Published: Mon, March 12, 2018
Money | By Armando Alvarado

Fearing trade war, European Union warns of protectionism 'dead end'

Fearing trade war, European Union warns of protectionism 'dead end'

Following the announcement, the European Union and Japanese officials in a meeting with U.S. Trade Representative Robert E. Lighthizer at Brussels, pushed for the same exemption but did not reach a definite conclusion, the Washington Post reported.

"The short answer is, we don't know the specifics yet", said Orr, who was assistant USA trade representative in President George H.W. Bush's administration. While lowering tariffs across the world has undoubtedly encouraged greater world trade that has spread prosperity far beyond anything government foreign aid accomplishes, it does not mean that all free trade deals have been free and fair or good for the U.S. The reason for that lies with past U.S. administrations, not President Trump. The president made it clear, however, that if a deal is not reached, the tariffs would be imposed, "If we terminate NAFTA because they are unable to make a deal that is fair for our workers, fair for our farmers, and fair for our manufacturers, then we will terminate NAFTA and start all over again". Big Deficit. If not, we Tax Cars etc.

Mr Trump's announcement of import tariffs of 25% on steel and 10% on aluminium has sparked fears of a trade war.

"I had a frank discussion with the U.S. side about the serious pending issue of steel/aluminum tariffs, " the top European Union trade official, Cecilia Malmström, wrote on Twitter after the meeting.

The EU is also maintaining a threat of counter-measures that would target USA imports ranging from maize to motorcycles, and may publish its list next week to allow industry and other interested parties to give their input.

In revealing those measures, European Commission head Jean-Claude Juncker taunted Trump, saying the EU could match "stupid with stupid".

It is not too much to say that no other country would suffer more from US tariffs than South Korea, which is too dependent on exports for economic growth.

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"Steel is steel", Trump said. The BBC, unable to resist a pitch that demonises President Trump, swallows the European Union narrative whole and encourages the British Prime Minister to take the EU's side.

Steel is uniquely important in successful economies since it's critical for everything from the solid metal used in cars and buildings to the extremely high-tech, lightweight frames used in military aircraft.

Notwithstanding, Trump remains as steadfast and defiant as ever. Countries with large domestic economies can easily withstand tariff threats.

"We were saying, 'OK, can we switch over to NAFTA now?'" said Schwebel, who has also been part of the USA private sector involved in each round of the negotiations.

Under WTO rules, such countermeasures have to be in place within 90 days of the U.S. tariffs entering force. This move has been criticised by major trading partners of The States.

"I said, 'Good, open up the barriers and get rid of your tariffs, and if you don't do that, we're gonna tax Mercedes-Benz, we're gonna tax BMW'". After initially suggesting there'd be no exceptions, Trump promised to be "very flexible" and initially exempted Mexico and Canada from the duties, which are set to go into effect in 15 days. He also added Australia to the list of likely carve-outs.

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