European Union initiates dispute with United States at WTO
- Author: Rogelio Becker Jun 03, 2018,
Jun 03, 2018, 21:15
Earlier this month, European Union leaders said they were open to discussions on restructuring current tariffs on US goods, but only if they were granted a permanent exemption from steel and aluminum tariffs.
Canada's finance minister has said he is hopeful the threat of retaliation against USA trade measures will persuade the Trump administration to back away from the steel and aluminium tariffs it has imposed on its G7 allies.
Tariffs on steel and aluminum imports to the US can help local producers of the metals by making foreign products more expensive.
"[French] President Macron expressed yesterday his willingness to work on the renewal of the trade system with the United States, but we can not negotiate, we can not enter into any kind of discussion, under pressure, and being hit by tariffs will not help us to open the door to any kind of negotiation", Le Maire said.
Trudeau was in Halifax to speak to the annual conference of the Federation of Canadian Municipalities.
Mexico's ministry of economy pledged to impose equivalent measures, and included a partial list of USA goods that would face tariffs, including pork bellies, cheese, and produce such as grapes and apples.
The trade actions have opened the U.S.to criticism that it's burning bridges at a time when Trump is seeking to rid North Korea of nuclear weapons and help stabilize the Middle East.
"This is stupid - it's counterproductive", Francis Maude, a former British trade minister, told the BBC.
Trump maintains that the USA has been unfairly treated in trade with its neighboring and oversees partners.
But Ross said there was "no longer a very precise date when they may be concluded", and that as a result, Canada and Mexico were added to the list of countries hit with tariffs.
In a clear reference to Trump, Macron added: "These solutions might bring symbolic satisfaction in the short term".
The world's two biggest economies have threatened to impose tariffs on up to $200 billion worth of each other's products.
Canada will coordinate its WTO case with the European Union, which also filed a challenge.
For those unversed, on June 1, Trump announced that he will impose steep tariffs on steel and aluminium on Canada, Mexico and the EU.
G7 governments were also digesting Trump's threats to impose tariffs on hundreds of billions of dollars in United States auto imports on purported national security grounds.
And Canada Prime Minister Justin Trudeau said the U.S. tariffs were "totally unacceptable", and "an affront to the long-standing security partnership between Canada and the United States".
In a speech at a Greater Albuquerque Chamber of Commerce luncheon, Udall said he's heard from civic leaders working in the Santa Teresa area that companies are ready to make investments, but are waiting to see if there will be a resolution to President Trump's efforts to overhaul NAFTA. The $800 billion figure represents the total value of goods imported by the U.S.in 2017.
Likewise, the Trump trade team sought to use the tariff threat to pressure Europe into reducing barriers to US products.
German MEP Bernd Lange, who chairs the European Union's global trade committee, has said the tariffs are "illegal" and insisted the EU would "make some countermeasures, no doubt about".
But Macron said those "who waged bilateral trade wars. saw an increase in prices and an increase in unemployment".
He said G7 officials expressed concern to U.S. Treasury Secretary Steven Mnuchin during the session on trade that the U.S. tariffs posed a risk to global economic growth.