Canada dodges tariff bullet, at least for now

Harley-Davidson bikes could be in the firing line in trade war

However, President Trump has downplayed these concerns.

The run-up to Thursday's announcement included intense debate within the White House, pitting hard-liners against free trade advocates such as outgoing economic adviser Gary Cohn.

While the newly-imposed tariffs will cause the price of steel and aluminum to go up here in America, other commodities will take a hit as well, including agriculture. "The president wants free and fair reciprocal trade", the Treasury secretary said. Most economists have questioned the benefits of tariffs compared to their economic costs, especially in light of the global competitive boost from the recently enacted Tax Cuts and Jobs Act. And that includes - I mean that includes a lot of territory. Apparent White House chaos?

Current and former White House officials often describe the president as being preoccupied with keeping campaign promises to his loyal supporters, even if those decisions are unpopular with a broader swath of Americans. He would do anything to keep the loyalty of his supporters and win again.

"Canada's brutal. Canada's really tough", Trump said during a rambling speech on behalf of a Republican candidate, Rick Saccone, who is running in Tuesday's hotly contested special House of Representatives election in western Pennsylvania. Trump plans to campaign for Republican Rick Saccone on Saturday.

The conversation came shortly after the USA president attacked Canada and Mexico, two of the country's top global trading partners. And like the president, Republicans are making political calculations in doing so.

James also echoed Republican lawmakers, suggesting that the tariffs will have an adverse effect and harm the U.S. economy and diminish the economic gains made so far during the Trump administration.

Edward Alden, a senior fellow at the Council on Foreign Relations in Washington, said that by stretching the rules the European Union move could undermine the WTO and exacerbate a trade war.

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But the tariffs are not being welcomed quite so joyfully just a mile down the road, where a company called Steel Smith, which specialises in manufacturing and constructing steel buildings, is erecting a structure on the side of a factory.

With national security as the primary issue, it would be hard to apply the tax to South Korea and Australia, meaning that they could ultimately land on Russian Federation more than nearly any other country, said Levy, now at adjunct professor at Northwestern University. "There may be people who lose less". "I disagree with this action and fear its unintended consequences", he said.

Even before entering politics, Trump the businessman and real estate developer railed against what he viewed as unfair trade practices that left the USA economy and American workers vulnerable. Canada and Mexico are excluded from the levies - provided they agree to renegotiate a North American trade deal to his satisfaction - and other countries could be as well.

McKenna, who served as Canada's Ambassador to the US from 2005 to 2006 and as New Brunswick's premier from 1987 to 1997, also said that Trump's talk about moving steel and aluminum into the North American Free Trade Agreement renegotiations in lieu of imposing tariffs is not a threat Canada should take seriously.

He was genuinely glad at the U.S. leader's posture on trade, proud that the horse he had backed was coming through on the things that matter to him.

Economic analysts warn that a trade dispute sparked by the tariffs could damage communities that backed the president in 2016.

The dispute has fuelled concerns that soybeans, the United States's most valuable export to China, might be caught up in the row after Beijing launched a probe into imports of US sorghum, a grain used in animal feed and liquor. Exports account for more than half of the local economy in Columbus, Indiana, and 25 percent of Fond du Lac, Wisconsin's economy.

Paramount Resources was the biggest decliner on the index, losing 5.5 percent, after posting a fourth-quarter loss that was bigger than expected.

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