No new defence agreement underway with US: Turnbull

Canada, Mexico Stick to Nafta Plan After Trump's Tariff Reprieve

Canada, Mexico Stick to Nafta Plan After Trump's Tariff Reprieve

Canada and Mexico, both members of the North American Free Trade Agreement, also warned that they would take strong countermeasures.

Asked to respond to Trump's accusations that the EU is imposing barriers to US automakers, Malmstrom said that "it's hard to argue on Twitter over these issues, but the European Union is a very open market". "If they drop their horrific barriers & tariffs on USA products going in, we will likewise drop ours". Big Deficit. If not, we Tax Cars etc.

Trump has singled out Europe in the billowing trade row, threatening to tax German cars if the European Union doesn't lower barriers to United States products.

"We have to protect our steel and aluminum industries while at the same time, showing great flexibility with people who are really friends of ours", the USA president said during a White House press conference.

Both the European Union and Japan have urged the United States to grant them exemptions, with Tokyo calling for "calm-headed behaviour".

The EU is also maintaining a threat of countermeasures that would target U.S. imports ranging from corn to motorcycles, and might publish its list next week to allow industry and other interested parties to give their input.

In revealing those measures, European Commission head Jean-Claude Juncker taunted Trump, saying the EU could match "stupid with stupid".

In the event of any European Union retaliation, Trump has threatened to also hit Europe's carmakers with import tariffs. It cannot get any better. "It's crap", Trump said, earning cheers from the crowd.

Yet those arguments had little resonance with Trump during the fiery battle over tariffs that has played out in the West Wing in recent days.

Still, "I think somebody's got to try", Flake said, citing congressional success in the 1970s overriding then-President Jimmy Carter's tariffs on oils.

The President's decision to tax steel 25% and aluminum 10%.

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.

Trump said on Friday he was ready to work out an exception for Australia, while Japan, South Korea, the European Union and Brazil called for similar treatment.

Brussels has pushed back the hardest against Washington's shock measures, loudly announcing a list of U.S. products - including peanuts and motorcycles - it could hit with countermeasures. The expansion of global trade from 1980-2005 launched the greatest period of poverty reduction in world history with one billion people moved out of abject poverty.

Europe's trade chief Cecilia Malmstrom described talks with Lighthizer as "frank" and said they had not brought clarity on the exemption procedure.

After initial uncertainty, the Trump administration said Mexico and Canada were exempt from the tariffs, which "has been taken as good news", Barríos Gómez added.

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.

"As a close security and trade partner of the USA, the European Union must be excluded from the announced measures", she tweeted after bilateral and trilateral meetings.

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