U.S. eases way to more tariff exemptions under pressure By

U.S. eases way to more tariff exemptions under pressure By

U.S. eases way to more tariff exemptions under pressure By

Japan and Australia are among others asking to be exempt from the proposed import duties of 25 per cent on steel and 10 per cent of aluminum. But he gave Canada and Mexico a reprieve: He exempted them from the tax temporarily - provided that they agree to renegotiate the North American Free Trade Agreement to Trump's liking.

Brussels is also looking at "safeguard" measures to protect its industry - restricting the bloc's imports of steel and aluminium to stop foreign supplies flooding the European market, which is allowed under World Trade Organization rules.

At a time of rebound in global economic growth, the decision of US President Donald Trump to impose import tariffs on steel and aluminium, in line with his stance of anti-globalisation, has the potential to trigger a trade war. If they drop their horrific barriers & tariffs on USA products going in, we will likewise drop ours. Big deficit. If not, we tax cars etc. "While we are grateful that our trading partners, Canada and Mexico, are now exempt, it is our view that these tariffs will quickly become a tax on the fix and maintenance of vehicles, a tax that will ultimately be paid for in higher fix prices by the American auto owner".

Shadow International Trade Secretary Barry Gardiner criticised Fox for taking 10 days to make a statement to the House of Commons following the Trump administration's announcement of tariffs. Yet privately, many nations are moving to consider trade concessions that would exempt them from the USA tariffs.

Overall, the primary metals industry in USA, which is largely steel and aluminum, accounts for just under 0.7 per cent of the economy.

"We are an ally, not a threat", he said, rejecting any hint that the bloc's exports threatened United States national security - Trump's justification for imposing the tariffs.


While Mr Trump promoted the exemption on Twitter as a "security agreement" Mr Turnbull maintains that's just shorthand for the legal proclamation to bring the exemption into force. The U.S., Canada, and Mexico wrapped up their seventh round of negotiations early this month.

Turnbull also said Australia would not join an global protest against the USA tariffs. While no further bilateral meetings are planned at the moment, contacts are ongoing as the European Union is racing against time to secure an exemption before the aluminum and steel tariffs are enacted in less than two weeks.

Australia is heavily involved in supporting US-led operations internationally and spends 2 percent of its GDP on defence - more than most allies - much of which is spent on US-made defence equipment. "It has a negative impact on the NAFTA talks".

Data last week showed that the USA trade deficit had jumped to an over nine-year high in January, with the country's shortfall with China widening sharply.

"Sometimes that steel is dumped for ridiculously low prices and that smashes our local businesses, our local industry and our local workers", Mr Chalmers told Sky News.

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