Trump's Tariffs Could Cost U.S. 400,000 Jobs

Jun 07, 2018, 06:25
Trump's Tariffs Could Cost U.S. 400,000 Jobs

"He's just going to try a different approach". The US$70 billion offer was first reported by The Wall Street Journal.

The U.S. has been in trade negotiations with Mexico and Canada for months over the North American Free Trade Agreement.

Trade with the U.S.is particularly important to Mexico because about 80% of its exports go to its northern neighbor whereas only around 16% of USA exports come to Mexico.

Trump and Trudeau are expected to meet during the president's trip to Canada for the G-7 summit this weekend. "And they want to blame him for using tariffs". But U.S. shares rose on Wednesday. "So, when you talk about this issue you have to look at reality - the reality is that over the last 24 years we have built a very integrated supply chain, which has been good for (the) economy, good for consumers, good for workers on all sides". His national security adviser, H.R. McMaster, quickly announced that the USA would keep its promise to pay. The administration granted temporary exemptions to several key allies, including Canada, Mexico and the European Union. His latest ally-alienating decisions on trade have come as he has offered praise for the leaders of some traditional adversaries, including Chinese President Xi Jinping and North Korean dictator Kim Jong Un.

Trump has since mused about replacing NAFTA with bilateral trade deals with Canada and Mexico - an idea Trudeau said Wednesday is not on.

Mexico is hitting the USA with tariffs of its own after the U.S.

Approval of USA leadership has plummeted under Trump in nearly every allied country except for Israel, according to Pew Research global polling.

There was shock when the world's largest economy confirmed it was imposing the duties on the EU, Canada and Mexico from 1 June, as part of President Donald Trump's protectionist agenda aimed at saving USA jobs. For example, Mexico is the second-largest consumer of USA pig meat, making the industry vulnerable to Mexican tariffs. Trump's campaign is under investigation over its relationships with Putin's government, which is widely thought to have intervened in the 2016 US election on Trump's behalf.

Representative Ted Lieu told Trump that Canada should not be considered a national security threat.

American producers would either have to reduce production, find another market, or sell more domestically, which would increase the supply and lower prices in the U.S. In an immediate response, hog futures prices dropped by 2 percent on the Chicago Mercantile Exchange.

Trump supporters, though, see a president taking necessary stands his predecessors were too feeble to attempt.

"Let us modernise what needs to be modernised", he added in reference to the WTO. "The bumper-sticker line to USA allies: No more Uncle Sugar".

"I think it's fair to expect that any discussions on the global economy.in the current environment will quickly turn into a discussion about trade", a senior Canadian official said. "When you're doing business, you take people to the brink of breaking them without having them break, to the maximum point their heads can handle - without breaking them".

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