Europeans, IMF tell Trump to step back from trade war

Gary Cohn aligned himself in the constantly shifting White House power structure with fellow centrists such as Trump’s son-in-law Jared Kushner and daughter Ivanka Trump

"Gary was very helpful in that".

Economists see it rather differently. And they're all trading on the same floor.

Canadian National Railway said on Wednesday it would invest more than $250 million this year to improve its infrastructure to ease grain supply issues in Western Canada.

We therefore urge the president to use his legitimate authority under Section 232 of the 1962 Trade Expansion Act promptly this week.

And worse, the tariffs invite retaliatory action by an array of other countries, which would diminish US exports and harm millions of workers in industries not even related to steel or manufacturing. It wasn't clear if some trade partners would be exempt. The two sides are at loggerheads, and it is escalating rapidly.

Edward Alden, senior fellow at the Council on Foreign Relations, says the world hasn't endured a full-blown trade war since the 1930s. Given today's interconnected global economy, worldwide trade conflict would benefit no one.

Commission President Jean-Claude Juncker said last week that Harley-Davidson motorbikes and bourbon whiskey could be targeted.

Auto sales in the USA have already reached an inflection point after seven years of rocketing growth, and rising costs resulting from tariffs, higher interest rates, and any disruptions to global trade could all exacerbate any slowdown in the industry.

The European Union will release a list of tariffs Wednesday in retaliation to President Trump's proposed penalties on aluminum and steel imports.

China, after all, consumes a third of the soybeans American farmers produce. Trump has been resisting calls to reverse his stance and has said he will impose tariffs in coming days. "Our competitors in Brazil and Argentina are all too happy to pick up supplying the Chinese market". Cohn is a person in this administration who has been described as one of the globalists.

"Our beverage can comes from a USA can manufacturer". Although Cohn had a strong intellectual argument-What sense does it make to punish countries like Canada, when it is China that is dumping goods at artificially low prices in the USA market?-he lost the political battle.

This week, Mr Cohn said he was leaving his post as the administration prepares to impose steep tariffs on steel and aluminium that he has opposed. He had warned about price increases for steel and aluminum products.

Meanwhile, there was another positive reading on the market.

Or consider the "Rubber Chicken" dispute of 2009. His departure will likely tilt the administration even further toward protectionism, possibly hurting Asia's export industries deeply.

Given that reality, the USA should be prepared for such retaliation and work with its allies to prevent it.

Utah Gov. Gary Herbert also waded into the tariff discussion during a media availability at the Utah Capitol Tuesday. "We cannot see how the European Union, friends and allies in North Atlantic Treaty Organisation, can be a threat to global security in the US", Malmstrom said. "I mean, is this going to send up the price of a six-pack [OF BEER] at a grocery store?" "It is not in the interest of the USA economy, or the "forgotten men and women" of America, to restrict these vital imports".

Canada is the largest supplier of both steel and aluminum to the United States.

Cohn's departure has sparked internal fears of an even larger exodus, raising concerns in Washington of a coming "brain drain" around the president that will only make it more hard for Trump to advance his already languishing policy agenda.

WALL STREET: U.S. stocks finished flat Tuesday.

As Trump threatened to target European automakers, Marietje Schaake, a Dutch member of the European Parliament, tweeted that Europe doesn't want a trade war but "will be forced to respond to U.S. protectionism". Well, the tax legislation passed at the end of a year ago.