Australia to be exempted from steel, aluminium import tariff: Donald Trump

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Marie Lapointe, the head of the AluQuebec, said manufacturers in the US like General Motors, Ford and Toyota rely on Quebec suppliers to meet their aluminum needs.

But the same official said it truly is a matter of national security - with six USA aluminum smelters shutting down the last few years, and just five remaining, and only two operating at full capacity, he said that leaves the U.S.at risk of having to import all its aluminum eventually.

KEN NEUMANN: Thanks for having me, Steve.

SHAPIRO: How is this news being received in Canada?

Fredrik Erixon and Hanna Deringer are director and policy analyst, respectively, at the European Centre for International Political Economy (ECIPE), a policy research think tank dedicated to trade policy and other international economic policy issues of importance to Europe.

"This measure might impact the economy and the cooperative relationship between Japan and the United States", the Ministry of Foreign Affairs said in a statement on Friday.

She says the trade deficit is often larger when the economy is growing, and that in the past, trade surpluses have not correlated with job creation. So what specifically are people panicked about? "We're going to continue to have one, but that doesn't mean we have to agree on everything".

The area was America's steel heartland, with mills dotting the landscape until the industry's decline began in the 1970s because of an increase in global competition.

The looming departure of White House economic adviser Gary Cohn, a former Goldman Sachs executive who has opposed the promised tariffs, set off anxiety among business leaders and investors anxious about a potential trade war. Trump struck an unusually optimistic tone on the fate of the North American Free Trade Agreement, but repeated his threat to quit the pact if the talks fall short.

"In addition, the tariffs if imposed on steel and aluminum from key trading partners will likely lead to retaliation in the form of higher tariffs on USA exports which could escalate into a trade war that nearly all economists agree would have a very negative impact on the global economy", Peck said. NAFTZ strongly supports NAFTA renegotiation aimed at achieving these goals and positioning the FTZ program to do much more to promote American competitiveness in the NAFTA region. You've been involved in past trade negotiations. "You want to have a strategy and you want to be ready but it's happening so quickly and so much depends on what format it takes".

WARNER: Well, it's going to obviously affect the mood in the room. It raises the question of whether tariffs can do anything other than make the global market less efficient. He said only that the reprieve remains in place for now and that NAFTA is important to economic and national security. Given the current President Trump rhetoric we would expect the focus in the next few years to be towards renegotiating all these agreements to ensure better terms of trade for the United States before any substantial new agreement is put in place. That's never actually really been litigated before in the WTO.

"With other countries, we won't have a choice - unless they do something for us". What you might call trade sabre-rattling is not uncommon as countries threatened with tariffs draw up lists of the imports they will tax in response.

It was a decision that served the interests of Americans as well as businesses and workers in this country and Mexico. There's another way in which we can be - Canada can be exempted, and that's through the exemption of specific industries or product lines. That's left Canadian firms in a "wait and see" mode, with some holding off on investments until the fog clears, said Demetrius Tsafaridis, whose Burlington firm CareGo sells steel storage and logistics technology to companies on both sides of the border. And we've always been a good neighbor, and we've lobbied hard with Leo Gerard and others to say that, look, Canada should be exempt, that we're not the bad actors.

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