Australia denies security deal behind U.S. tariff exemption

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U.S. President Donald Trump said on Friday he has spoken with Australian Prime Minister Malcolm Turnbull and that they are working on an agreement so Australia will not be subject to U.S. tariffs on steel and aluminum.

The president made his comments after crunch talks in Brussels between European Union negotiators and US Trade Representative Robert Lighthizer aimed at defusing the row and avoiding an all-out trade war.

Any Japanese response, he said, would be in line with World Trade Organization rules: "If there is a violation, then we will seek consultations", Seko said.

"The European Union, wonderful countries who treat the USA very badly on trade, are complaining about the tariffs on Steel & Aluminum", Trump tweeted.

The EU's detached elite is singularly unaware of the poverty their customs fortress contributes to around the world - including even sections of USA society - so we should be grateful to President Trump that he is calling them out and seeking to establish free trade that is equitable to everyone.

There is a trade deficit with the USA, meaning more American products and services are bought down under than sent the other way.

After the seventh round concluded this week, President Donald Trump announced on Thursday a 10 percent tariff on aluminum imports and a 25 percent import duty on steel imports.

For partners like the European Union - which is the top supplier of steel to the United States in terms of value, though not volume - the exemptions serve to make the tariffs even more punitive, because their products will now be forced to compete not only with USA products but also with Canadian and Mexican materials, which will benefit from not having to pay the tariff.

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The Japanese government plans to explain to the US side that restricting imports of high-quality Japanese steel could negatively affect USA industries and employment because these products are used in oil field development and other industries in the United States.

The EU says that its exports should be excluded from the measures.

Fredrik Erixon and Hanna Deringer are director and policy analyst, respectively, at the European Centre for International Political Economy (ECIPE), a policy research think tank dedicated to trade policy and other international economic policy issues of importance to Europe. You're not going to get a good deal - today, tomorrow or ever - if you won't. "It's crap", Trump said, earning cheers from the crowd. The BBC, unable to resist a pitch that demonises President Trump, swallows the European Union narrative whole and encourages the British Prime Minister to take the EU's side. According to Reuters, Macri sought a waiver for his nation's steel and aluminum products, and Trump agreed to consider the request.

Lighthizer, a loyalist to Trump's "America First" mantra, made no official comment after the talks, but the three sides did agree on a series of next steps to address the oversupply worldwide of steel and other materials, mainly by China.

"As as a country that will be exempt from those tariffs, we don't have a basis to bring a complaint".

The bloc says that it's a close ally of the USA and therefore any import levies on national security grounds are unjustified. It has threatened to slap retaliatory duties on around 2.8 billion euros ($3.4 billion) worth of US steel, agricultural and other products like peanut butter and orange juice if it is not excluded from the tariff regime. Its $50-plus billion bilateral trade surplus with the U.S.is in a way not about the U.S. -Mexico relation itself: It reflects that other countries now export to the U.S. through their subsidiaries and partners in Mexico. China has repeatedly vowed to defend its "legitimate rights and interests" if targeted by U.S. trade actions.

The NAFTA is a deal signed by Canada, Mexico, and the USA, creating a trilateral trade bloc in North America.

The S&P 500 index also gained 47.6 points, or 1.74 per cent, to 2,786.57 and the Nasdaq composite index added 132.86 points, or 1.79 per cent, to 7,560.81.