President Trump, “US Cannot Ignore Unfair Trade Practices”

President Trump, “US Cannot Ignore Unfair Trade Practices”

President Trump, “US Cannot Ignore Unfair Trade Practices”

US President Donald Trump said the US cannot ignore “rampant unfair trade practices” against it.

President Trump’s latest comments on trade came in a Tweet Wednesday

Recently he signed proclamations imposing a tariff of 25% on imported steel and 10% on aluminum.

Monday, he slammed the European Union, saying “large tariffs and barriers” used against US farmers and manufacturers are unfair.

We have learned that the EU wants to ‘Clean up” the trade mess with the US.

The European Union will focus on securing an exemption from US metals tariffs rather than provoking a trade war, a senior European Commission official said Wednesday.

European Commission Vice President Jyrki Katainen told the European Parliament that both parties in Congress, as well as US business, shared the EU’s belief in trade guided by international rules.

“This is not a dispute between Europe and the United States as such. That’s why the Commission will concentrate on problem-solving, instead of provoking further problems,” Katainen told lawmakers in a debate about the tariff threat.

“What we want to do is clear up this mess. I think there are good reasons why both sides will accept, at the end of the day, that we don’t need, we don’t want, a trade war. Instead we should concentrate on improving our trading conditions.”

Dialogue with the United States was “intense”, European Trade Commissioner Cecilia Malmstrom said, adding that the root cause of problems for steel and aluminium was overcapacity, a topic on which the EU, United States and Japan were cooperating.

“Certain countries are using massive subsidies and producing in non-market conditions. The EU and the US should and are working on this,” she said.

Ms. Malmstrom, who held talks with US Trade Representative Robert Lighthizer on Saturday, said she had not been given any clear reassurance that the EU would be exempted.

“We are in contact with the US counterpart to obtain more clarity as soon as possible and we have been told that the USTR will publish very soon on their website a more detailed outline of the procedures for the exclusions,” she said.

Stay tuned…

 

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :  
CONNECT WITH