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Prime Minister Malcolm Turnbull tweets Australia exempted from Trump tariffs

13 March 2018

The Indian government said on March 9 that the decision by the United States to raise import duty on steel and aluminum was discriminatory. "The global economy is on the same page for the first time in over a decade".

Canada is the United States' largest provider of steel and aluminum, with about 85 per cent of Canadian exports being directed to that country. The bloc does impose a 10 percent levy on US auto imports, while the USA charges a 25 percent levy on trucks and pick-ups, and up to 40 percent on some clothes, she said.

The NAFTA is a deal signed by Canada, Mexico, and the USA, creating a trilateral trade bloc in North America.

John Oliver- Trump's Tariffs	 Play Video
John Oliver- Trump's Tariffs Play Video

While Mr Trump promoted the exemption on Twitter as a "security agreement" Mr Turnbull maintains that's just shorthand for the legal proclamation to bring the exemption into force. The lack of details about when or how individual countries could apply for waivers has only compounded the uncertainty surrounding the economic impact of the tariffs.

Trump announced the talks on Twitter as a burgeoning trade row over new U.S. tariffs on steel and aluminum heated up over the weekend.

In a speech in the U.S. on Sunday, Mr Trump lashed out at the European Union, saying they erected "horrific" trade barriers based on environmental and other regulations. "Big Deficit. If not, we Tax Cars etc. FAIR!" We will now impose tariffs on motorcycles, Harley Davidson, on blue jeans, Levis, on bourbon. Indeed, most European Union countries are in North Atlantic Treaty Organisation, the world's biggest security alliance, together with the United States. "It's clear. We need clarity", European Commission Vice President Jyrki Katainen said.

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Netanyahu "didn't know a word of English" and described his experience as "bizarre and hard for me". U.N. spokesman Stephane Dujarric said the Israeli prime minister did not ask to meet with U.N.

Meanwhile, the European Union is filing a complaint with the World Trade Organization, arguing that the obscure, national security-related trade law Trump used to justify the tariff violates WTO rules.

On Friday China's Commerce Ministry official Wang Hejun stated that Beijing will take "firm actions" if the tariffs inflict losses on Chinese businesses. Chinese commerce minister Zhong Shan said, "There are no winners in a trade war". He has been mentioning the tax often of late, saying that countries are taking advantage of the United States.

Globally, stock markets have also posted strong gains over the past year. The tariffs themselves aren't the main problem. Amid fears of a global trade war, the 28-member European Union is among those seeking exemptions. And employers in February added a robust 313,000 jobs - the most in any month in a year and a half.

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The visit had been planned for weeks as a follow-up discussion on over capacity, seen by observers as a swipe at China . Trump wants to use trade policy to advance America's national and economic security priorities.

"We're working on NAFTA [North American Free Trade Agreement] right now, and if we're able to make a deal with Canada and Mexico in NAFTA, then there will be no reason to do the tariffs with Canada and Mexico", Mr. Trump said.

Tariffs don't work that way. Steel prices have also been on the rise.

The European Commission, which coordinates trade policy for the 28-nation EU, the world's biggest trading bloc, has said it is ready to impose safeguards, tariffs or quotas to protect its own steel and aluminum industries from products diverted to Europe because of the U.S. measures.

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Prime Minister Malcolm Turnbull tweets Australia exempted from Trump tariffs