Saturday, 22 September, 2018

Trudeau rejects immediate retaliation on US tariffs

Finance Minister Bill Morneau attends the G7 finance ministers meeting in Whistler B.C. Thursday Finance Minister Bill Morneau attends the G7 finance ministers meeting in Whistler B.C. Thursday
Gerardo Duncan | 07 June, 2018, 14:59

WASHINGTON - In a sharp rebuke from one of America's closest allies, Canadian Prime Minister Justin Trudeau criticized the White House rationale for imposing punitive trade tariffs on Canada as "insulting and unacceptable", the latest leader to warn of a looming trade war with the U.S.

"The Trump administration announced on Thursday that it will impose steel and aluminum tariffs on the EU, Mexico and Canada after a temporary exemption expired on 1 June".

Trudeau is calling the tariffs "totally unacceptable", suggested they would alter the relationship between the two countries, and has announced plans to levy tariffs on $12.8 billion in USA exports.

He said Canada would impose retaliatory tariffs against American-made steel and aluminum, as well as on other goods. "They must open their markets and take down their trade barriers!" he wrote. "Do timber and lumber in US?" Morneau also warns the tariff fight will destroy jobs in Canada and the US, and drive up consumer prices. "But we see no sign of that in this action today by the USA administration", Trudeau said. Part of the 10 per cent levy at the wholesale level may eventually be passed on to Canadian consumers in the retail price, if the tariff war persists.

"The global community is faced with significant economic and security issues, which are best addressed through a united front from G7 countries", said the summary, which was agreed to by the attending ministers. It's not always easy to match a specific product to a specific tariff or to keep up with which products from which countries are facing, say, special anti-dumping duties.

"We think it's absurd that Canada is considered in any way a security risk, so that will be very clearly stated by me", Morneau said of the USA decision to justify the tariffs on the basis of national security. "As Canada, we need a rules-based system".

Six finance ministers, representing some of the closest allies of the USA, issued a stern rebuke of the protectionist policies of the administration of President Donald Trump, signaling a deep rift in the relations underpinning the post-World War II trading system.

Orange juice is one example of a USA good that can't be substituted easily at home.

Two things: Raise government revenue and protect domestic industries from foreign competition. Thus, he seems to be assuming that his followers are well aware of the U.S. Department of Commerce's findings regarding Canada's exports of softwood lumber to the U.S. However they also target exports from states of significant American political leaders, such as gherkins and yogurt from House Speaker Paul Ryan's home state of Wisconsin, and bourbon from Senate Leader Mitch McConnell's state of Kentucky. Cecilia Malmstrom, the European Union trade minister, said the tariffs amounted to "pure protectionism" and are "further weakening the transatlantic relations".

Officials at the G7 meeting said the tariffs made it more hard for the group to work together to confront China's trade practices, especially when Beijing, like most G7 members, supports the current World Trade Organisation-based trade rules and the USA is seeking to go around them. Special restrictions related to the trade.

Trump has made no secret of his overriding concern about US trade imbalances, viewing them as a sign of American weakness around the globe.

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