According to Lingling Wei and Bob Davis at The Wall Street Journal, Chinese officials in a meeting with Commerce Secretary Wilbur Ross over the weekend offered to purchase close to $70 billion worth of US goods if the US backs off proposed tariffs on Chinese imports. As part of the new purchases, China would import larger amounts of US soybeans, corn, natural gas, crude oil, coal, and more, according to The Journal.
Three manufacturing companies in Arkansas say they need an exemption from the Commerce Department from President Trump's new tariffs on steel and aluminum imports or they will be forced to close. Arkansas Online reports that three tire-cord manufacturers, Bekaert Corp., Kiswire America and Tokusen USA, have jointly requested an exemption from Trump's tariffs, specifically on "grade 1078 and above wire rod for tire cord." The three companies argue that U.S.-based steel producers are unable to manufacture the quality their company needs.
The U.S. Trade Representative said NAFTA negotiations are making progress and negotiators will continue to engage in talks, but the three countries are not close to a deal. The Mexican peso fell 1.8 percent amid concerns about a NAFTA deal and after Mexico announced tariffs on a list of U.S. imports. The calendar is now working against talks to revamp the North American Free Trade Agreement, as Congress appears to have run out of time to approve a new deal this year and the Mexico election is July 1.
As NAFTA deal appears more elusive, Mexico's peso, Canadian dollar slump
President Donald Trump's abrupt, erratic approach to trade, even when he does not follow through on the harshest protectionist threats, is already damaging faith in the global trading system. "The Trump administration's increased willingness to argue that conventional imports are a threat to national security could have an adverse impact on the global trading system over the long term," write Nomura economists in a research note. NAFTA talks in particular are under threat from increasingly extreme requests on auto imports from the US delegation.
Trump tariffs already damaging faith in the global trading system - Business Insider
President Donald Trump told U.S. officials not to endorse the Group of Seven’s final communique and accused Canadian Prime Minister Justin Trudeau of making "false statements" at the summit’s closing press conference. “Based on Justin’s false statements at his news conference, and the fact that Canada is charging massive Tariffs to our U.S. farmers, workers and companies, I have instructed our U.S. Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S. Market!,” Trump said on his Twitter account on Saturday evening.
Trump Orders Officials Not to Endorse G-7's Final Statement - Bloomberg
There was nothing particularly surprising about Trudeau’s move — Canada had already threatened to issue them, and retaliation over tariffs is common in the trade world — but it seemed to rub Trump the wrong way. Ultimately, Trump’s harshly worded tweets, personally insulting one of the US’s closest allies and overturning an apparent commitment that had been made just hours earlier, made his exit from the summit even more acrimonious than most analysts expected.
Trump insulted Justin Trudeau after leaving the G7 summit - Vox
President Donald Trump suggested to the G7 leaders that the world should eliminate all tariffs, trade barriers, and subsides in order to promote free trade. The idea comes weeks after Trump imposed huge tariffs of steel and aluminum imports from the European Union, Canada, and Mexico. The suggestion took the G7 leaders aback, reports said. While Trump seemed to reverse course, the president also kept up his complaints about trade deficits.
Trump suggests dropping all tariffs, trade barriers at G7 summit - Business Insider