Published: Thu, June 07, 2018
Worldwide | By Lisa Hogan

Chamber Of Commerce CEO: Trump Trade Policies May Cost US Jobs

Chamber Of Commerce CEO: Trump Trade Policies May Cost US Jobs

Canadian Prime Minister Justin Trudeau said earlier this week when the tariffs came into place that the move is "totally unacceptable", with Ottawa planning impose tariffs of up to 25 per cent on about $13 billion worth of US exports starting July 1.

The country has, however, given foreign producers a slice of its market in past trade talks; doing so again in North American Free Trade Agreement talks would follow the trend but be politically controversial because it would once again shrink domestic producers' cut of the pie.

Canadian Prime Minister Justin Trudeau is under fire from farmers at home for saying he's flexible on increasing access to the country's dairy industry, a change sought by Donald Trump in Nafta talks.

Trump announced that the US will go ahead with a plan to impose tariffs on $50 billion worth of Chinese imports just 10 days after the two reached the truce agreement in Washington.

He said the focus now is to use the threat of retaliatory measures to pressure the U.S. into reconsidering its own tariffs before any negative economic impact actually materialises.

But the president defended his actions saying the USA would soon be in a stronger position with its top trading partners.

Countries around the world are already fighting back, announcing retaliatory countermeasures and warning that the US plan will hurt USA consumers.

"We can say the USA went into the tariff issue alone and they remain alone around the table", said Mário Centeno, the Portuguese finance minister who participates at the G-7 by virtue of being the president of the Eurogroup, the association of eurozone finance ministers, in an interview.

"Canadians have served alongside Americans in two world wars and in Korea".

In the United States, tariffs - also called duties or levies - are collected by Customs and Border Protection agents at 328 ports of entry across the country. China has threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in United States goods - as have Canadian, EU and Mexican authorities. "As Canada, we need a rules-based system".

President Donald Trump's chief economic adviser is brushing off concerns over escalating trade disputes with a host of USA allies as nothing but a "family quarrel". "The level of tariffs to be applied will reflect the damage caused by the new USA trade restrictions on European Union products", it said.

Sources say Trump will eventually have to consider the combination of the strong internal Republican and American business opposition to the tariffs, as well as the simple passage of time as the negative effects eventually trickle down to US consumers. However they also target exports from states of significant American political leaders, such as gherkins and yogurt from House Speaker Paul Ryan's home state of Wisconsin, and bourbon from Senate Leader Mitch McConnell's state of Kentucky. They report a really high surplus on trade with us. He exempted Canada, Mexico and the European Union pending additional talks to ease USA concerns. The European Union, and Canada challenged these measures in the world trade organization (WTO).

"The United States has been taken advantage of for many decades on trade", the president said in a statement released by the White House. "Make no mistake - this is a full-on trade war", President Jerry Dias said.

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