Australia-US trade relationship an example: PM

Australia-US trade relationship an example: PM

Australia-US trade relationship an example: PM

The EU is seeking to be exempted from planned US import duties of 25 percent on steel and 10 percent on aluminium, but says Washington has not made clear how the exemption process works.

The tycoon's threat is part of a dispute over an announcement of tariffs on steel and aluminium imports, although the Trump administration has said it will consider exceptions and has already spared Mexico and Canada.

Trump stoked the fire on Saturday by suggesting even broader tariffs for the European Union if they don't address still-unspecified concerns.

The EU's top trade official has employed strong rhetoric as the row with US President Donald Trump over steel and aluminum tariffs heats up following fruitless talks.

"If they drop their horrific barriers and tariffs on USA products going in, we will likewise drop ours". Big Deficit. If not, we Tax Cars etc.

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The 25-per-cent tariff on steel products, Korea's seventh-biggest export item to the USA, also comes on top of anti-dumping and countervailing duties imposed on them. House Speaker Paul Ryan, R-Wis., said he disagrees with the move, and other congressional Republicans are hoping to block the duties with legislative action.

The decision to slap hefty tariffs on imports of steel and aluminum, which the White House made formal on Thursday, has roiled worldwide markets, angered longtime trading partners and prompted threats from the president's own party to stop the tariffs through legislation.

Trudeau rejected calls by some Quebec union leaders to take a harder line in NAFTA talks and leave the table if Canada can not get a better deal. Malmstroem said she got "no immediate clarity on the exact US procedure". "It's absolutely, it's a level playing field and, in fact, the US has a large trade surplus with Australia". Swedish manufacturer Electrolux halted its plans to build a $250 million production plant in Tennessee, attributing its decision to Trump's tariff announcement.

"Mexico reiterates that the negotiation of NAFTA must not be subject to conditions outside of that process".

Separately, the European Union and Japan were yesterday in talks with Trump's trade envoy looking to be excluded from United States steel and aluminum tariffs, with the European Union warning that it would retaliate if Washington does not relent.

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Likewise, Trump's invitation to countries to plead their case for being exempted from the tariffs might prove a tough sell. Since taking office, Trump's main legislative achievement was a $1.5-trillion tax cut applauded by Wall Street.

Australia is heavily involved in supporting US-led operations internationally and spends 2 percent of its GDP on defence - more than most allies - much of which is spent on US-made defence equipment.

According to an European Union statement, the average European Union tariff is 3 percent, not much more than the United States' average 2.4 percent.

The initial reaction in Mexico was positive, since the alternative would have further complicated the NAFTA talks. "It's clear. We need clarity", European Commission Vice President Jyrki Katainen said.

He also highlighted the strength of the national security relationship between the United Kingdom and the US.

In terms of employment, the same argument goes that the number of American jobs to be lost in other industries because of the higher steel prices would be greater than that of workers to be added to the steel sector.

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