President Trump Says US Commerce Secretary, EU To Discuss Tariffs, Trade Barriers

Emmett Rice
March 13, 2018

Canada ranks first and Mexico fourth, the data showed.

Trump added that European countries are banding together to "screw the US" on trade.

Over the weekend, Mr Trump argued that the USA has been abused economically by the European Union, saying they were "wonderful countries who treat the U.S. very badly on trade".

France's Economy Minister Bruno Le Maire, speaking in Brussels Monday said: "We don't want a trade war, but we are going to defend our economic interests, our factories, our industry and our jobs".

His Spanish counterpart Roman Escolano Olivares said: "Protectionism is always a political, a historical error".

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Fox criticised the unilateral imposition of U.S. tariffs, which will impose a 25 per cent duty on steel imports and a 10 per cent tax on aluminium imports, and said that they "have weak foundations in worldwide law".

But as negotiations on trade continue between the USA and the rest of the world, economists say the impact of these new tariffs on the global economy is not as big as the threat of a global trade war. "But we are not afraid, we will stand up to the bullies".

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The EU trading bloc is seeking exemption from the tariffs.

European leaders believe they should be exempt from the tariffs and have threatened retaliation if the plan goes ahead.

Amid uncertainty over who might be exempted, German Finance Minister Peter Altmaier appealed to reason, saying it is the "responsibility of everybody to keep global trade as fair and open as possible".

"The Department for Business Energy and Industrial Strategy will be assisting United Kingdom industry working with U.S. customers to build their cases for exemptions", Fox said.

"In some places trade has been to blame for the pains of globalisation or they used it as a scapegoat or they think we can live behind walls and borders", European Trade Commissioner Cecilia Malmstroem said at a conference in Brussels.

Malmstroem said she told Lighthizer that "the European Union must be excluded" from tariffs because it is a close United States ally.

The EU and Japan urged the United States on Saturday to grant them exemptions from metal import tariffs, with Tokyo calling for 'calm-headed behavior'.

Global equities markets gained across the globe Monday, before early gains in NY trading gave way mid-morning.

Other reports by Free-Prsite

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