Trump to Meet Trade Advisers Over $70 Billion China Offer

06 June, 2018, 03:30 | Author: Sally Reid
  • U.S. Allies Push Trump for Change of Heart as Trade War Looms

Mexico is putting tariffs on imports of US steel and farm products - including pork, cheese, apples and potatoes - as it hits back at the USA for the Trump administration's tariffs on steel and aluminum products from Mexico, Canada and the European Union.

Mexico is levying import taxes on USA exports of various steels and food products, including pork bellies, blueberries, apples, grapes and cheeses.

Secretary of Defense James Mattis issued a memorandum that concurred with Commerce's overall findings but expressed concern over the effect of the proposed actions on key us allies, and it estimated that the Department of Defense's need for steel only represent about 3 percent of usa production.

But Liu told United States negotiators that offer would be rescinded if the Trump administration imposed US$50 billion in long-threatened tariffs, people briefed on the latest negotiations told the newspaper.

"Somehow it's sending a clear message that this sort of thing benefits no one, and affects all of us", he said.

The PM's official spokesman said: 'The Prime Minister raised the U.S. decision to apply tariffs to European Union steel and aluminium imports which she said was unjustified and deeply disappointing.

Other countries that export pork to Mexico have been allocated a collective tariff-free quota of 350,000 tonnes that will remain in effect until the end of this year.

Mexico said on Monday that it will complain to the WTO over the U.S. measures, saying that it violates the organization's agreement on safeguards by not having been adopted in accordance with the procedures provided, in addition to violating the General Agreement on Tariffs and Trade.

Another trade war is brewing - one between President Trump and the Koch brothers.

NAFTA talks face uphill battle as Mexico, Canada carry on after tariffs
Mexico announced it will retaliate with duties on United States products including fruit, pork bellies , cheese and flat steel. International Trade Secretary Liam Fox said he hoped the U.S. would think again and "tit-for-tat" action was an option.

'If the United States introduces trade sanctions including tariffs, all the economic and trade achievements negotiated by the two parties will be void, ' said a statement on Sunday from the Chinese government, which was carried by the official Xinhua News Agency.

The Mexican peso dropped to its weakest level since February 2017 following the government's announcement, to trade at more than 20 to the USA dollar.

Mexican Economy Minister Ildefonso Guajardo said his country would now "surely" look to Europe for pork products, used in many traditional dishes in Mexico.

The trade tariffs are 25 percent on imported steel and 10 percent on imported aluminum.

In a radio interview this morning, foreign trade undersecretary Juan Carlos Baker rejected any claim that the tariffs amount to revenge on the United States, charging instead that Mexico was simply acting within its rights.

It's not very surprising that the libertarianish Kochs support free trade and oppose trade wars.

All of these countries have threatened retaliation over Trump's tariffs.

The tariff dispute comes as Canada, Mexico and the United States try to reach an agreement to update the North American Free Trade Agreement in talks triggered past year by Trump's discontent with that deal. It may be that this is what the Trump trade team has in mind.

"We've had a situation for many years where China has not treated American companies fairly and the trade deficit has grown and grown and grown", Branstad said in March.

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