The threat of tariffs on car imports and levies already imposed on other goods including steel have strained relations between the US and its closest alliesGeneva/Brussels/Madrid: Major car-producing nations are due to meet without the US to discuss possibly coordinating their response to President Donald Trump’s threat of tariffs. “What we’ve agreed to is not to impose automotive tariffs while the negotiations are under way.”The threat of tariffs on car imports and levies already imposed on other goods including steel have strained relations between the US and its closest allies. Though the US auto industry has roundly rejected the need for new tariffs, major car exporters fear Trump could still forge ahead with duties after the Commerce Department releases its report in late August or September. ‘Plurilateral’ dealsSuch “plurilateral” accords are trade deals among a group of like-minded countries that are typically limited to certain sectors of goods or services. The WTO permits this type of negotiation as long as the benefits are provided to all of its members.

Source: Mint July 28, 2018 12:45 UTC