Two major U.S. allies said Thursday they are concerned about President Trump’s promise to levy steep tariffs on imported steel and aluminum, with one vowing retaliation if the administration goes through with the plan.
Canada and the United Kingdom both issued statements in response to President Trump’s decision to announce next week that he will slap 25 percent tariffs on steel and 10 percent tariffs on aluminum imports.
Canadian Foreign Minister Chrystia Freeland vowed to take “responsive measures” if the Trump administration imposes stiff tariffs on Canadian steel and aluminum products.
“It is entirely inappropriate to view any trade with Canada as a national security threat to the United States,” Freeland said in a statement.
“Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers.”
…….
Canada has said they were hoping to hear from the White House that Canada, which is the largest importer of steel into the United States, would get an exemption from the tariffs.
The United Steelworkers, which backs Trump’s actions, has urged the administration to leave out Canada, arguing that they aren’t part of the problem.
In recent months, tensions have ramped up in the trade relationship between Washington and Ottawa.
Earlier this week, Trump argued that the United States is losing in its trade relationship with Canada, saying “Canada is very smooth” in its trading relationship, “so we have to start showing that we know what we’re doing.”
……..
- Discussion
-
Canada threatens to retaliate if Trump imposes massive new tariffs https://t.co/hj25s7WT7V pic.twitter.com/ivto37Ihu6
— The Hill (@thehill) March 2, 2018
According to this article in IBD,
Canada is the biggest steel exporter to the U.S., shipping 5.8 million metric tons in 2017, or about 16% of total steel imports. Yet Canada is also, far and away, the largest export market for U.S. steelmakers. Through the first three quarters of 2017, the U.S. ran a relatively minor trade deficit with Canada of about a half-million metric tons, according to Department of Commerce data.
Mexico, although it’s the No. 4 source of U.S. imports of steel, actually imported more steel from the U.S. than it sent here through the first three quarters of 2017.
Even the steelworkers union want to exempt Canada:
The United Steelworkers, which backs Trump’s actions, has urged the administration to leave out Canada, arguing that they aren’t part of the problem.
IBD also said of the tariff proposal, “it’s hard to imagine a clumsier, more ham-handed way of seeking to redress unfair trade practices than a 25% tariff on global steel imports. “
You must be logged in to reply to this topic.