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Trump lifts metal tariffs, delays auto levies
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IANS | 18 May, 2019
US President Donald Trump has agreed to lift tariffs on metal imports
from Canada and Mexico, that in exchange agreed to stop punishing
American farmers with their own taxes on pork, cheese and milk.
At
the same time, he postponed a decision on Friday on whether to impose
tariffs on automobiles imported from Europe, Japan and other countries
for six months, setting a tight deadline for Washington to reach trade
deals that have so far proved elusive, the New York Times reported.
"I'm
pleased to announce we've just reached agreement with Canada and
Mexico. We'll be selling our product into those countries without the
imposition of tariffs," Trump said.
The US trade representative
said in a statement that the metal tariffs would be removed and both
Mexico and Canada "had agreed on the removal of all retaliatory tariffs
imposed on American goods by those countries".
The metal tariffs
are linked to a broader free trade deal, the US-Mexico-Canada Agreement,
which was signed in 2018. It replaced the North American Free Trade
Agreement.
Trump had described the tariffs as a source of
leverage in negotiating a revision to that deal, which has yet to be
ratified by legislatures in all three countries.
According to the
daily, Trump's decision removes the threat of an all-encompassing
global trade war and allows him to focus on pushing China to agree to
Washington's trade terms as well as pressuring Europe and Japan to reach
a trade deal before the 2020 election.
As the White House eased
tensions with Canada and Mexico, it continued to pressure allies
elsewhere, including Europe and Japan. Those governments are still not
exempt from the steel and aluminium tariffs and they are likely to bear
the brunt of auto tariffs that could reach 25 per cent, if Trump opts to
impose them.
The White House's announcement of a delay in
determining whether to impose levies on foreign automobiles gave a
temporary reprieve to global automakers and auto suppliers, which had
been bracing for punishing tariffs on millions of cars imported into the
US each year.
But it also set up a tense six-month period for
the White House to reach trade deals with Japan, Europe and other
nations that have already been complicated by mistrust and
disagreements.
The White House said that Trump "took historic
action" in issuing a proclamation that directs US Trade Representative
Robert Lighthizer to negotiate agreements to address a national security
threat that is causing harm to the American automobile industry.
In
a statement, Toyota called the White House's announcement "a major
setback for American consumers, workers and the auto industry," saying
that it "sends a message to Toyota that our investments are not welcomed
and the contributions from each of our employees across America are not
valued".
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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Daily Poll |
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