Mexico’s revenge over Trump tariffs disrupting oil industry, USA energy CEO says

07 June, 2018, 01:55 | Author: Darnell Patrick

Trudeau has publicly denounced the "national security" justification for the new tariffs.

"Didn't you guys burn down the White House?" he reportedly shot at Trudeau.

Kudlow, a former CNBC commentator who had frequently criticized tariffs before joining the White House, vigorously defended Trump's trade actions on Wednesday, insisting that he was the "strongest trade reformer of the last 20 years".

The historical faux pas could be explained by the fact that the act was in retaliation to America's attack on York, Ontario - a British colony that eventually became Canada.

The US Chamber of Commerce says that 2.6 million jobs are threatened by the Trump administration's hardline stance on imports, citing the possibility of retaliatory tariffs by US trading partners. But Gerard said Trump's policy creates uncertainty for USA oil companies.

When it comes to pork and other porcine products, Mexico is the biggest importer of goods produced in the U.S.by volume, and pork producers in the country will now be subject to a tariff of 20 percent on a range of goods, including pork leg and shoulder, and ham, according to a Mexican presidential decree that announced the tariffs. About 16 percent of all US exports go across the southern border, while about 80 percent of all Mexico exports are bought by the U.S.

According to the United States Trade Representative's office, the US had a $17.5 billion dollar goods deficit with Canada in 2017, but an overall surplus of $8.4 billion with Canada in 2017, with services, are included.


"We have, on various occasions, heard the president speak about his interest or his musings about a bilateral deal instead of the trilateral NAFTA that we have", Canadian Prime Minister Justin Trudeau stated.

Washington has demanded that Beijing take steps to open its markets further to USA goods.

"His preference now-and he asked me to convey this-is to actually negotiate with Mexico and Canada separately", Kudlow said. The White House backed the bill earlier this year. USA stocks were trading higher on Wednesday. -Canada relationship - as well as the effort by Canadian politicians of different stripes to appear united when they press Washington on trade issues. The war was fought in Upper Canada, Lower Canada, on the Great Lakes and the Atlantic, and in the United States.

Pork-exporting Iowa is one example of a state that could be hurt by the Trump administration's decision and the ensuing tit-for-tat measures.

"We do seem to be at a little bit of a Rubicon moment in terms of whether or not the United States is going to fundamentally turn its back on this economic order", said Thomas Wright of the Brookings Institution think tank in Washington.

The United States is reportedly preparing to unleash another round of tariffs on Canada as retribution for its Can$16.6 billion (US$12.9 billion) in tariffs on USA goods.

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