Published: Wed, June 06, 2018
Money | By Bruce West

Billionaire Republican David Koch to Retire from Business AND Political Orgs

Billionaire Republican David Koch to Retire from Business AND Political Orgs

The announcement comes after President Donald Trump imposed steep tariffs on steel and aluminum from Mexico, as well as Canada and the European Union, all allies of the U.S.

Barry Zekelman, who owns businesses on both sides of the border including Atlas Tube in Lakeshore, says instead of imposing tariffs on American-made products, Justin Trudeau should be signing the North American Free Trade Agreement and impose its own steel and aluminium tariffs on countries that flood the Canadian market with their product.

Unmentioned in the document is the detrimental impact that multinational free trade deals like the North American Free Trade Agreement (NAFTA) - now under re-negotiation by the Trump administration - and KORUS have on American jobs, workers, and wages.

USA pork processor Hormel Foods Corp (HRL.N) markets products in Mexico and said it will closely monitor the impact of the tariffs.

Trade ties between Canada and the United States have soured since Trump took office in January 2017.

Trudeau was also asked about possible concessions the U.S.is seeking in the NAFTA talks. In a report by the Economic Policy Institute, between 2001 and 2015, about 3.4 million U.S.jobs were lost due to the country's trade deficit with China.

"I think it would have been the wrong move to just to stand pat", Rasmussen said of the Canadian government's retaliation.

Officials said David Koch would transition to a director emeritus role at the company, the second largest privately held firm in the United States. But the complaints haven't yet morphed into an effort by those groups to exact a political price from policymakers who enable protectionism. He also said that the products to which the new tariffs apply were chosen to limit the impact on inflation.

The groups are calling on the president to lift recent tariffs on aluminum and steel imports as well as the proposed tariffs on other imports from China.

Analysts say the tariffs are created to hit US Republican strongholds ahead of mid-term elections in November.

"In the short term, we don't think there are any simple ways for Mexico to replace the pork it now buys from the U.S".

Trump's decision to penalize some of America's best friends is consistent with his approach of pressing allies and wooing foes, betting he can extract things from both to benefit the United States - and his resume.

The US last week said it's levying the new metals duties on imports from the nations and the European Union on national security grounds, ending their temporary exemptions.

Dominique Anglade, economy minister of the Canadian province of Quebec, which generated C$8 billion in aluminium exports previous year, said there would be an industry meeting on June 11 to discuss the tariffs.

Other countries that export pork to Mexico have been allocated a collective tariff-free quota of 350,000 tonnes that will remain in effect until the end of this year.

"The Trump administration has taken some incredibly positive steps for the American economy, but tariffs will undercut that progress and needlessly hamstring our full economic potential, " Tim Phillips, president of the Koch-affiliated Americans for Prosperity, said in a statement.

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