Help Workers Without a Trade War

China’s trade minister Zhong Shan said that the US trade deficit with China is overestimated by about 20% citing research by a panel tasked with investigating the discrepancy between the two nations’ accounts of their trade balance

Trudeau, speaking on CNN's "Anderson Cooper 360" Monday, said he believed that relief was justified both by the exemption US President Donald Trump granted Canada and Mexico from his steel and aluminum tariffs and by the understanding he sensed in the US of "the level of complex integration between our two countries on steel and aluminum". On the other hand, the not in a rush for the negotiations to revise a free trade agreement with South Korea, which was not exempted from the new rule.

While complaints about China's abuse of intellectual property rights are not confined to the United States, Trump's global steel and aluminum tariffs announced last week under section 232 of the Trade Expansion Act of 1962 complicate US efforts to recruit allies to put pressure on China. Brazil, which is the second biggest supplier of steel to the United States after Canada, remains open for a dialogue to reach an understanding with the United States and is talking to other countries to learn about measures they are considering, he said.

But economists said the net impact of the tariffs on the US economy is negative, because they benefit just a small slice of the economy, while harming almost everyone else. This decreased demand for pesos pushes down the value of the peso relative to the US dollar. In fact, the trade action is affected by the USA president's decision.

According to CNN Money, some USA companies that may be hit by Trump's tariffs include Boeing, Caterpillar, Campbell Soup Company, Whirlpool, Ford, and General Motors.

Prime Minister Malcolm Turnbull confirmed Australia will be exempt but denied the announcement was the result of a new security agreement, instead saying Mr Trump was referring to the legal paperwork to cement the deal. Stated differently, the USA can't harm the Canadian economy without simultaneously shooting itself in the foot. For example, President Trump's proposed steel tariff could cost almost 40,000 jobs in the steel-dependent auto-manufacturing industry.

That lasted for about three months before the Nixon White House unceremoniously scrapped the surcharge because of unrelenting global opprobrium and pressure. The U.S. now applies a 2.5 percent tariff on European vehicle imports. Trump's actions, if they translate into measures, constitute a transatlantic threat she can not afford to relegate behind a list of pressing challenges from Brexit to China and reform of the euro area.

So many people are obsessed with criticizing everything Trump does or doesn't do that they repeatedly fail in these efforts, and then can't resist advertising their failure.

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Now Canadian manufacturers operating within North American supply chains have something else to worry about.

Speaking at an industry conference in Brussels, French finance minister Bruno LeMaire said he was anxious about the possibility of a U.S. -EU trade war, but said Europe had to respond to new U.S. tariffs on Europe. With fewer competitors, the USA automobile industry became even more concentrated, enabling automakers to restrict production (and jobs) to drive up prices and profits.

In a story March 6 about the financial strength of the steel industry, The Associated Press reported erroneously that the steel industry added more than 8,000 jobs between January 2017 and January 2018.

Trump has also criticized China's currency manipulations, which increase costs of American goods and services by 25 to 40 percent. And I'm sure that's not what Trump means by "America First". Furthermore, our industries that use steel and aluminum as part of their production process will suffer.

The country is the world's biggest importer of steel, buying about 35 million tonnes of the commodity a year ago, according to Reuters. Why should the economic well-being of a few come at the expense of the many?

Still, despite steel's political advantages, tariffs are still a large gamble for Trump. That same base in border states such as Michigan, Ohio and Wisconsin could turn against him once it sees the economic fallout of Trump's tariffs on the automobile, heavy truck assembly and agricultural sectors. "Which politics have moved the market?" But neither am I suggesting that we cave into Trump's plainly bullyish tactics and threats of retaliation. Thats now. In a major military conflict, those needs would soar.

"There is no victor in a trade war", Zhong said at a press conference in Beijing Sunday.


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