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Bugs





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PostPosted: Thu Apr 05, 2018 11:08 am    Post subject: Trade War thread ... Reply with quote

Quote:
China Declares Trade War Victory: Gloats At US "Suffering" After "Crushing Counterattack"
by Tyler Durden
Thu, 04/05/2018 - 10:56

Barely a day after China dropped the hammer on US stock markets by unveiling retaliatory tariffs on $50 billion in US imports that - unlike US measures that mostly targeted obscure industrial products - actually struck at key industries like soybean farmers, automobiles and airplanes, the Communist Party crowed about what it already sees as its "victory" in the nascent trade war in an editorial published by the Global Times, China's state-owned, English-language tabloid and extremely hawkish party mouthpiece.

In the editorial, China swatted away US claims - repeated most recently by Larry Kudlow during this morning's interview with Fox Business's Maria Bartiromo - that China has somehow victimized the US via its trade agreements while gloating about the leadership's decision to strike at a "massive weak spot" for the US economy.

While the tit-for-tat tariffs could hurt both economies, the damage to China's economy caused by the US's Section 301 tariffs will "pale in comparison to the damage done to the US economy via China's retaliations."

And just to illustrate that point, literally, a Chinese cartoonist showed that another way Beijing will hurt the US is by a "stockmarket squeeze." [cartoon in original]

Furthermore, in standing up to America's "bullying tactics", China warns that the pleasure the US had derived from its sanctions in the past "will now cause them suffering as their financial and political gains diminish to zero."

Quote:
This is Beijing's clear show of retaliation toward the proposed tariff list on Chinese products from the US. Beijing showed an impressive response time for its retaliation efforts, taking less than 12 hours to announce its trade countermeasures. Chinese officials agree that its country's countermeasures match those imposed by the US and that they showcase China's determination to win this trade war.

It is worth noting that China strikes the US side by targeting its most valuable imports, such as soybeans, automobiles and chemical products. These aspects were targeted because they represent key pillars in the US imports and can create a massive weak spot for the US economy if their profitability is at risk.

Although China will sustain financial losses thanks to the US' Section 301 investigation tariffs, they will pale in comparison to the damage done to the US economy via China's retaliations.

China's counter tariffs are a spectacular way of standing up to America's bullying tactics, not only for itself, but for other countries threatened by the US's new trade policies.


And with China digging in for a long, protracted trade conflict, one from which it will never surrender, if it is indeed Kudlow's - and the Administration's - hope that China will concede to US trade demands, then there will be much disappointment all around.

Underscoring China's preparation for a "scorched earth", and tit-for-tat escalating war, the Chinese government has told its citizens it is prepared to go toe-to-toe in its fight with Washington. In fact, more and more Chinese citizens think that an "epic trade war" is inevitable, which would knock some common sense into the US government so that it will change its way of dealing with China.

Quote:
Hawkish politicians in Washington have obviously overestimated the capability and endurance of the US economy in a trade war, since they believe they can do whatever they like. China has shown a great deal of restraint for now, but if the US persists in this trade war, China is ready to fight to the end.

Washington will eventually see what they have lost, thanks to their actions, and it will only serve to embarrass the US. This trade war will serve as a good example to the US that it cannot use intimidating trade tariffs as a form of diplomacy.

Before China announced its recent retaliatory tariffs on US products, Washington enjoyed crushing and threatening other countries on trade sanctions. Now, as China deploys its counterattack, the pleasure that the US achieved from those tariffs will now cause them suffering as their financial and political gains diminish to zero.


If a trade war does happen, China has contingency plans to help its economy avoid a slump.

And, in a dramatic break with precedent, China warned it could even take steps to weaken the US dollar, something that, if history is any guide, should be a concern to the Treasury market as it would suggest that China may be thinking of liquidating its Treasurys .

Quote:
Many believe that the Trump administration's $50 billion tariff on Chinese products is meant to pressure China to submit to the US demands. If that is the case, the US will undoubtedly lose. This is because the Chinese government has rallied its citizens and is prepared to go toe-to-toe in its fight with Washington. In fact, more and more Chinese citizens think that an "epic trade war' is inevitable, and could knock some common sense into the US government, so that it will change its way of dealing with China.

If the trade war happens, China will show that it has just as many reserve plans as the US, if not more. Chinese experts suggest that China could even take actions to weaken the strength of its currency. Since China is the world's largest trading economy and the largest buyer of commodities like oil products, China could use its influence to push its own currency, RMB, in global markets to reduce the dominance of the US dollar. That would be a heavy blow to Washington.

If this trade war comes to pass, it will be an evenly matched total war between China and the US economies, and not some small scuffle. It would be delusional for the US to think it will be victorious at the end of this trade war. China comes up with the conclusion in confidence, and will not shy away from letting Washington know in this situation.


And while taking overt steps to weaken a currency would violate a G-20 communique agreeing to avoid currency wars through competitive devaluations, we doubt that would stop Beijing should Trump push it too far.

Meanwhile, a greater - and more likely - risk than a Treasury dump by Beijing is another devaluation: after all the Yuan is already back to where it was in the days just before the Yuan's 2016 deval. Fears about an impending yuan devaluation akin to the drop that unleashed turbulence across global markets back in August 2015 have historically had a negative impact. Traders will remember 2016, when markets got off to one of their worst early performances in decades as continued daily, if less acute, Yuan devaluations hurt stocks.

While this warning appears to have been largely overlooked by markets, it's definitely something to keep in mind.
https://www.zerohedge.com/news/2018-04-05/china-declares-trade-war-victory-warns-us-suffering-after-crushing-counterattack
Bugs





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PostPosted: Fri Apr 06, 2018 9:38 am    Post subject: Reply with quote

It looks like Trump is ready to go to the mat.

Quote:
"We May Take A Hit": Trump Warns Investors To Prepare For "Pain" In The Market
by Tyler Durden
Fri, 04/06/2018 - 09:39

Two days ago, when we commented on the early morning plunge in stocks (which was subsequently fully reversed by the close in a historic 800 point Dow reversal), we said that a long-standing question - will Trump pick plunging stocks or trade war - had finally gotten its answer when CNBC's Eamon Javers said that a "White House official said the the WH recognizes that Trump’s actions are hitting the stock market, but this is “a longer term thing,” and the president has to follow through on a key campaign promise."

Moments ago, Trump himself confirmed that when in a radio interview on Friday morning, the president said that U.S. markets could face some “pain’’ from the trade standoff with China and other countries, but - like on Wednesday - asserted that in the long-run, Americans would be better off due to his protectionist actions.

Speaking on WABC Radio's “Bernie & Sid in the Morning’’ program, Trump said "I’m not saying there won’t be a little pain so we might lose a little of it but we’re going to have a much stronger country when we’re finished, and that’s what I’m all about.’

"We have to do things that other people wouldn’t do. So we may take a hit, but you know what, ultimately we’re going to be much stronger for it,’’ Trump said during the radio interview on Friday. “It’s something we had to do, and ultimately if you take a look it’s not only trade with China - it’s everybody."

To be sure, stocks have fluctuated dramatically in the past few weeks when Trump drastically intensified trade actions and jawboning against several countries, mostly China. Indicating that he is willing to accept some notable losses in the S&P, Trump said in the interview Friday that “the market’s gone up 40% or 42%.” Which suggests that the president would be ok with a drop of 20% or so if it means winning trade war against China.

Meanwhile, as reported earlier, in response to Trump’s latest tariff announcement, China said it would counter U.S. protectionism "to the end, and at any cost," as a war of words over Trump’s proposed tariffs on Chinese imports escalated.

"The Chinese side will follow suit to the end and at any cost, and will firmly attack, using new comprehensive countermeasures, to firmly defend the interest of the nation and its people,” the Commerce Ministry said in a statement on its website on Friday.

Finally, recall that China yesterday admitted that "squeezing" the US stock market is perhaps its biggest leverage. It now has a green light from the president himself to do just that...
https://www.zerohedge.com/news/2018-04-06/we-may-take-hit-trump-warns-investors-prepare-pain-market
queenmandy85





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PostPosted: Fri Apr 06, 2018 10:00 am    Post subject: Reply with quote

"So we may take a hit..."
By "we" he means "you".

"Indicating that he is willing to accept some notable losses in the S&P"

It is easy to take losses with other people's money and jobs.

China's trade policies need to be addressed but a trade war will only encourage the offender and punish the innocent.
Bugs





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PostPosted: Fri Apr 06, 2018 11:20 am    Post subject: Reply with quote

The US has a negative balance of trade of half a $trillion a year. It can't let this go on.

Just so you know how big a half a $trillion is -- if you started counting off seconds, you would get to half a trillion in 15,844 years.

It's very difficult to see the patterns of history if you are focussed on hypotheticals about the motives of the main players.

Perhaps it would be "fairer" if we compared hypothetical motives of Trump and his recent opponent, Hillary Clinton? Or Xi Jinping? Or is this not one of those cases where we demand "fairness"? What you might call "partisan fairness".

The point is that this is happening.

My view: This is the initial drumbeats in a bit of Kabuki that means the two parties are engaged. Each side is displaying their ability to damage the other. We are at the brink of taking another step that can't be reversed. Where it will lead isn't certain. It could lead to new terms of trade between China and the rest of the world, including currency reform. Or it could put us on the path to a cessation of trade and even war. We could go into a replay of the Cold War.

So Trump's motives aren't so clearly the vital fact here. Something like this has been in the cards for a decade or longer. It would have been better if Obama had done it then ... but ... you know ... his motives ... making America like Kenya, perhaps? Stirring up racial antagonism ... he just didn't see how balancing trade would fit in.
queenmandy85





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PostPosted: Fri Apr 06, 2018 12:26 pm    Post subject: Reply with quote

I'm not questioning President Trump's motive. I question his strategy. Treat China the same way you treat a mark. Anybody can be had. The United States has to relearn finesse.
Bugs





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PostPosted: Fri Apr 06, 2018 3:05 pm    Post subject: Reply with quote

And what is the other strategy?

I think both sides are working from similar playbooks. Trump is showing his hand, one card at a time. China is responding the same way. Fierce rhetoric flies. It will result in two sides coming to the bargaining table aware of their vulnerabilities.

This may be an unfamiliar concept, but countries have a right to set their own trade policies through treaties. It isn't that the US is trying to cheat China. If anything, China cheats America through currency games and stealing intellectual property, but that, too, is within the power of sovereign states.

"Cheating" isn't really a useful concept here.

Trump has the Chinese at the table. The negotiations are complicated by the fact that Trump is leaning on China to abandon their client state in North Korea.

The trade threats are there. Trump is preparing the stock market people for a "hit". The Chinese are reacting publicly to mobilize their population. So where do we go from there to balance trade, Mr Xi Jinping?

Trump comes with a question: Does China want us to balance trade by buying more from America or does America buy less from China?

That's really what China has to decide. China is the only party that has a positive choice -- that is to buy more in the USA. The only choice the Americans have is to achieve balance by cutting $500.000,000,000 worth of trade. If China retaliates, then Trump will have to go further. That's the negative cycle that both sides are forcing the other side to contemplate.

This is a huge decision for China. It has used its trade surpluses to increase their productivity by almost 20 times. Hundreds of millions of people have migrated to new cities the size of London. It's a migration of a population as big as all of Europe. It's phenomenal, but it can't go on. Their choice is an attractive one, though it threatens the Communist Party. To keep the growth they have to become their own market. They have to create a consumer economy for a billion people.

That's what Trump is trying to push them to do.

Anyone who thinks the Chinese can't handle themselves in negotiations is probably uninformed. In the meantime, I hope some of our conservative pals can decide which side of their toast the butter is on.
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PostPosted: Fri Jun 15, 2018 1:09 pm    Post subject: Reply with quote

Uh-oh ... it's on!

Quote:
Trump’s China Tariffs Met With Retaliation Vow From Beijing
By Andrew Mayeda and Jenny Leonard
June 15, 2018, 8:08 AM EDT Updated on June 15, 2018, 10:22 AM EDT
First set of tariffs to hit July 6, another round under review
Move will help U.S. achieve more balanced trade, Trump says

The Trump administration moved the U.S. to the edge of a trade war with China by announcing tariffs on $50 billion in Chinese imports and pledging additional investment restrictions, which Beijing immediately vowed to retaliate against.

The response from China signaled a rapid escalation of the dispute. China will impose tariffs with “equal scale, equal intensity” on imports from the U.S. and all of the country’s earlier trade commitments are now off the table, the Commerce Ministry said in a statement on its website late Friday.

President Donald Trump on Friday pledged more tariffs if China follows through on the retaliation threats, without specifying an amount. In April, he asked officials to consider an additional $100 billion in levies. Meanwhile, U.S. Trade Representative Robert Lighthizer said an announcement on U.S. investment restrictions on China will follow in the next two weeks.

“Our hope is that it doesn’t lead to a rash reaction from China,” Lighthizer said in an interview on Fox Business Network on Friday. “We hope that this leads to further negotiations and we hope it leads to China changing its policies, at least with respect to us, and opening up their market.”

The first wave of tariffs will hit $34 billion in goods and take effect July 6, with another $16 billion still to be reviewed, the U.S. Trade Representative said in a separate statement.

The USTR’s final list includes 1,102 product lines, down from about 1,300 initially, mainly focused on China’s Made In 2025 plan to become dominant in high-technology industries such as robotics, aerospace, industrial machinery and automobiles. Consumer goods including mobile phones and televisions aren’t being hit with the tariffs.

Trump defended his decision on Friday, saying the U.S. requires a fairer trade relationship with China as he played up his personal friendship with Chinese President Xi Jinping.

“Look, he’s my friend, President Xi. He’s a great man, he’s a wonderful guy, but at some point we have to straighten it out,” Trump said in an interview on Fox News. “So much of our secrets -- you know, we have the great brainpower in Silicon Valley. And China and others steal those secrets, and we’re going to protect those secrets. Those are crown jewels for this country.”

U.S. and European stocks fell and bonds gained on the news. [....]
https://www.bloomberg.com/news/articles/2018-06-15/trump-targets-50-billion-in-china-goods-vows-more-if-needed



It didn't take long.

Quote:
China Strikes Back - Retaliates With $50 Billion Tariffs On US Goods
by Tyler Durden
Fri, 06/15/2018 - 13:40

Just as China promised, they have responded "immediately" to President Trump's "very big tariffs" and just unveiled $50 billion in tariffs against US goods including soybeans, light aircraft, orange juice, whiskey and beef, starting July 6th.

Mirroring the US tariffs scheme, China's Ministry of Finance is setting a two-tier system with $34bn on July 6th and $16bn more to follow...

Quote:
On June 15, 2018, the U.S. government issued a list of goods subject to tariffs, which will impose a tariff of 25% on about 50 billion U.S. dollars of goods imported from China, of which about US$34 billion will be goods from July 6, 2018. It began to impose tariffs and began to solicit public opinions on about 16 billion U.S. dollars in tariffs. The U.S. measures violated the relevant rules of the World Trade Organization and it is contrary to the consensus reached in the Sino-U.S. negotiations. It seriously violates our legitimate rights and interests and threatens the interests of our country and people.

According to the "People's Republic of China Foreign Trade Law," "The People's Republic of China Import and Export Tariff Regulations," and other laws and regulations and the basic principles of international law, the State Council Tariff Commission decided to impose an additional 25% on 659 items of US$50 billion imported goods originating in the United States. Tariffs, including 545 items of approximately US$34 billion in goods, have been subject to additional tariffs since July 6, 2018, and the implementation time of additional tariffs on other commodities has been announced separately.


This is exactly what Goldman Sachs was worried about: "We expect a minimal effect on growth and consumer price inflation from the tariffs, if implemented, but the announcement raises the odds that additional restrictions will be proposed over coming months."
https://www.zerohedge.com/news/2018-06-15/china-strikes-back-retaliates-50-billion-tariffs-us-goods


In all probability, this is only the first round.

In 2015, the US exported $115.9 billion to China and imported $483.2 billion.
In 2016, the US exported $115.6 billion to China and imported $462.5 billion.
In 2017, the US exported $129.9 billion to China and imported $505.5 billion.

China has put tariffs on $50 billion of those imports. Two more such strikes, and they are out of ammunition, but the US -- if it matches the numbers -- has half a $trillion to strike at. Who wins that one?
Bugs





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PostPosted: Sat Jun 16, 2018 7:14 am    Post subject: Reply with quote

Quote:
Get ready for auto tariffs, U.S. congressman warns
Trump floated 25 per cent duties on vehicles after Trudeau's news conference at G7
Elise von Scheel · CBC News · Posted: Jun 16, 2018 4:00 AM ET | Last Updated: 4 hours ago

U.S. President Donald Trump isn't playing around — and Canada should brace itself for new tariffs on autos, U.S. Congressman Kevin Cramer warned this week.

"We have to take him at his word," Cramer, a Republican from North Dakota, told CBC Radio's The House on Friday.

Trump simultaneously withdrew his government's approval of the G7 communiqué and floated the idea of slapping 25 per cent tariffs on autos from Canada after Prime Minister Justin Trudeau's post-G7 summit news conference, during which the PM repeated his government's message that Canada would not be "pushed around" by the United States.

ANALYSISWhy Trump's threats could give Canada a trade advantage it never sought: Don Pittis
Trudeau government working on retaliation plan in event U.S. imposes auto tariffs
Canadian retaliatory tariffs in response to U.S. tariffs on steel and aluminum come into effect July 1. Senior government officials are quietly drawing up a list of ways for Canada to retaliate if it's hit with even more tariffs by its closest ally.

No matter what threats emerge from Washington D.C., Ralph Goodale, Public Safety minister and vice-chair of the cabinet committee on U.S.-Canada relations, said Canada's position remains unchanged.

The dollar-for-dollar tariffs looming from Canada will be imposed "more in sorrow than anger," he said.

"We've been very clear that whatever the tactics from the other side, we will stand firm."

Goodale said the federal government will continue to engage in "a very vigorous dialogue" with Washington, but it won't "engage in ad hominem rebuttals."

The president is pushing his 'America first' message on the trade file, Cramer said — and he'll sign a deal when it looks like a win for Americans. Whether such a deal would work for the other two NAFTA partners remains unclear.

Trump also has pushed the idea of negotiating bilateral deals instead of the three-party NAFTA, but two European ambassadors to Canada told The House it's important — both within North America and internationally — to continue to fight for larger trade deals.

"We have no choice but to stick to multilateralism," French Ambassador Kareen Rispal told host Chris Hall, acknowledging that Trump clearly has problems with that notion.

German Ambassador Sabine Sparwasser agreed, adding that tariffs and trade wars hurt Americans too.

More than 850,000 German cars are produced in the U.S. annually and about half of them are exported after assembly, according to VDA, Germany's automotive industry association.

"Tariffs would not just hit Germany. They would hit the American workers," Sparwasser said. [....]
http://www.cbc.ca/news/politic.....-1.4708072


Thanks Justin!
Bugs





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PostPosted: Thu Oct 18, 2018 10:00 am    Post subject: Reply with quote

China Crashes As Flood Of Margin Calls Sparks "Liquidity Crisis", Panic Selling
by Tyler Durden
Thu, 10/18/2018 - 07:35

The Treasury's latest semiannual FX report may have spared China the designation of currency manipulator (for now... in a new twist, there was a section dedicated exclusively to China in the Executive Summary, a clear signal from the Treasury that China is the disproportionate focus of the report stating that 'it is is clear that China is not resisting depreciation through intervention as it had in the recent past'), but the market was not as forgiving.

In the latest shock to Chinese confidence, overnight Chinese shares extended the world’s worst slump as the yuan touched its weakest level in almost two years, testing the government’s ability to maintain market stability and calm as risks continued to mount for Asia’s largest economy.

Two days after we reported that concerns about pledged shares, in which major investors put up stock as collateral for personal loans - a disastrous practice when stock prices are dropping - emerged as a key pressure point for China's market, overnight Bloomberg reported that "rising fears of widespread margin calls fueled a 3 percent tumble in the Shanghai Composite Index, which sank to a nearly four-year low as more than 13 stocks fell for each that rose."

The concentrated selloff, sent the Shanghai Composite down 2.9%, closing at session lows of 2,486, the lowest level since November 2014, as China's plunge-protecting "National Team" was nowhere to be seen.
https://www.zerohedge.com/news/2018-10-18/china-crashes-flood-margin-calls-sparks-liquidity-crisis-panic-selling
=================================================
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PostPosted: Thu Oct 18, 2018 6:12 pm    Post subject: Reply with quote

When It Comes To Trade, Andrew Scheer Is Full Of Hot Air

It's easy to sit on the sidelines, or even further away, and make big pronouncements about what you'd get if you were at the table.

If Andrew Scheer has a coherent and constructive argument to make on trade, I really wish he would make it.

Over the summer, the leader of the federal Conservatives lashed out at the governing Liberals as Mexico and the U.S. held one-on-one talks to move the negotiations along. I challenged him at the time to explain what he'd have Canada concede to get a deal, but never heard back.

Then he tried to say Canada gave away too much to sign the United States Mexico Canada Agreement (USMCA) trade deal replacing NAFTA.

Now he is trying to claim that he'd have got a better deal.

Well, as someone who has spent his working life at bargaining tables, and was part of the advisory team for the USMCA talks, I can tell you that a know hot air when I see it — and Scheer is full of it.

Just this week, Scheer told the House of Commons that he felt the USMCA contained "very generous" concessions on drug patents.I

"[The government] capitulated on pharmaceuticals, agreeing to Donald Trump's plan for higher drug costs for Canadians," Scheer said.

Really? Does that mean Scheer supports pharmacare in Canada as a way to mitigate the cost of medications in this country? If it does, Scheer needs to stop fudging and say so. In an interview with Global news, for instance, he dodged a direct question on whether he supports pharmacare, saying government should cut taxes instead.

It's worth noting that It was the previous Harper Government, of which Scheer was a member, that first opened the door to drug patent extensions under its European and Pacific trade deals, CETA and TPP.

It was also in these negotiations that the Harper government first offered up major dairy concessions.
Those deals made Trump's demands for patent extensions and market access for milk like shooting fish in a barrel. Once Harper opened the door, others were going to want to walk through.

What they got was a deal that was certainly better than the North America Free Trade Agreement negotiated by the Mulroney Conservatives a generation ago.

Low wages that encouraged companies to move jobs south were also addressed with a Canadian initiative to include requirements that 40 per cent of the content of a car and 45 per cent of a truck must come from plants paying workers on average US$16 an hour, about C$20.

As well, cars must contain 75 per cent North American content to be considered North American made, up from 62.5 per cent under NAFTA, and Canada was effectively exempted from Trump's threat of tariffs on cars and trucks.

These provisions alone directly address some of the major issues that caused good auto jobs to leave Canada, and will go a long way to help address the drain of jobs to low-wage Mexico, as well as setting a precedent for future trade deals.

The deal also rids us of ridiculous legal privileges for investors that have cost Canadians hundreds of millions of dollars in arbitration awards, and includes a vital exemption for our cultural industry. It also lifts a restriction that prevented Canadian broadcasters from benefiting from lucrative Super Bowl ad spots.

From the beginning of the talks, my stance, and that of the Canadian government, was that no deal is better than a bad deal. It was the right stand to take, but one Scheer apparently couldn't stomach.

https://www.huffingtonpost.ca/jerry-dias/when-it-comes-to-trade-andrew-scheer-is-full-of-hot-air_a_23565189/?utm_hp_ref=ca-homepage

Interesting read.
Bugs





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PostPosted: Fri Oct 19, 2018 7:37 am    Post subject: Reply with quote

'She's way out of her league': Steel exec slams Freeland's handling of tariff fight


Katie Simpson · CBC News · Posted: Oct 19, 2018 4:00 AM ET | Last Updated: 7 minutes ago

A prominent Canadian steel executive told MPs this week that Foreign Affairs Minister Chrystia Freeland​'s "ego" is getting in the way of ending American tariffs on Canadian steel and aluminum.

Barry Zekelman, the chairman and CEO of Zekelman Industries, delivered a scathing assessment Thursday of how the Liberal government is handling the tariff fight with the United States, accusing the government of squandering opportunities to resolve the issue months ago.

"They have stalled and blown this big time, and our consumers and our industry in Canada is suffering because of it," Zekelman told MPs on the standing committee on international trade.

"We're waiting for someone's ego. They need to get into a room and get the deal done ... whether Freeland picks up the phone and calls (U.S. Trade Representative) Robert Lighthizer and says here it is ... the deal is available this afternoon."

Zekelman said he was making those claims based on his personal connections with President Donald Trump's circle; he said he has dined with Trump and has met with Lighthizer. He said he believes the Americans will drop their 25 per cent tariff on steel if Canada agrees to limit its exports into the U.S. through a quota system.

"This can be solved. Literally, I can do it this afternoon," Zekelman said. "How do I know that? I've talked to Mr. Lighthizer myself."

"We could have had that a long time ago. This is the worst negotiating I've seen," Zekelman said as he testified before the committee via video link.

But two senior government sources tell CBC News that Canada is not interested in accepting any sort of quota system on steel or aluminum — and Ottawa has made that clear to the Trump administration. [....]


Katie Simpson is a senior reporter in the Parliamentary Bureau of CBC News. Prior to joining the CBC, she spent nearly a decade in Toronto covering local and provincial issues.
https://www.cbc.ca/news/politics/steel-tariff-zekelman-freeland-1.4869440
================================================

The article continues, for those who need more persuading. Crystia Freeland is the worst Foreign Minister we have ever had. Worse than Lloyd Axworthy, and that's going some.

For the record, I don't believe Scheer either. Both seem to prefer posturing to performance.

================================================

White House official called Trudeau 'that little punk kid running Canada'
by Daniel Chaitin
| October 18, 2018 04:58 PM
| Updated Oct 18, 2018, 07:32 PM

Trump economic adviser Larry Kudlow says a White House official called Canadian Prime Minister Justin Trudeau a "little punk kid running Canada."

In remarks Wednesday night at a dinner hosted by the conservative American Spectator magazine on Capitol Hill, Kudlow boasted about the Trump administration’s governance of the economy, saying that President Trump has ended the “war on business” and ushered in an economic boom. He defended the administration’s efforts to overhaul taxes and reduce regulations, as well as Trump’s efforts to overhaul trade deals.

Kudlow said that Trump’s aggressive stance in negotiations with China is justified, and also boasted about the U.S.-Mexico-Canada Agreement.

“A friend of mine in the White House, who will go unnamed, said, 'You know, I know why you’re supporting this deal Larry, it’s because we made a deal. We didn't walk away, we didn’t end it, we made a deal. Alright? 'Spite that little punk kid running Canada, we still made it,’” Kudlow said, referring to Trudeau. “And I’ve had some wonderful run-ins with him.”

The alleged swipe at Trudeau by one of Kudlow's colleagues would be an extension of Trump's strained relationship with his Canadian counterpart, which took a turn for worse this year during trade negotiations. [....]
https://www.washingtonexaminer.com/news/white-house-official-called-trudeau-that-little-punk-kid-running-canada
===============================================

It seems our leadership has earne the contempt of the USA, as well as Saudi Arabia.
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PostPosted: Fri Oct 19, 2018 11:26 am    Post subject: Reply with quote

<cough cough>...you mean the contempt of one white house official and it would apparently read as "we didnt do as well as we should have..."

The little punk got the better of them. I love it ! Most Canadians probably do too.

Mr Zekelman's point is not lost,however the govt is firm on no quota's to ensure an even playing field.
Perhaps he should have been heard behind the scenes. (maybe he was, dont know)
Bugs





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PostPosted: Fri Oct 19, 2018 11:49 am    Post subject: Reply with quote

Most of the world is going with the "little punk" narrative.

He embarrasses Canada.
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PostPosted: Fri Oct 19, 2018 11:53 am    Post subject: Reply with quote

Bugs wrote:
Most of the world is going with the "little punk" narrative.

He embarrasses Canada.


You keep saying that but the accolades keep coming from Europe and beyond to make your fantasy scenario only in your head. Must drive ya nuts.

Apart from the Saudi's (and really , no one believes them anyway...'cept those with $$$ tied up...orange dude) and Russia....

Oh well. Maybe next time bugs
Bugs





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PostPosted: Fri Oct 19, 2018 12:08 pm    Post subject: Reply with quote

Accolades?

Quote:
Loonie Tumbles To 6-Week Lows After Inflation, Retail Sales Slump

The loonie has tumbled to six-week lows (above 1.31/USD) following dismal prints for retail sales and inflation this morning.

Against expectations of a 0.1% rise MoM, Canadian core retail sales slumped 0.4% MoM in August. This is the first drop in retail sales since 2017...
https://www.zerohedge.com/news/2018-10-19/loonie-tumbles-6-week-lows-after-inflation-retail-sales-slump


There are just so-oo many reasons to be ashamed of him.
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