Trump says commerce secretary will talk tariffs with EU

Trump says commerce secretary will talk tariffs with EU

The EU's top trade official has employed strong rhetoric as the row with US President Donald Trump over steel and aluminum tariffs heats up following fruitless talks. Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore. "We just want fairness", Mr. Trump said.

US President Donald Trump on Friday said he has spoken with Australian Prime Minister Malcolm Turnbull and that they are working on an agreement so Australia will not be subject to US tariffs on steel and aluminum. It isn't going to change the price of a auto.

Later this week, Trudeau is due to visit the Ontario steel city of Hamilton, where workers are on edge.

Trump drew on rarely used national security grounds to place a 25 percent tax on steel imports and 10 percent tax on imported aluminum.

But the reaction was swift.

Shadow International Trade Secretary Barry Gardiner criticised Fox for taking 10 days to make a statement to the House of Commons following the Trump administration's announcement of tariffs.

"There is no victor in a trade war".

The EU's top trade official said the USA failed to provide full clarity on how Europe and Japan could be spared set to continue next week.

Trump's action has turned into a day-to-day drama of how the tariffs will specifically be implemented and their short- and long-term effects. "The U.S. industry is a large net exporter and thus vulnerable to potential retaliatory trade actions", he wrote to clients.

Meanwhile, the European Union is filing a complaint with the World Trade Organization, arguing that the obscure, national security-related trade law Trump used to justify the tariff violates WTO rules.

The initial reaction in Mexico was positive, since the alternative would have further complicated the NAFTA talks.

And without a clear-cut exemption process, the move aimed primarily at punishing China now risks leaving US allies from Japan to the European Union caught in the crossfire.

Labor finance spokesman Jim Chalmers says steel destined for the USA from other countries will now be dumped below cost in Australia. "More than half of these investment projects are still in the planning stage, and market shifts caused by tariff increases may convince investors to do business elsewhere". "This is a win-win decision", he said in his video message. European Commission President Jean-Claude Juncker responded with a list of threatened tariffs on U.S products, lamenting: "This is basically a stupid process".

"We have our economic relationship, we have our security relationship", he said. And to some degree, they're right.

Australia is heavily involved in supporting US-led operations internationally and spends 2 percent of its GDP on defence - more than most allies - much of which is spent on US-made defence equipment. NAFTA has turned into a dirty word.

The bloc believed it should be exempt as it is a close ally of the US. If a country such as China is over-producing a product, which might be subsidized by the government, a tariff on China's imports might help address the problem. They will benefit steel and aluminum producers by raising metals prices.

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