The Trump administration’s steel and aluminum tariffs are provoking a chain reaction around the globe, as governments from Europe to Canada prepare to erect barriers to prevent cheap metal once bound for the United States from entering their markets.
Eleven countries including Japan and Canada signed a landmark Asia-Pacific trade agreement without the United States on Thursday in what one minister called a powerful signal against protectionism and trade wars.
President Trump on Thursday imposed tariffs on imported steel and aluminum but offered relief to some U.S. allies, a move that marks his administration’s most protectionist step yet but stops short of the global tariffs his GOP allies begged him to avoid.
Some might call renegotiation of the North American Free Trade Agreement a solution in search of a problem. Other might say it’s a necessary updating of the 23-year-old pact. One Canadian attorney specializing in international trade law calls it "a mess."
Negotiations to modernize Nafta are in their sixth round with few signs of a breakthrough, even as President Donald Trump continually applies pressure by threatening to withdraw if the U.S. can’t get its way.
The North American Free Trade Agreement may not be a topic of frequent discussion in your household, but the trade pact probably plays a big role in your daily life.
Think expedited delivery of your goods is too expensive? The harsh truth in today’s market is that failing to utilize it – especially when it comes to fulfillment across borders – could cost you dearly.
