US Dollar Stable as Trump Administration Greenlights Tariffs

31 May, 2018, 22:25 | Author: Sally Reid
  • President Donald Trump

Ross said he's looking forward to "continued negotiations" with Canada, Mexico and European Union "because there are other issues" that need to be resolved.

Canada and Mexico were temporarily exempted from blanket tariffs of 25 per cent on steel and 10 per cent on aluminum, with the Trump administration linking a permanent reprieve to a NAFTA deal.

In an interview with CNBC, Ross, speaking from Paris, said he did not believe that the tariffs would have much impact on the American economy, and that he did not think there would be be a long-term impact on relations with affected countries, saying they "will get over this in due course".

That means that President Donald Trump will be face to face with a number of leaders who have taken retaliatory action against the USA when he makes his closely watched Canadian debut at the G7 next week in Quebec.

"This is not the way we do business, and certainly not between longstanding partners, friends and allies".

Agricultural products were also a focus when the Canadian government identified retaliatory tariff targets-never used-in a 2015 battle over meat imports.

Thursday's action also is expected to complicate US efforts to confront China over trade practices that the administration regards as unfair. Boeing and Caterpillar were losing 1.1 and 1.2 percent, respectively.

"We are alienating all of our friends and partners at a time when we could really use their support", said Wendy Cutler, a former USA trade negotiator who is now vice-president at the Asia Society Policy Institute.

European Commission President Jean-Claude Juncker, who will be at the G7 table with the seven other country leaders, expressed strong opposition to Thursday's decision.

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"The Section 232 steel and aluminum tariffs have already had major, positive effects on steel and aluminum workers and jobs and will continue to do so long into the future".

President Emmanuel Macron has couched Trump's tariffs as a "nationalist retrenchment" reminiscent of Europe in the 1930s. That share prices of BMW, Daimler and Volkswagen.

The administration earlier in May opened a trade investigation into vehicle imports, with the possibility it will end in tariffs on foreign cars justified by the same "national security" provision used to implement the metals tariffs.

France's finance minister, Bruno Le Maire, called the US tariffs "unjustified, unjustifiable and unsafe".

"It's entirely up to U.S authorities whether they want to enter into a trade conflict with their biggest partner, Europe", Le Maire told reporters after the meeting. It's now tariffs for everybody, including the United States' closest military allies.

German Chancellor Angela Merkel said the European Union would respond in a "firm and united" manner to the tariffs.

Meanwhile, Mexico has answered the U.S. tariffs with its own on products including pork bellies, grapes, apples and flat steel.

Relations among G7 nations represent particularly high stakes as they account for more than 60 percent of global GDP.

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