Saturday, 22 September, 2018

Mexico: US Tariffs Will Not Pressure NAFTA Talks

President Trump signed proclamations at the White House Thursday that establish new tariffs on steel and aluminum imports President Trump signed proclamations at the White House Thursday that establish new tariffs on steel and aluminum imports
Chelsea Rogers | 10 March, 2018, 01:53

Last Thursday, Trump announced the United States would implement a 25 percent tariff on steel imports and 10 percent tariff on aluminum imports. But what is clear is that Trump's new trade policy is still causing chaos inside and outside of the White House.

Over the past week, all sides have said that progress to overhaul Nafta so far has been slow, but there has been some headway on several trade issues and a more constructive tone in weeklong negotiations that wound up in Mexico's capital Monday.

A trade deal struck by former President Bill Clinton, NAFTA has been the target of renegotiation since Trump took office a year ago.

"All of those commodities are denominated in USA dollars", said Eric Theoret, a currency strategist at Scotiabank.

"If the USA does unilaterally withdraw from NAFTA, all bets are off", Monex Canada's Berich said. Massive relocation of companies & jobs. The major problem here being that Trump has a different idea of a "fair" NAFTA than both Canada and Mexico. Highly restrictive. Mexico must do much more on stopping drugs from pouring into the U.S. They have not done what needs to be done. The nations involved in TPP represent a market of 800 million people and 40 percent of the global economy.

Trump states that the tariffs are needed to safeguard domestic industries against inequitable opposition from China and elsewhere. "We are going to make sure we're doing everything we need to do to protect Canadian workers - and that means waiting to see what the president actually does".

As our economy grows through tax reform, we should focus on opening more markets around the world.

Trump's plans have been met negatively by some world leaders.

Prime Minister Justin Trudeau said earlier on Thursday there was a "level of confidence" that the country's close relationship with the United States would protect it from the USA tariffs.

CDC report: Hospital visits for opioid overdoses rose 30 percent nationwide
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President Donald Trump speaks during a meeting with Israeli Prime Minister Benjamin Netanyahu on Monday in the Oval Office of the White House.

The official, who was not authorized to discuss internal deliberations and spoke on the condition of anonymity, said an announcement on the findings of the report - and possible retaliatory actions - was expected within the next three weeks.

Trump said he would impose the tariffs - 25 per cent on steel and 10 per cent on aluminum - to boost US manufacturers. The European union, we can't do business in there, we're not allowed.

Trade talks are centred on US demands that range from changes to automotive content origin rules and dispute resolution mechanisms, to imposing a clause that could automatically kill NAFTA after five years.

But the U.S. does not have a trade deficit with Canada.

WTO Director-General Roberto Azavedo said "the potential for escalation is real".

"Trade wars are never won".

"I can assure you that Director [Gary] Cohn and myself have received lots of feedback on all these issues and we're balancing various issues", Mnuchin said, referring to the head of the National Economic Council who has opposed moving to impose the steep tariffs.

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