Wilbur Ross: US to Extend Duty Relief to Some Allies, Not All

Wilbur Ross: US to Extend Duty Relief to Some Allies, Not All”

The US administration have imposed the new tariffs on the grounds on "national security", and will include 25% on steel exports and 10% on aluminium. South Korea's permanent exemption is in exchange for it having agreed to cut its steel exports to the United States by about 30 percent. South Korea made up the largest share, shipping about 13 percent of USA imports, according to an American Iron and Steel Institute analysis of government data.

"We're looking to have a very frank discussion on trade; on issues of the trade imbalance", Mnuchin told Fox.

U.S. Commerce Secretary Wilbur Ross has expressed interest in reviving talks on a free-trade agreement, a suggestion that has split the European Union and may not be possible in the current environment.

The EU's draft list of United States imports that could be slapped by tit-for-tat tariffs amounts to €2.8 billion ($3.4 billion), a lot less than the €6.4 billion worth of steel and aluminum that the bloc exported to the U.S. in 2017.

"We have been discussing this with the USA administration and letting them know it would be a very bad idea to disrupt (the) very complex trade between Canada and the United States when it comes to steel and aluminum", said Trudeau.

If unresolved, those countries could become subject to USA tariffs of 25 per cent on steel and 10 per cent on aluminium as previously announced in a move created to target China.

The EU tariffs would hit USA consumer, agricultural and steel products in many key Republican constituencies, putting pressure on Trump ahead of crucial midterm elections in November.

However EU leaders seemed less confident despite recent bilateral meetings between German Chancellor Angela Merkel and French President Emmanuel Macron with President Trump.

The three European leaders "agreed that the US ought not to take any trade measures against the European Union", which is "resolved to defend its interests within the multilateral trade framework", Merkel's statement said. She has insisted on a permanent exemption without conditions.

In a separate trade battle with China, the United States has threatened to impose tariffs on $150 billion of Chinese goods in retaliation for what it argues are Beijing's unfair trade practices and its requirement that USA companies turn over technology in exchange for access to its market.

A White House official said the only thing that could stop the tariffs from being imposed on Canada now is a new presidential order.

"The president gave us time to address these issues and the president is going to make a decision", Mnuchin said.

The U.S. Treasury Secretary will be joined on the high-stakes trip by U.S. Trade Representative Robert Lighthizer, White House trade adviser Peter Navarro and White House economic adviser Larry Kudlow.

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