EU stance on Trump's tariffs 'risks breaching' WTO rules
Mr Trump at the weekend threatened to raise tariffs on European cars if the EU retaliated, but USA trade officials declined to comment beyond that on the EU's proposed tactics.
Financial markets have rallied off their lows on expectations the measures may be watered down in the face of an intense lobbying effort from leading Republicans, although so far Trump has stuck to his guns in public.
A top Mexican strategist said such tariffs could target exports from states that voted for Trump in 2016, and which he would need to win to secure re-election in 2020.
Meadows, who spoke to reporters after a closed-door meeting with House Republicans, said he had heard little support for the tariffs. It's likely countries impacted by the tariffs will go to the group to challenge them.
Canada's aluminum and steel trade hangs in the balance.
The departure of Trump's chief economic adviser Gary Cohn, who was seen as a bulwark against Trump's economic nationalism, clears the way for greater influence by trade hard-liners such as Commerce Secretary Wilbur Ross and Peter Navarro, Trump's trade policy adviser, and the possibility that the tariffs will be implemented.
Opponents have fought back, saying that consumers would end up paying more for a wide range of goods from cars, to canned beer and canned soup. White House spokeswoman Sarah Sanders said Wednesday that Canada and Mexico may get a special "carve-out" that would protect them from the tariffs. The trilateral talks have gone on for six months with few signs of progress.
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Thursday's positive finish in North American markets was preceded by mild swings throughout the day as investors waited to see the details and wider implications of the tariffs, said Anish Chopra, managing director with Portfolio Management Corp.in Toronto.
Canada, in particular, has a trade deficit with the USA on both steel and aluminum, meaning we're buying more than we're selling.
"We're going to hold off the tariff on those two countries to see whether we can make the deal on NAFTA", said the USA president at a signing ceremony of two proclamations that take aim at the two metals.
At the least they would add to the legal mess surrounding what is expected to be a clash of titans in the WTO if Mr Trump presses ahead with the tariffs, as he insisted he would on Monday.
Jennifer Hillman, a former member of the WTO's appellate body who teaches law at Georgetown University, said the European Union had a strong case that Mr Trump's proposed action was akin to a safeguard. He has launched an investigation into intellectual property abuses by China, a move that could dwarf any impact of the steel and aluminum proposals and trigger a sharp response from Beijing.
Donald Trump is president of the world's most powerful nation, but he's also a businessman.
Mexico recognizes the problem of global steel oversupply and will keep seeking solutions, but Nafta talks shouldn't be subject to other domestic USA policies, the country's Economy Ministry said in a statement.
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