U.S. to slap tariffs on steel, aluminum from EU on Thursday: sources

[Jimbuna]

Trump steel tariffs illegal, says UK's Liam Fox. So who gets to sort this mess out

The policy came into force on Friday, meaning anyone in the US importing the metals from the EU will have to pay an additional tax.

President Donald Trump said the move would protect US national security.

"Given that we export some pretty complex steel products to the United States which are part of their national security programmes themselves, this reasoning that is given is wrong and therefore we believe unlawful."

http://www.bbc.co.uk/news/uk-politics-44341074

[Skybird]

Der Tagesspiegel

[Gerald]

He he

[Gerald]

WHISTLER, British Columbia (Reuters) - Finance leaders of the closest U.S. allies vented anger over the Trump administration’s metal import tariffs on Saturday, ending a three-day meeting with a stern rebuke of Washington and setting up a heated fight at a G7 summit next week in Quebec.In a rare show of division among the normally harmonious club of wealthy nations, the six other G7 member countries issued a statement asking U.S. Treasury Secretary Steven Mnuchin to convey their “unanimous concern and disappointment” about the tariffs to President Donald Trump.

The 25 percent steel and 10 percent aluminum tariffs were imposed this week on Mexico, Canada and the European Union after temporary exemptions expired.

https://www.reuters.com/article/us-g...-idUSKCN1IY0QL

I strongly doubt that they will reach another deal on these tariffs.

[Catfish]

They already call it the G6 +1 summit

[Jimbuna]

Originally Posted by Catfish

They already call it the G6 +1 summit

I call it another potential step toward isolationism.

[Jimbuna]

China has warned that all trade talks between Beijing and Washington will be void if the US sets up trade sanctions.

After talks between Vice Premier Liu He and US Commerce Secretary Wilbur Ross, China said it was ready to boost imports from many countries.

Mr Ross's China visit comes days after Washington threatened to impose extra tariffs on $50bn of Chinese goods.

http://www.bbc.co.uk/news/business-44346461

It would appear the Chinese are adapting to the current situation sooner rather than later and are communicating in the same tone as the US.

[Catfish]

"Wie man in den Wald hineinruft, so schallt es heraus."
(german proverb)

[Rockstar]

Germany's trade surplus is a problem. "what comes around goes around" - Some dead greek guy


https://www.brookings.edu/blog/ben-b...-is-a-problem/

[Skybird]

Originally Posted by Catfish

"Wie man in den Wald hineinruft, so schallt es heraus."
(german proverb)

https://www.phrasen.com/uebersetze,W...us,3724,d.html

[Skybird]

Originally Posted by Rockstar

Germany's trade surplus is a problem. "what comes around goes around" - Some dead greek guy


https://www.brookings.edu/blog/ben-b...-is-a-problem/

It is. I say sionce years and years an economy that is so dependent on export like ours, is not strong, but a weak - dependent - economy.


The cartoon does nto fit, however, it refers not to exporting and productivity and cpompetitiveness, but saving. And regarding the ignorrance for saving, all the world ticks wrong and self-destructive. Most people do not even understand what saving means, they think saving already is not exaggerating it with credits. But saving means to practice abstinence from spending and consummation.And what has been saved this way, later gets invested or consumed, in bitter times, or when investments for somethign to grow are wanted.


BTW, the average wealth of Italian, Spanish and even Greek (!) private households is higher than in Germany! Also is beside Belgium also the highest-taxing nation in the West, and one of the highest taxing nations world-wide. That is because in Spain and Italy house and land property is far more common than in Germany.

[Catfish]

^ @Skybird Will you please stop and get back on track bashing Germany, for all?


Seriously, if Trump (=the US) bashes Germany and wants to threaten them and the EU, while saying "the poor US economy" cannot keep up, what does this tell us?

Also good advice.. while proposals and diplomacy usually work well with Europe, big-mouthed threatening and trying to be a smart-ar§e might meet some resistance. Just saying.

[Bilge_Rat]

Originally Posted by Jimbuna

Trump steel tariffs illegal, says UK's Liam Fox. So who gets to sort this mess out



http://www.bbc.co.uk/news/uk-politics-44341074

countries can file a complaint to the WTO or some other international agency and if they are right, they will eventually get some sort of favorable ruling in 3-5 years which the U.S. will ignore.

This is standard negotiating tactic for the U.S., it did not start with Trump.

Canada has had numerous trade fights with the U.S. over canadian lumber exports to the U.S. It always plays out the same, the U.S. will slap duties on canadian lumber, Canada will say it is illegal under NAFTA (which it is), Canada will obtain favorable rulings under the NAFTA tribunals, the U.S. will ignore the rulings and eventually Canada and the U.S. will work out a deal where Canada will pay a fine, agree to limit lumber exports for x years and the U.S. will lift the duties.

so yes, it is a shakedown. Trump will get what he wants since no country wants to lose access to the U.S. market.

[Jimbuna]

My concern is the possibility that US allies will edge closer to Russia and China in some form or other, after all, the US cannot outweigh 'the rest'.

[Bilge_Rat]

Originally Posted by Jimbuna

My concern is the possibility that US allies will edge closer to Russia and China in some form or other, after all, the US cannot outweigh 'the rest'.

you always hear that refrain whenever someone is upset over some U.S. action, but the reality is that Chinese or Russian "trade" practices and 10x or 100X worse that anything the U.S. could ever come up with.

No one who actually has his own money invested in a business actually believes that.