Sunday, 24 June, 2018

Koch network announces plan to oppose Trump tariffs

ImageCreditWikimedia commons ImageCreditWikimedia commons
Jodi Jackson | 06 June, 2018, 03:29

Koch Industries is the United States' second-largest privately held company and makes everything from toilet paper to fertilizer.

His promise comes after Canada, Mexico and China have threatened levies on American agriculture goods in response to new USA tariffs and American farmers, who helped put Trump in the White House, worry they will take the brunt of the global anger at the president.

The Canadian Prime Minister has also attacked Trump's tariff decision and called them "insulting and unacceptable" and said that Canada would not be "pushed around".

In its official gazette, the ministry said it will impose 20% to 25% tariffs on USA cheese, 20% on apples and potatoes, 20% on pork legs and shoulders and 25% on steel products, as first reported by Reuters.

The Trump administration has imposed steel and aluminum tariffs on other countries including Canada and Mexico. When Harry Reid was Senate majority leader, the Nevada Democrat routinely railed against the duo in the run-up to the 2014 midterm elections as "power-drunk billionaires" intent on buying American elections to suit their purposes.

Not acceptable!" In a conference call later today with grassroots supporters, he said: "We will be in a very strong position very soon.

Chicago Mercantile Exchange hog futures at one point fell more than 2 percent following the Mexico pork tariff announcement.

In Minnesota, about 14 percent of the state's $7.1 billion of annual agricultural exports goes to Mexico, one of the state's top export markets, said Matthew Wohlman, Minnesota Department of Agriculture deputy commissioner.

De la Vega said he expected US pork farmers who rely on the Mexican market to offer discounts to safeguard their relationships with buyers.

All options are being looked at as the industries grapple with new tariffs imposed by the U.S., Bains said.

Tory MP Jacob Rees-Mogg warned earlier that "tit-for-tat retaliation" could make a trade war worse, saying history shows "protectionism is worst for the country that imposes it". "Why is the prime minister waiting three weeks to impose these counter-measures specifically on steel and aluminum when the USA tariffs came into effect right away?"

Canada, the second-largest trade partner, behind China, responded with "dollar-for-dollar" tariffs against USA steel and aluminum exports. "Canada is as abused as the U.S.is and it's about time someone stood up for the Canadians also".

The United States and Mexico do $600 billion in annual trade and about 16 percent of US goods exports go to its southern neighbor.

At issue are 25 percent tariffs on steel and 10 percent of aluminum that come from the European Union, fees Trump slapped on abruptly late last week even as the two sides were discussing possibly extending a temporary waiver the European bloc had been granted. Last week Washington said it was moving ahead with the metals tariffs on imports from Canada, Mexico and the European Union, ending a two-month exemption.

According to Hernandez, tariffs will not result in a price spike in Mexico since the country has other markets to buy from.

He believes that it is at best outdated, and all the concessions that the USA made after World War II to Europe and Asia are no longer appropriate. (The Koch family owns brands like Dixie Cups and Lycra.) The U.S. Chamber of Commerce, the National Association of Manufacturers, and the National Retail Federation, among many others, have denounced the tariffs as growth-killers.

WASHINGTON: China offered to buy almost $70 billion in American farm, manufacturing and energy products to persuade Washington to drop threatened tariffs, according to a news report on Tuesday.

"Mexico has the right to take measures with equivalent commercial effects", the economy ministry said in a statement explaining the tariffs.

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