Trade war: What you missed over the weekend

Trade war: What you missed over the weekend

May is expected to discuss the tariff with Trump at the summit this week.

'Farmers have not been doing well for 15 years. "Canada is a whole lot different from Mexico".

For its part, Chinese media outlet Global Times presumed that the ongoing trade dispute could become a "protracted" one: "Given the United States may change its mind and make new requests from time to time, it is hard for both sides to nail down a consistent trade pact and stabilize their trade relationship".

USA goods exported to China previous year totaled $130 billion while Chinese imports to the US totaled $506 billion.

It was not clear whether Washington would accept the offer and whether it would be enough to avert a trade war.

Trump won the presidency with the help of farm-heavy states like Pennsylvania, Wisconsin, Ohio, and Indiana.

China's Ministry of Commerce, in response, took a dig at the flip-flopping from Washington, saying "We are both surprised and unsurprised at the statement, which is obviously contrary to the consensus reached between China and the Washington not long ago".

But he exempted Canada, Mexico and the European Union to buy time for negotiations, a reprieve that expired at midnight on Thursday.

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A range of US steel products will be hit by 25 percent tariffs. The Trump administration has also threatened to press ahead with at least US$50 billion in tariffs on Chinese products. -China trade discussions - possibly the last before tariffs take effect - ended without a breakthrough.

"Liam Fox has today shown that he stands with the United Kingdom steel sector in condemning the "unjustified" U.S. steel tariffs, supporting a strong and swift European Union response, and using our close relationship with the USA to exert influence where possible".

Officials said David Koch would transition to a director emeritus role at the company, the second largest privately held firm in the United States.

But both USA neighbors are opposed to that possibility and Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau reaffirmed their commitment to reaching a new trilateral deal in a telephone conversation last week.

Secretary of Defense James Mattis issued a memorandum that concurred with Commerce's overall findings but expressed concern over the effect of the proposed actions on key us allies, and it estimated that the Department of Defense's need for steel only represent about 3 percent of usa production.

USA equity markets are trading higher on Monday, much to the surprise of bearish traders who were betting on a global trade war to disrupt the rally and perhaps fuel a mild downdraft.

He has echoed the administration's position that America has gotten the short end of the stick from China.

Trump wrote in a series of tweets that his trade negotiations with China and a slew of USA allies would break down large trade barriers faced by American farmers.

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Canada's government vowed on Monday to do all it could to protect its steel and aluminium sectors from US tariffs but sidestepped an industry call to strike back quickly, saying it needed time to study the issue.

Unmentioned in the document is the detrimental impact that multinational free trade deals like the North American Free Trade Agreement (NAFTA) - now under re-negotiation by the Trump administration - and KORUS have on American jobs, workers, and wages.

WASHINGTON: China offered to buy almost $70 billion in American farm, manufacturing and energy products to persuade Washington to drop threatened tariffs, according to a news report on Tuesday.

Canadian Prime Minister Justin Trudeau repeated his retaliation talk on Sunday.

Canada has threatened to impose retaliatory tariffs of up to $16.6 billion on some steel and aluminum products and other goods from the US - including pizza and quiche - beginning July 1.

Jim Heimerl, an OH pork producer and president of the U.S. National Pork Producers Council, said the 20% tariff on pork legs and shoulders eliminates his country's ability to compete in the Mexican market. One, Trump would have to broaden protectionist measures to other sectors - a distinct possibility, given the administration is probing whether auto imports represent a security risk.

Mexican President Enrique Peña Niet has been just as critical of the president, calling his attacks on Mexico 'offensive and unfounded'.

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