AXIOS (Courtenay Brown) - The world opinion shifts on tariffs
More countries are buying into a core piece of President Trump's argument about what is broken in global trade, even as his tariffs rattle the world economy. Why it matters: Two major agreements over the past month show that more countries are embracing the view that huge trade imbalances and excess production can hurt domestic industries and may warrant action. Driving the news: G20 trade officials are in Milwaukee this week, where they announced a new agreement to tackle the global steel glut. - The "Milwaukee Framework" calls on countries to curb market-distorting subsidies and step up monitoring of steel imports and trade circumvention. - It also endorses "evidence-based actions" against excess capacity, including possibly…
What are the impacts of tariffs and economic volatility on Rockwell Automation, a company investing $2 billion in U.S. operations?
While Rockwell Automation is investing $2 billion in U.S. plants, talent, and technology, the company has noted that tariffs are raising costs. CEO Blake Moret mentioned in an earnings call that due to the volatile environment regarding tariffs and inflation, some customers are delaying projects to ensure the cost side of their business cases remains solid.
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What specific tariffs and trade restrictions are currently affecting Canadian exports to the United States?
Most Canadian steel exports to the U.S. are subject to a 50% tariff. Additionally, an import ban on certain Canadian products took effect as Canadian trade officials arrived in Milwaukee.
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How is the European Union responding to the issue of global overcapacity and cheap imports, particularly those from China?
EU trade chief Maroš Šefčovič and other European officials have acknowledged that European industries are being crushed by cheap imports driven by global overcapacity. In response, Europe is implementing more trade barriers, which could potentially include harsher tariffs.
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According to U.S. Trade Representative Jamieson Greer, why are other countries coming on board with new trade structures and plans?
Jamieson Greer stated that other countries realize that if they want to maintain access to the U.S. market, the international system needs to be adjusted. He noted that while many countries agree with the diagnosis of global trade issues, they have historically been loath to take action.
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