Markets

Steel standoff: EU, Japan trade chiefs meet Trump envoy

Steel standoff: EU, Japan trade chiefs meet Trump envoy

European Competition Commissioner Margrethe Vestager said that, if talks to secure exemptions failed, Brussels would impose countermeasures.

Trump stoked the fire on Saturday by suggesting even broader tariffs for the European Union if they don't address still-unspecified concerns. President Trump should now focus on protecting the entire manufacturing supply chain through broader trade remedies, including efforts to address currency exchange issues.

Reason number two: In anticipation of the President's action to impose these tariffs, China and other trade cheater nations have stepped up their illegal steel dumping into the US marketplace – often through third party nations employed to disguise the real source – and further undermining our iron ore and steel industries and thousands of good paying jobs.

The U.S. sugar industry, which is very heavily protected, benefits in a similar way by being heavily concentrated in Florida, a frequent swing state. Other countries will also be allowed to apply for exemptions to the new taxes of 25% on imported steel and 10% on imported aluminum.

Bernhard Mattes, head of Germany's VDA auto association, said that policymakers must avoid a trade war at all costs, noting that BMW and other German vehicle makers were also among the biggest U.S. exporters in the sector.

According to the European steel association EUROFER, trade with the U.S. accounted for 15 percent of Europe's steel exports in 2017.

It seems that the only way for Canada and Mexico to salvage the trade agreement is to give the president what he asks for: a huge trade surplus for America.

The two also met with Japan's Minister of Economy, Trade and Industry of Japan Hiroshige Seko, and all three pledged in a statement afterward to work together to fight dumping that hurts jobs and industries around the world. He is the one retaliating against the unfair tariffs already levied by other countries. Canada and Mexico are expected to be exempted from this move of the President in light of the negotiations being taken place in the North American Free Trade Agreement.




"If we're in NATO, he wants to make sure that NATO gets more money so that NATO can protect all of us and fulfill its goal", Mnuchin said, underscoring Trump's push to get NATO allies to pay 2 percent on defense.

"The problem he's going to have is he didn't have a reservoir of support or sympathy to begin with", said Bill Reinsch, a senior adviser at the Center for Strategic and International Studies.

More surprising may be the outrage in the USA from groups that have traditionally backed the president.

"A tariff is a tax that will result in higher prices that consumers will ultimately bear", said John Bozzella, the president of Global Automakers.

Zhong said that Beijing would continue to "relax market access" to China, and that it would also attach greater importance to intellectual property rights, another point of tension with the U.S. It agrees with ACC that the tariffs will be harmful to competitiveness. Gesturing to the workers, Trump said part of the reason he's in the White House was "because of you and my message having to do with you".

There's no indication from the American President that he'll stop at simply raising the metal bar.

Jakob Hanke and Hans von der Burchard contributed to this article.


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