horrific" rates on US products. The three major economies take up almost half of South Korea's total outbound shipments.

However, the fact is that we are already in a trade war; we have been it for many years; and we are losing it. Trump's tariffs risk nothing short of triggering a new global recession.

Related:

  • Tom and Abby from Queer Eye are back together, and they're engaged!

    Tom and Abby from Queer Eye are back together, and they're engaged!

    Basically, we assumed that Tom and Abby would be walking off, hand-in-hand, into the sunset to forever live happily ever after. Arguably, what made Queer Eye the stunning success that it has become was the Tom episode.

    (CMCSA) Shares Bought by Checchi Capital Advisers LLC

    Washington-based Freestone Capital Hldgs Ltd Liability Corporation has invested 0.04% in General Dynamics Corporation (NYSE:GD). Artemis Investment Management Ltd Liability Partnership reported 0.25% of its portfolio in Comcast Corporation (NASDAQ:CMCSA).
    Roma v Shakhtar Donetsk team news

    Roma v Shakhtar Donetsk team news

    On Wednesday, it would be between Barcelona and Chelsea, Bayern Munich and Besiktas. It's 1-0 in Rome, and Italians are now in the quarterfinals.
  • Giants sign 30-year-old running back Jonathan Stewart despite recent struggles

    Giants sign 30-year-old running back Jonathan Stewart despite recent struggles

    Stewart , the Panthers' leading rusher with 7,318 career yards, recently said he could still be a productive back. Stewart will be reunited with general manager David Gettleman and offensive coordinator Mike Shula in NY .
    Twitch Prime subscribers will get free monthly games, starting this week

    Twitch Prime subscribers will get free monthly games, starting this week

    Twitch Prime debuted in September 2016, and is actually a part of Amazon Prime, which goes for $13 per month or $99 per year. Starting on April 1st, new titles will be released, such as Tales from the Borderlands and SteamWorld Dig 2 .
    Suspect in Binghamton University student's death arrested in Nicaragua

    Suspect in Binghamton University student's death arrested in Nicaragua

    Earlier this week, Binghamton Police said they believe Tercero had left on a flight from JFK in NY to Nicaragua last Friday. Her death was officially declared a homicide following an autopsy performed on March 10 at Lourdes Hospital in Binghamton.
  • North Korea remains silent on summits

    North Korea remains silent on summits

    Japan's leader on Tuesday called on North Korea to take concrete steps toward denuclearization. Kim Jong Un - is essential", a source inside the prime minister's office told Kyodo News.
    Don't Fret Over Sunday's Magnetic Storm

    Don't Fret Over Sunday's Magnetic Storm

    Be sure to have fresh water on hand, gas in your car's tank and copies of any important documents or information you might need. The National Oceanic and Atmospheric Administration (NOAA) is an organization that predicts weather on Earth and space.

    Titans agree to 4-year deal with RB Dion Lewis

    Lewis is by no means just a pass-down back, as he proved late last season when he carried the Patriots' offense on his back. And one player they're honing in on appears to be Dion Lewis (New England Patriots ), Pro Football Talk reports .
  • Trump floats idea of creating a 'Space Force'

    Trump floats idea of creating a 'Space Force'

    The main objective of the president's visit to San Diego was to look over proposals for his massive border-wall campaign promise. The US President was speaking to military personal in San Diego and explaining his new strategy when this idea was proposed.

    Halliburton (NYSE:HAL) Downgraded by Bank of America

    Cowen reissued a "hold" rating and issued a $60.00 price target on shares of Halliburton in a report on Tuesday, January 23rd. It dropped, as 49 investors sold THS shares while 91 reduced holdings. 37 funds opened positions while 124 raised stakes.
    Karl-Anthony Towns powers Timberwolves to win over Golden State

    Karl-Anthony Towns powers Timberwolves to win over Golden State

    The Western Conference has several challengers of its own, most notably the Houston Rockets and the Golden State Warriors . Their weakest areas are offensive rebounds per game (#28), turnovers per game (#28) and steals per game (#12).

Comments

Latest news

Ronda Rousey Basically Confirms She's Finished Fighting in the UFC
However, she may put the time away to good use as she hones her craft for her first ever match at WrestleMania . Have YOUR say in the comments section below, and the fourth episode of GiveMeSport's WWE podcast is here!

Paul Manafort could live out his days in prison
Ellis also wrote that Manafort has the means to escape and would certainly try to do so given the opportunity. The bank fraud charges carry a 30 year maximum sentence and a one million dollar fine.

Riveting Stock Watch: VMware, Inc. (NYSE:VMW) Earnings Growth in the Spotlight
It increased, as 42 investors sold VMW shares while 122 reduced holdings. 54 funds opened positions while 110 raised stakes. FBR Capital maintained VMware, Inc . (NASDAQ: AAPL ) has "Buy" rating given on Monday, November 6 by Argus Research.

Championship round-up: Doherty double keeps Wolves clear at top
At the bottom Barnsley inched three points clear of the relegation zone after a 1-1 draw with mid-table Norwich . Coupled with Cardiff's home win earlier in the day, the defeat left Wolves three points clear at the top.

Man United midfielder Carrick announces summer retirement
It's kind of been sorted out. "But it's looking likely , yes". It's something that you have got to accept". "That's pretty much where I'm at".

Kirk Cousins signs lucrative deal with Vikings
Despite seeming to be a franchise quarterback, he and the Redskins could never agree over a long-term deal for three years . Since Favre's retirement in 2010, the Vikings have tried a bevy of quarterbacks from draft picks to free agent signings.

This Is Us finale recap: 'The Wedding'
Part of her challenge is balancing being there for Toby but also for herself, and that's something that we all have to deal with. Or when Randall says "it's time to go see her", he could be referring to Beth (or Annie)'s final resting place.

National Geographic Admits to Past of Racist Coverage
The magazine's editor outlined how it had failed to reflect the lives of non-white Americans in a new op-ed for the April issue, which is focused on race.

Virgil van Dijk admits he was left 'frustrated' after Old Trafford defeat
Jesse Lingard is set to be rewarded with a new Manchester United contract worth £100,000-a-week, according to reports. Very interesting - Mourinho actually downplayed his use of the United academy star in his press conference.

Embattled Veteran Affairs Secretary Shulkin hangs onto job as support wanes
Trump has eyed Energy Secretary Rick Perry as a possible replacement, a person familiar with the matter said. Trump hosted Perry at the White House for lunch Monday, but no formal job offer was made, the source says.

USA health spending twice other countries' with worse results
Evidence: The primary care versus specialist mix in the U.S.is roughly the same as that of the average of other countries. Administrative costs accounted for 8 percent of GDP, compared to 1 percent to 3 percent in the other countries.

Jake Arrieta: 'Eagles Success Has Made Philly Hungrier'
They're expected to make a strong push for Bryce Harper or Manny Machado next offseason. In four-plus seasons with the Cubs, Arrieta won 68 games and had a 2.73 ERA.

India commits $1.4 billion for solar energy worldwide
In addition to the monetary impact, Governor Cuomo also explained that offshore drilling risks his state's clean energy and climate policies.

Tottenham's Kane out until end of April
He is also set to be absent from England's two friendlies against the Netherlands and Italy this month. England will face Tunisia, Belgium and Panama in the World Cup group stage in Russian Federation .

Jets to turn attention to Teddy Bridgewater
But the prospective "what if's" of a franchise that has been stuck in neutral for the past 49 years is just not that attractive. The former 1st round pick by the Minnesota Vikings out of the University of Louisville, Bridgewater, will likely join the Jets.

Other news