Published: Wed, June 06, 2018
Markets | By Noel Gibbs

Billionaire Republican David Koch to Retire from Business AND Political Orgs

Billionaire Republican David Koch to Retire from Business AND Political Orgs

The move comes just days after Mr Trump imposed tariffs on steel and aluminium imports from the EU, Canada and Mexico.

China has offered to boost purchases of American goods by about $25 billion this year to fulfill President Donald Trump's desire to shrink the USA trade deficit with the world's second-largest economy, according to two people familiar with the matter.

The Mexican economy ministry published a list of American products that will be subject to duties of between 15 and 25 per cent, including pork, cheese and grapes.

Mexico's list of products that will be subject to the charges also includes US steel plates, bars, rods and rolled steel.

No new agreements were announced, and China warned that it would ditch a previous pledge to buy more American goods if the Trump administration goes ahead with its plan to impose tariffs on $50 billion of Chinese exports later this month.

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"Somehow it's sending a clear message that this sort of thing benefits no one, and affects all of us", he said.

At the same time as imposing the tariff on US pork, Mexico opened a 350,000-tonne quota for imports of the meat from other countries.

While other World Trade Organization members are also considering retaliating by targeting iconic American products - such as bourbon whiskey and Harley-Davidson motorcycles - the escalating tensions between Mexico and the US may further complicate the renegotiation of the NAFTA trade accord. Two of his lieutenants - Koch Industries' lead attorney Mark Holden and Brian Hooks, who runs the Charles Koch Foundation - have taken higher-profile roles in guiding the network's activities in recent years.

In the short-term, Zekelman admits the 25% tariff on steel and 10% on aluminium will hurt his company financially as some production in the USA shifts to Canada and vice versa.

All three have plan to retaliate with their own tariffs on United States goods, stoking fears of an escalating conflict.

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While Trump has sown confusion and frustration among fellow political leaders, economists at most Wall Street banks are barely changing their forecasts for solid global growth this year as they estimate only modest fallout from a skirmish over commerce.

Following the timeline from last week, the White House slapped steel and aluminum tariffs on Canada, Mexico and the European Union.

"We do not want a trade war, most rational people believe there are no winners", he said.

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

The Koch brothers have repeatedly found themselves at odds with President Trump, and recently announced an "aggressive" new campaign against his trade tariffs.

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Canada is the No. 1 steel exporter to the United States. Trump's announcement provoked an outcry - and threat of retaliatory tariffs - from the leaders of the allied countries Trump is planning to hit with tariffs, with cries of imminent political and economic ramifications. Economy Minister Ildefonso Guajardo said his country would now "surely" look to Europe for pork products, used in many traditional dishes in Mexico.

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