'We've just reached an agreement with Canada and Mexico and will be selling our product into those countries without the imposition of tariffs' US President Donald Trump
President Donald Trump still is hoping to use the threat of auto tariffs to pressure Japan and the EU into making concessions in ongoing trade talks.
In a joint statement, the US and Canada said they would work to prevent cheap imports of steel and aluminum from entering North America. The provision appeared to target China, which has long been accused of flooding world markets with subsidised metal, driving down world prices and hurting US producers. The countries could also reimpose the tariffs if they faced a "surge" in steel or aluminum imports.
But the steel and aluminum tariffs were also designed to coerce Canada and Mexico into agreeing to a rewrite of North American free trade pact. In fact, the Canadians and Mexicans did go along last year with a revamped regional trade deal that was to Trump's liking. But the administration had refused to lift the taxes on their metals to the United States until Friday.
The United States last year imported $192 billion worth of passenger vehicles and $159 billion in auto parts. In justifying tariffs for national security reasons, Commerce found that the US industrial base depends on technology developed by American-owned auto companies to maintain US military superiority. Because of rising imports of autos and parts over the past 30 years, the market share of US-owned automakers has fallen.
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