Justin Trudeau Says Tariff Exemptions And NAFTA Deal Are Not Linked

Justin Trudeau Says Tariff Exemptions And NAFTA Deal Are Not Linked

Now, I'm not advocating for Canada to recklessly get itself involved in a widespread trade war with our neighbour and best customer.

President Donald Trump, center, speaks in the Roosevelt Room of the White House in Washington, Thursday, March 8, 2018, before signing two proclamations, one on steel imports and one on aluminum imports.

This transfer is usually economically inefficient because the benefits that domestic producers receive from a tariff will generally be less than the costs to domestic consumers. But that would only hurt Canadian manufacturers.

Import taxes will tend to drive already exorbitant U.S. construction costs even higher, hurting commercial development around the country.

Donald Trump's election to the White House was precipitated by campaign promises to introduce protectionist measures for U.S. industry. What's more, the analyst assigned it a lowly price target of just $23 - implying there's as much as 45% downside risk in the stock despite its apparent win in the recent tariffs debate.

Should Trump's tariffs stay in place for the long term, it is expected that the USA steel and aluminum industry will benefit, with under-capacity mills increasing output and idled plants restarting.

So many people are obsessed with criticizing everything Trump does or doesn't do that they repeatedly fail in these efforts, and then can't resist advertising their failure. Tellingly, numerous major USA military contractors - without any reliable source of aluminum being produced domestically - depend heavily upon imported Canadian aluminum to drive their operations.


He added "We will always stand up for Canadian steel and aluminum workers". Tariffs won't change that equation. They run exactly counter to what would be a sound approach to Chinese mercantilism, as a compelling report by the Information Technology and Innovation Foundation underscores. "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". America helped other countries protect their own industries through high tariffs until they could recover.

"The bigger concerns are retaliatory tariffs against USA exports, the possibility of a broader trade war, higher costs, and greater uncertainty for global business investment".

The US is a mature economy with a lot of existing buildings, infrastructure and vehicles, meaning that its consumption of metal can be expected to grow only slowly. Other countries affected by the move are also seeking ways to cope with the situation properly.

Indeed, noting how Trump has linked the duties to what he regards as a successful outcome in the Nafta talks, Dr Peter Warrian, senior research fellow at the Munk School of Global Affairs, University of Toronto, and a senior expert on the steel trade, warned Metal Bulletin: "This has the potential to become doubly bad".

Trade actions against offshore steel initiated by the government and brought to the Canadian International Trade Tribunal would likely carry a greater sense of urgency than those brought by industry, Mr. Galimberti said in an interview Monday.

"In some places, trade has been blamed for the pains of globalization, others use it as a scapegoat and insist that we can hide behind walls and borders", EU Trade Commissioner Cecilia Malmstrom said at a conference in Brussels on Monday.

The sudden decision on tariffs was clearly timed politically-as the White House and Republicans make a final push to try to avoid an embarrassing defeat in Tuesday's special election in a deep-red Pennsylvania congressional district that Trump won by almost 20 points in 2016.

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