Aust shares set to rise on tariff exemption

The EU is still seeking clarity from Washington about whether the 28-nation bloc will be exempt from U.S. President Donald Trump's steel and aluminum tariffs.

The new tariffs of 25 percent on steel imports and 10 percent on aluminum imports applied to all trading partners except Canada and Mexico when Trump signed off on them Thursday. Trump did say he expected both Canada and Mexico to take action to prevent other countries from sneaking steel into the sending them to Canada or Mexico first.

Trade Minister Steve Ciobo also denied any quid pro quo was expected.

Seko said the European Union should "act calmly and not lose sight of the big picture".

The EU said previously it would respond to Trump's tariffs with reciprocal tariffs on U.S. goods, and Trump has expressed irritation with both the trading practices of European countries as well as the level of defense spending from European members of North Atlantic Treaty Organisation. "In fact, the United States has a large trade surplus with Australia", Mr Turnbull told reporters in South Australia.

The decision to slap hefty tariffs on imports of steel and aluminum, which the White House made formal on Thursday, has roiled global markets, angered longtime trading partners and prompted threats from the president's own party to stop the tariffs through legislation. As one after another foreign leader warns of countermeasures against the tariffs on steel and aluminium imports, Trump even dialled up the tone, going on to threaten to impose duties on European cars. When that didn't work, he threatened to negotiate separate agreements with Canada and Mexico. And the resignation of U.S. President Donald Trump's economic adviser, Gary Cohn, only means it will get worse before it gets better.

Justifying the tariffs based on national security under an arcane, 56-year-old law is also likely to spur copycat actions - besides being in clear violation of the understanding that trade is conducted under internationally agreed rules, not ad hoc negotiations.

If Walkom is correct in his assertion that Canada is unprepared, then perhaps we need to thank Mr. Trump because he is forcing us to become prepared.

Musk, 46, was a member of Trump's advisory council before stepping down following the president's decision in June to pull the United States out of the Paris climate agreement. There's a reason we have worldwide trade agreements, and it's not to protect us from unfair practices by other countries. China accounts for only a small fraction of USA steel imports, but its massive industrial expansion has helped create a global glut of steel that has driven down prices.

"As long as both sides have the intention of creating a win-win solution, respect the issues they are facing, and proactively and constructively resolve them, this will push the U.S".

This action is unlikely to be the end; it is more likely to be the beginning of the end of the rules-governed multilateral trading order that the United States itself created.

"Australia will be among the biggest losers from a U.S. inspired rise in global protectionism", he said. She added that "Europe is certainly not a threat to American internal security, so we expect to be excluded", insisting that "nobody has an interest of escalating this situation".

"Great discussion today on security and trade". Does the left hand of United States policymaking understand what the right hand is doing?

"While I appreciate the President listening to our case for exempting Canada and Mexico, these tariffs should be further narrowed in order to reduce unintended consequences", Smith said.

Vanessa Coleman