Trade Tussle Escalates

Trade Tussle Escalates

June 1, 2018

NASHVILLE, Tenn (RFD-TV) The European Union, Canada, and Mexico detail plans to retaliate against the US after the Trump Administration implements steel and aluminum tariffs. Those countries’ “temporary exemptions” were set to expire at midnight. U.S. commerce secretary Wilbur Ross says there wasn’t enough progress in trade concessions in the E.U. – or with Canada and Mexico – while rewriting NAFTA. Both of the latter NAFTA nations shared their reaction. Mexico says it will impose “equivalent” measures on products like pork, fruit and steel. It will keep measures in place until the U.S. eliminates its tariffs. Canada says it will hit U.S. steel, aluminum and a wide range of other goods, including some food and agricultural products. The European Union immediately filed a dispute settlement case at the World Trade Organization. The trade bloc previously announced a retaliatory tariff list of $3.3 billion in U.S. goods. This includes food sectors like rice, peanut butter, orange juice and cranberries. Even with the blowback, U.S. Commerce Secretary Wilbur Ross doesn't seem worried. Words of encouragement haven't eased concerns, with ag groups noting the potentially damaging consequences to farmers and ranchers. 

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