U.S. President Joe Biden hopes the incoming Trump administration quote “rethinks” its tariff plans for its regional trade partners.
Our foreign affairs correspondent Bae Eun-ji reports.
U.S. President Biden expressed hope that President-elect Trump will reconsider his plans to impose tariffs on Mexico and Canada.
Speaking to reporters on Thursday, Biden stressed that the tariffs would ruin relations with the neighboring countries.
“I hope he rethinks it. I think it’s a counterproductive thing to do. You know, look, one of the things you’ve heard me say before, that we we have an unusual situation in America -we’re surrounded by the Pacific Ocean, the Atlantic Ocean, and two allies: Mexico and Canada. The last thing we need to do is begin to screw up those relationships.”
The comments come as Trump pledged to impose a 25-percent tariff on all goods coming from Mexico and Canada, on day one of his presidency.
He said on social media on Monday that the tariffs would remain in place until the two countries clamp down on drugs particularly fentanyl and migrants crossing their borders illegally.
According to data from the Office of the U.S. Trade Representative, Mexico and Canada are the second and third highest suppliers of goods to the U.S., while China, which Trump’s proposed plan would also impact, exports the most to the United States.
But Mexican President Claudia Sheinbaum showed confidence on Thursday that a tariff war with the United States could be averted when asked how a trade war would affect the country.
“There will be no potential tariff war.”
The Mexican leader had earlier warned that Trump’s tariff plan would affect the U.S. economy and American companies that have been in Mexico for decades.
Meanwhile, amid concerns that Trump could also impose tariffs on South Korea upon his return to the White House, the U.S. Congressional Research Service explained in its latest report that many economists argue tariff reductions under the Free Trade Agreement between Seoul and Washington have not contributed significantly to the increase in the bilateral trade deficit.
The FTA between South Korea and the U.S. which entered into force in March 2012 has reduced and eliminated tariff and non-tariff barriers on manufactured goods, agricultural products, and services.
During Trump’s first term, trade tensions had been evident, with Trump threatening to withdraw from the FTA, and imposing new U.S. global import restrictions on some South Korean industries, including steel.
Bae Eun-ji, Arirang News.
source : https://www.arirang.com/news/view?id=278515
