Economy

Mexico exempt from new tariffs-for now

Mexico exempt from new tariffs-for now

Leaders loudly condemned the move, which threatens to explode into a trade war and rupture America's most important alliances in Asia. "It's really an assault on our country".

Those warnings intensified fears of a destructive tit-for-tat trade war - especially when Trump threatened to respond to European sanctions with further USA tariffs on auto imports from Europe.

Advisers argue that tales of Trump's freelancing are exaggerated and that in many cases - as with tariffs - he is following through on long-stated promises.

The tariffs could have a greater impact on major allies than adversaries. Russian Federation ranks fifth and China is the 11th-ranked source, according to the Department of Commerce. As it happens, a staunch USA ally, Canada, is by far the biggest foreign supplier of both metals to the United States and therefore stood to be hurt the most by the tariffs. "Despite the fact that Ford buys the vast majority of its steel and aluminum for USA production in the U.S., this action could result in an increase in domestic commodity prices - harming the competitiveness of American manufacturers", the company said. The Russian company Thursday said it supports Trump's effort to combat dumped and subsidized steel into the US and is grateful the president excluded Canada.

The Ministry of Commerce expressed China's firm opposition in a statement released on Friday.

The threat of tariffs hung over the negotiations in Mexico City, and Lighthizer said it was an incentive for Canada and Mexico to get a deal - a sentiment echoed by Commerce Secretary Wilbur Ross after Trump's announcement. The exemptions could end if the trade talks falter.

She also said that Canada will push for a permanent exemption.

White House counselor Kellyanne Conway said Trump takes input from a "diverse set of viewpoints", but added that "he knows it was his name on the ballot and he controls timing, content and tone".

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Ag raises concerns over tariffsAgriculture is concerned what affect the tariff announcement could have on the agricultural economy, especially if targeted countries respond with retaliatory tariffs. Critics called it absurd to claim that Canadian imports threatened US national security.

His comments in a Cabinet meeting Thursday come hours before a 3:30 p.m. meeting to formalize the tariffs amid uncertainty in the West Wing over which countries will be exempted from the protectionist measure.

The American Soybean Association says, "Retaliation from China would add significant further injury to an already-hobbled farm economy".

But as he announced the tariffs Thursday, Trump declared that "many of the countries that treat us the worst on trade and the military are our allies". China is the largest export market for USA soybeans representing a $14 billion market or 30% of US soybean exports.

Close US ally Japan warned the levies "could have a grave impact on the economic relationship" between the world's top and third-largest economies. Agricultural trade has been a bright spot for USA economy, positively impacting our overall trade balance, while providing an important avenue to grow demand for America's farmers and ranchers.

"Since 1998, countless steel mills and aluminum smelters have closed".

On Thursday, Trump had said that America will remain open to modifying or removing the tariffs for individual nations. House Ways and Means Chairman, Kevin Brady (R-TX) and Trade Subcommittee Chairman Dave Reichert (R-WA) organized the letter to President Trump saying the administration should focus its trade action on China and other unfair trading partners.

"I have to think that the exclusion was probably also granted because we're going to be a little more accommodating to them at the (NAFTA) negotiating table", said Mark Warner, a Canadian trade lawyer. "The idea that we're the only game in town, and these partners have no choice but to purchase from the U.S.is flatly wrong".

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