Trump may drop tariffs if 'fair' Nafta deal is reached

Trump may drop tariffs if 'fair' Nafta deal is reached

Earlier this week Donald Trump made a surprise announcement that he intends to impose a 25% tariff on steel and 10% on aluminium in an attempt to protect United States industry.

During Monday's latest round of NAFTA talks, representatives from the U.S., Canada and Mexico gathered in Mexico City to negotiate trade initiatives.

Goldman wrote: "By imposing across-the-board tariffs to all steel and aluminum imports, the larger economic impact is on Canada, Mexico and the European Union, and it ironically eases the economic impact to China and Russian Federation". Massive relocation of companies & jobs. However, the country will most likely benefit from the new duties imposed by Donald Trump on steel and aluminum. Finance Minster Bill Morneau also said recently that Canada has been "firm" in its opposition to tariffs. "Highly restrictive. Mexico must do much more on stopping drugs from pouring into the US. Millions of people addicted and dying", Trump wrote.

Trudeau was quoted by CBC News, "We will continue to engage with all levels of the American administration in the coming days so that they understand that this proposal is unacceptable".

Despite warnings from his own party, the president was insistent that his policy would not start a trade war with other countries, despite calling them "good" on Friday.

Trump's moves have sparked concerns of a trade war in which countries retaliate with trade restrictions against the US.

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Following Juncker's comments, Trump warned the USA would apply a tax on European cars if the bloc wants to increase tariffs on American firms, a statement that has rattled European automakers. When the 28-nation European Union said it would retaliate against USA products, Trump threatened to increase tariffs on European cars. "We can't have a country that can defend itself and prosper without an aluminum and steel industry".

Fears of a trade war eased on Wall Street - for a day, at least. But the idea behind Juncker's response is to appear as "stupid" as Trump, in order to get him to back down, by giving other USA industries a reason to lobby against the steel/aluminum tariffs.

Sen. John Thune, a South Dakota Republican who's a member of GOP leadership, told reporters Monday night that Republicans are still looking at what legislative recourse they have to stop Trump's action on trade, but first they are trying to convince him not to go through with it. Students of the Great Depression, for example, contend that one of the factors that exacerbated the 12-year economic disaster was the Smoot-Hawley Tariff Act, which imposed higher taxes on over 20,000 imported goods from 1930 to 1934.

While most automakers, the American International Automobile Dealers Association, and analysts have all come out against the tariffs, the Hyundai had the strongest reaction, according to Bloomberg.

Trump has come under fire from global allies and lawmakers at home for the tariffs, which he said would be 25 percent on steel and 10 percent on aluminum.

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