Trade Cases
G20 Officials Stress Importance of Free Trade
Written by Sandy Williams
March 19, 2018
Cryptocurrency policy took a backseat to global trade at the start of the 2018 G20 Summit. Officials gathered in Buenos Aires warned that U.S. protectionist policies may threaten global economic growth.
“The first risk is the risk of inward looking policies and protectionism,” said European Commissioner for Economic and Financial Affairs Pierre Moscovici on Monday.
G-20 members are concerned that Trump’s global tariffs on aluminum and steel, and expected new tariffs on Chinese technology and consumer goods, are leading to trade war.
“There is a solid understanding among the global community that free trade is important,” Haruhiko Kuroda, Japan’s central bank governor, told reporters.
U.S. Treasury Secretary Steve Mnuchin pushed back saying he could not sacrifice U.S. interests to ensure that the global free trade system works.
One U.S. official said that Mnuchin represents the president’s strong belief in free trade. “But the environment we’re in now, where the expectation is America totally subordinates its national interests in order for the free trade system to work, is just one we don’t accept. So, we’ve been very clear, we believe in free trade with reciprocal terms that lead to more balanced trade relationships,” he said.
Trade ministers from numerous countries are petitioning the U.S. to be exempted from the 25 percent tariff on steel and 10 percent tariff on aluminum.
Germany’s Economy Minister Peter Altmaier said discussions with Commerce Secretary Ross regarding an exemption for the EU were “constructive” and could make it “possible to find a solution that can still avoid a decline into a heavy trade conflict.” He added that it was unclear whether differences could be resolved by the March 23 deadline when the Section 232 tariffs will go into effect.
Sandy Williams
Read more from Sandy WilliamsLatest in Trade Cases
Inclusion requests result in 400+ additions to S232’s derivatives list
The Commerce Department has added over 400 HTS codes to the list of steel and aluminum derivative products covered under the Section 232 tariffs.
Leibowitz on Trade: The New World Orders
The question of the new world order was on many minds last week when I spoke on another SMU Community Chat. The short answer is that nobody knows in detail what the effects of all the economic and geopolitical developments will be.
Canadian agency launches OCTG import probe
Canada has launched an investigation into the alleged dumping of imports of oil country tubular goods (OCTG) by five countries – Korea, the Philippines, Turkey, Mexico, and the United States.
US and China delay reciprocal tariffs, Section 232 tariffs stand
US President Donald Trump extended the US and China’s 90-day pause on planned reciprocal tariffs on Monday.
Price on Trade: 40% Brazil tariffs, Section 232 copper program, and misplaced carbon claims
The administration continues to negotiate deals with US trading partners, and the reciprocal tariff program appears poised for further modification. This week, we focus on other important developments that may have received less media attention.