The Trump administration’s trade policy is hitting roadblocks around the world.
Washington’s biggest trading partners oppose U.S. tariffs. CGTN’s Jessica Stone reports with details.
Chinese Vice Premier Liu He and U.S. Commerce Secretary Wilbur Ross shook hands in China ahead of their talks but Ross left Beijing without a breakthrough. “President Trump is taking steps to continue to reform the dysfunctional trade system that currently harms American workers and businesses,“ Sarah Sanders, White House Press Secretary said.
Beijing warned that tariffs and other trade actions would roll back recent progress made in Washington. “China’s door to dialogue and consultations is always open. We are sincere to resolve relevant issues through consultations and dialogue,” Hua Chungying, spokesperson for the Chinese Ministry of Foreign Affairs said.
Last week, the U.S. launched tariffs on steel and aluminum imports from the EU, Canada and Mexico. Washington said it’s trying to prevent Chinese metals from coming into the U.S. through other countries.
But at a weekend meeting of major U.S. trading partners, there was universal condemnation. Finance ministers said that when U.S. President Donald Trump arrives in Canada for the G7 economic talks, they’ll demand that he restore free, “predictable” and mutually beneficial trade.
“The situation is serious, it can escalate, we will try to be proportionate and balanced here,” said Cecilia Malmstrom, European Union Trade Commissioner. Trump tweeted Monday that the U.S. “can only win” in this standoff but, over the weekend, a key white house economic advisor acknowledged it’s a risky strategy.
Canada has already threatened that $12.8 billion in tariffs on U.S. goods will start on July 1. And this week, Mexico joined the European Union in bringing a complaint against the U.S. at the World Trade Organization.
Joe Minarik on growing global trade tensions
Joe Minarik, senior vice president and director of research at the Committee for Economic Development, discusses growing trade tensions between the U.S. and the world with CGTN’s Mike Walter.